CC - Item 2F - Local Agency Investment Fund•
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ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: OLIVER CHI, CITY MANAGER
DATE: APRIL 8, 2008
SUBJECT: TITLES OF OFFICERS AUTHORIZED TO MAKE DEPOSITS AND
WITHDRAWALS IN THE LOCAL AGENCY INVESTMENT FUND (LAIF)
SUMMARY
LAIF must have on file a City resolution listing the exact names and titles of officers
authorized to make deposits and withdrawals in the LAIF account. On February 13,
2007 the City Council passed resolution 2007-06 designating the City Manager, Deputy
City Manager and Chief Financial Officer as the officers having authority to make
deposits and withdrawals in the LAIF account. Subsequently, the Deputy City Manager
title was changed to Assistant City Manager. With any change of title LAIF requires, for
their files, a new resolution identifying the change of titles. The attached resolution
provides LAIF with a City resolution listing current names and titles of officers
authorized to make deposits and withdrawals in the LAIF account.
STAFF RECOMMENDATION
Staff recommends that the City Council approve the attached resolution listing the City
Manager, Assistant City Manager and Chief Financial Officer as the officers authorized
to make deposits and withdrawals in the City's LAIF account.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Steven Brisco
Finance Director
Attachment: Resolution 2008-22
APPROVED FOR CITY COUNCIL AGENDA: 6
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RESOLUTION NO. 2008 - 22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY
INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976, Section 16429.1 was
added to the California Government Code to create a Local Agency Investment Fund in the
State Treasurer for the deposit on money of a local agency for the purpose of investment
by the State Treasurer; and, and
WHEREAS, The City Council does hereby find that the deposit and withdrawal of
money in the Local Agency Investment Fund in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein is in the
best interests of the City of Rosemead.
NOW THEREFORE, BE IT RESOLVED, That the City Council does hereby
authorize the deposit and withdrawal of City of Rosemead monies in the Local Agency
Investment Fund in the State Treasury in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein, and
verification by the StateTreasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following City of Rosemead officers or their
successors in office shall be authorized to order deposit or withdrawal of monies in the
Local Agency Investment Fund:
Oliver Chi
(Name)
Brian Saeki
(Name)
City Manager
(Title)
(Signature)
Assistant City Manager
(Title)
(Signature)
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Matt Hawkesworth
(Name)
Assistant City Manager
(Title)
(Signature)
0
Steven Brisco
(Name)
Chief Financial Officer
(Title)
(Signature)
PASSED, AND ADOPTED, by the City Council of the City of Rosemead, County of Los
Angeles of the State of California on April 8, 2008.
JOHN TRAN, MAYOR
ATTEST:
€LORIA MOLLEDA, CITY CLERK
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