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Current Council Agenda and Past Meeting Information

CITY COUNCIL AGENDA ITEM NO. 11

Meeting Date: March 22, 2005

Subject/Title: Approve a resolution establishing authorization for designated City officials, executives and employees to act on behalf of the City of Brentwood with regard to the City’s accounts with Local Agency Investment Fund (LAIF)

Prepared by: Denise Davies, Finance Operations Manager

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

RECOMMENDATION
Approve a resolution establishing authorization for designated City officials, executives and employees to act on behalf of the City of Brentwood with regard to the City’s accounts with Local Agency Investment Fund (LAIF).

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

On July 22, 2003, the City Council passed Resolution No. 2930 authorizing the investment of City monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures.

Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts is on the City Council Agenda for adoption March 22, 2005.

BACKGROUND
The City of Brentwood Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts designates which City officials, executives or employees are authorized to manage investments and make transfers involving the City’s investment/trust accounts. The City of Brentwood’s currently has an investment account at Local Agency Investment Fund (LAIF).

The resolution establishes that individuals authorized to manage investments and make transfers with regard to the City’s accounts with Local Agency Investment Fund (LAIF) are designated in Policy No. 10-11.

FISCAL IMPACT
None

Attachment:
Resolution

RESOLUTION NO.

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD ESTABLISHING AUTHORIZATION FOR DESIGNATED CITY OFFICIALS, EXECUTIVES AND EMPLOYEES TO ACT ON BEHALF OF THE CITY OF BRENTWOOD WITH REGARD TO THE CITY’S ACCOUNTS WITH LOCAL AGENCY INVESTMENT FUND (LAIF)

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

WHEREAS, on July 22, 2003, the City Council passed Resolution No. 2930 authorizing the investment of City monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures; and

WHEREAS, Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts is on the City Council Agenda for adoption March 22, 2005; and

WHEREAS, the City of Brentwood Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts designates which City officials, executives or employees are authorized to manage investments and make transfers involving the City’s investment/trust accounts; and

WHEREAS, the City of Brentwood’s currently has an investment account at Local Agency Investment Fund (LAIF).

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood establishes that individuals authorized to manage investments and make transfers with regard to the City’s accounts with Local Agency Investment Fund (LAIF) are designated in Policy No. 10-11.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 22nd day of March 2005 by the following vote: 

 

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