HomeMy WebLinkAbout2003-02-18 City Council (4)TO:
FROM:
City of PMo ALto
HONORABLE CITY COUNCIL 1
CITY MANAGER DEPARTMENT:ADMINISTRATIVE
SERVICES
DATE: ’
SUBJECT:
FEBRUARY 18, 2003 CMR: 159:03
APPROVAL OF RESOLUTION AUTHORIZING INVESTMENT OF
CITY MONIES IN LOCAL AGENCY INVESTMENT FUND
RECOMMENDATION
Staff recommends that the City Council approve the resolution updating the City officers
authorized to order the deposit or withdrawal of monies in the Local Agency Investment
Fund (LAIF).
BACKGROUND
In 1977, the Local Agency Investment Fund, a voluntary program created by statue as an
investment alternative for California’s local governments and special districts, was created.
In May 1977, the City of Palo Alto Council passed Resolution No. 5394 authorizing City
staff to invest funds with LAIF and designating City officers authorized to order the deposit
or withdrawal of monies in the agency. Since then the officers and their position titles have
changed. LAIF requires that the original resolution be updated to reflect the current officers
and their respective position titles.
RESOURCE IMPACT
Approval of the resolution will have no resource impact.
POLICY IMPLICATIONS
Approval of the resolution is consistent with prior Council policy direction and resolutions.
ENVIRONMENTALREVIEW
This is not a project under the California Environmental Quality Act (CEQA).
ATTACHMENTS
Attachment A:Resolution Authorizing Investment of Monies in Local Agency
Investment Fund
CMR:159:03 Page 1 of 2
PREPARED BY:
TARUN N~AN
Senior Financial Analyst
DEPARTMENT HEAD APPROVAL:
CARL YEATS .
Director, Admi~{strative Services
CITY MANAGER APPROVAL:
Y HARRISON
Assistant City Manager
CMR:159:03 Page 2 of 2
RESOLUTION NO.
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO
ALTO AUTHORIZING INVESTMENT OF CITY MONIES IN
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 Loca! Agency investment Fund in the State
Treasury for the deposit of money of local agency for purposes
of investment by the State Treasurer; and
WHEREAS, the Council of the City of Palo Alto hereby
finds that the deposit and withdrawal of money in the Loca!
Agency Investment Fund in accordance with the provisions-of
Section 16429.1 of the Government Code for the purpose of
investment as stated therein as in the best interests of the
City of Palo Alto.
NOW, THEREFORE, the Council of the City of Palo Alto
does RESOLVE as follows:
SECT!ON i. That the Counci! does hereby authorize the
deposit and withdrawa!of city monies in the Loca! 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 of all banking information provided in
that regard.
SECTION 2. That the fol!owing City officers or the!r
successors in office shall be authorized to order the deposit or
withdrawal of monies in the Local Agency Investment Fund:
Carl L. Yeats, Director of Administrative Services
Everardo Perez, Assistant Director of Administrative Services
Joseph V. Saccio, Deputy Director of Administrative Services
SECTION 3. Thus by letter to the State Treasurer’s
office signed by at least two of the above-named officers or
their successors, additional City staff may be authorized to
order the deposit or withdrawal of monies in the Loca! Agency
Investment Fund.
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SECTION 4. The Council finds that this is not a project
under the California Environmental Quality Act and, therefore,
no environmenta! impact assessment is necessary.
INTRODUCED AND PASSED:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk
APPROVED AS TO FORM:
Mayor
APPROVED:
City Attorney City Manager
Director of Administrative
Services
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