CC - Item 3L - Laif Authorized Signersa
•
ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: ANDREW C. LAZZARETTO, CITY MANAGE -
DATE: FEBRUARY 13, 2007
SUBJECT: LAIF AUTHORIZED SIGNERS
SUMMARY
The City of Rosemead is authorized by Government Code Section 53601, et seq., to
invest its inactive funds in a variety of investment instruments, as noted in its investment
policy. One of those investment instruments is the Local Agency Investment Fund
(LAIF) which is managed by the State Treasurer. From time to time it becomes
necessary to notify LAIF of changes in personnel who are authorized to make deposits
and withdrawals on behalf of the City.
Staff Recommendation
Staff recommends that the City Council adopt the attached Resolution No 2007-06,
which authorized City Manager, Andrew C. Lazzaretto, Deputy City Manager Oliver Chi,
and soon to be hired Chief Financial Officer as signers on the LAIF Account.
ANALYSIS
This resolution will supersede Resolution No. 77-39 dated August 8, 1977, which
included City Treasurer and Assistant City Treasurer as authorized persons.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Sub bitted by.
H u rst/
- ca~(-
Interim Finance Director
Attachment: Resolution 2007-06
APPROVED FOR CITY COUNCIL AGENDA: V ' V~~
0 0
RESOLUTION NO. 2007-06
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 Treasury for the deposit of money of a local agency for the purposes of
investment by the State Treasurer; 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 propose of investment as stated therein, and
verification by the State Treasurer'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 the deposit or withdrawal of monies in
the Local Agency Investment Fund:
Andrew C. Lazzaretto Oliver Chi (Vacant)
(Print Name) (Print Name) (Print Name)
City Manager Deputy City Manager Chief Financial Officer
(Title) (Title) (Title)
(Signature)
(Signature)
(Signature)
PASSED AND ADOPTED, by the City Council of the City of Rosemead; County of Los
Angeles, of the State of California on February 13, 2007.
(Mayor)
ATTEST:
(City Clerk)