CC - Item 4L - Titles of Officers Authorized to Make Deposits and Withdrawals E M
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ROSEMEAD 'CITY COUNCIL
CIVIC PRIDE STAFF REPORT
/4/CO8PORATED 1959
TO: THE HONORABLE MAYOR AND CITY COUNCILA� ��
FROM: GLORIA MOLLEDA, CITY MANAGER .V��
DATE: DECEMBER 10, 2019
SUBJECT: TITLES OF OFFICERS AUTHORIZED TO MAKE DEPOSITS AND
WITHDRAWALS IN THE LOCAL AGENCY INVESTMENT FUND
(LAIF)
SUMMARY
The City of Rosemead (City) invests its funds with the State Local Agency Investment Fund
(LAIF). LAIF must have on file a City resolution listing the exact names and titles of officers
authorized to make deposits to and withdrawals from the City's LAIF account. On October 22,
2019, the City Council adopted Resolution No. 2019-59, designating the City Manager, Assistant
City Manager and Director of Finance as the officers authorized to make deposits to and
withdrawals from the LAIF account. Since the adoption of that Resolution, the Finance Director
is no longer with the City and an Interim Finance Director has been appointed. The attached
resolution lists names and titles of officers authorized to make deposits and withdrawals to and
from the LAIF account.
STAFF RECOMMENDATION
It is recommended that the City Council adopt Resolution No. 2019-65, designating the City
Manager, Assistant City Manager, and the Director of Finance as officers of the City.
FISCAL IMPACT—None
STRATEGIC PLAN IMPACT -None
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Robert S. Torrez'ntef irector of Finance
Attachment: Resolution No. 2019-65 AGENDA ITEM 4.L
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CIVIC PRIDE
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Attachment A
Resolution No. 2019-65
RESOLUTION NO. 2019-65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, DESIGNATING THE CITY
MANAGER, ASSISTANT CITY MANAGER, AND THE
DIRECTOR OF FINANCE AS OFFICERS OF THE CITY
WHEREAS,Pursuant to Chapter 730 of the statues of 1976 Section 16429.1 was added to
the California Government Code to create a Local Agency Investment Fund for the deposit of money
of local agencies for the purpose of investment by the State of 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 interest of the City of
Rosemead; and
NOW THEREFORE THE CITY COUNCIL OF THE CITY OF ROSEMEAD
HEREBY RESOLVES AS FOLLOWS:
That the City Council does hereby authorized the deposit and withdrawal of City of Rosemead
monies 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,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 deposit or withdrawal of monies in Local Agency
Investment Fund:
Gloria Molleda Ben Kim
(Name) (Name)
City Manager Assistant City Manager
(Title) (Title)
(Signature) (Signature)
Robert S. Torrez
(Name)
Interim Director of Finance
(Title)
(Signature)
PASSED,APPROVED, AND ADOPTED this 10th day of December, 2019.
Margaret Clark, Mayor
APPROVED AS TO FORM: ATTEST:
Rachel Richman, City Attorney Ericka Hernandez, City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF ROSEMEAD )
I,Ericka Hernandez,City Clerk of the City Council of the City of Rosemead,California,do hereby
certify that the foregoing City Council Resolution, No. 2019-65, was duly adopted by the City
Council of the City of Rosemead, California, at a regular meeting thereof held on the 10th day of
December, 2019,by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Ericka Hernandez, City Clerk