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CITY COUNCIL AGENDA ITEM NO. 9



Meeting Date: July 22, 2003

Subject/Title: Approve a resolution authorizing the investment of City monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures.

Submitted by: Pamela Ehler, Director of Finance and Information Systems

Approved by: John Stevenson, City Manager


RECOMMENDATION
Approve a resolution authorizing the investment of City monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures.

PREVIOUS ACTION
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 purposes of investment by the State Treasurer.

Resolution No. 80-75 was passed November 12, 1980 authorizing the investment of City monies in the Local Agency Investment Fund.

The City Council finds the deposit and withdrawal of City 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 herein.

BACKGROUND
Authorization for deposit and withdrawal of City monies into LAIF has not been updated since November 1980. Since then, signature titles have changed. Therefore, the following City officials or their successors have been amended and shall be authorized to order the deposit of withdrawal of monies in the Local Agency Investment Fund:

Brian Swisher, Mayor
Annette Beckstrand, Vice-Mayor
Dennis Beougher, City Attorney
John Stevenson, City Manager
Pamela Ehler, Director of Finance and Information Systems
Karen Diaz, City Clerk / Director of Administrative Services
Denise Davies, Finance Operations Manager

FISCAL IMPACT
None

Attachments: Resolution


RESOLUTION NO.

A RESOLUTION AUTHORIZING THE INVESTMENT OF CITY MONIES IN LOCAL AGENCY INVESTMENT FUND AND AMENDING THE AUTHORIZED SIGNATURES.

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 purposes of investment by the State Treasurer; and

WHEREAS, Resolution No. 80-75 was passed November 12, 1980 authorizing the investment of City monies in the Local Agency Investment Fund; and

WHEREAS, the City Council does hereby find that the deposit and withdrawal of City 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 herein; and

NOW, THEREFORE BE IT RESOLVED that the City Council does hereby authorize the deposit and withdrawal of City of Brentwood 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 State Treasurer’s office; and

BE IT FURTHER RESOLVED, authorization for deposit and withdrawal of City monies into LAIF has not been updated since November 1980. Since then, signature titles have changed. Therefore, the following City of Brentwood officers or their successors in office have been amended and shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund:

Brian Swisher, Mayor
Annette Beckstrand, Vice-Mayor
Dennis Beougher, City Attorney
John Stevenson, City Manager
Pamela Ehler, Director of Finance and Information Systems
Karen Diaz, City Clerk / Director of Administrative Services
Denise Davies, Finance Operations Manager

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 22 day of July, 2003 by the following vote:

AYES:
NOES:
ABSENT:
_____________________________
Brian Swisher
Mayor
ATTEST:

__________________________________
Karen Diaz, CMC
City Clerk
 

City Administration
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov