CITY COUNCIL: Resolution Amending Local Agency Investment Fund (LAIF) Authorization for Transfer of Funds

Meeting Date: July 3, 20 12

Prepared by: Jason Stilwell

City Council

Agenda Item Summary

Name: Consideration of a Resolution amending Local Agency Investment Fund (LAIF) authorization for transfer of funds.


Description: The City of Carmel-by-the-Sea invests monies in the Local Agency Investment Fund (LAIF), a voluntary state program created by Chapter 730 of the statutes of 1976, Section 16429.1. LAIF provides an investment alternative for local governments and special districts. All securities are purchased and managed by the State Treasurer's Office.


When the list of persons authorized to make deposits or withdrawals changes, a new resolution authorizing those changes must be adopted and forwarded to LAIF. This new resolution adds City Treasurer James Emery to the list of authorized signatories as well as City Administrator Jason Stilwell and Asst. City Administrator/City Clerk Heidi Burch.  When the new Administrative Services Director is hired, this individual also will be added to the list of authorized persons.


Overall Cost:
City Funds: N/A
Grant Funds: N/A

Staff Recommendation: Adopt the Resolution to update the list of authorized persons for the City's investment account.


Important Considerations: This resolution specifies that the successors to these listed individuals listed on the authorization form will likewise be authorized in the event of future staff changes.


Reviewed by:

Jason Stilwell, City Administrator  Date

CITY OF CARMEL-BY-THE-SEA
CITY COUNCIL
RESOLUTION 2012-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA AMENDING LOCAL AGENCY INVESTMENT FUND (LAIF) AUTHORIZATION FOR TRANSFER OF FUNDS
________________________________________________________________________
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, the City Council of the City of Carmel-by-the-Sea 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 Carmel-by-the-Sea.


NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA DOES:


1. Authorize the deposit and withdrawal of City of Carmel-by-the-Sea 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 of all banking information provided in that regard.


2. Authorize the following City of Carmel-by-the-Sea officers and employees or their successors in office to order the deposit or withdrawal of monies in the Local Agency Investment Fund:

Name Title
Jason Stilwell City Administrator
To Be Named Administrative Services Director
James Emery City Treasurer
Heidi Burch Asst. City Administrator/City Clerk

PASSED AND ADOPTED BY THE CITY OF COUNCIL OF THE CITY OF CARMEL-BY-THE
SEA this 3rd day of July 2012, by the following roll call vote:

AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:

ATTEST: SIGNED:

___________________________ ___________________________
Heidi Burch, City Clerk JASON BURNETT, MAYOR

DATE
LOCAL AGENCY INVESTMENT FUND (LAIF)
AUTHORIZATION FOR TRANSFER OF FUNDS
AGENCY NAME
AGENCY'S LAIF RESOLUTION# ______ OR RESOLUTION DATE ____ _
LAIF ACCOUNT#
Only the following individuals of this agency whose signatures appear in the table below are hereby authorized on the LAIF account. This authorization supersedes all prior authorizations on file with LAIF (current authorized individuals not listed below will be deleted}.
NAME* TITLE SIGNATURE
* Please attach additional sheets, if necessary.
Two authorized signatures required pursuant to your agency's resolution.
SIGNATURE
PRINT NAME
TITLE
TELEPHONE
Mail completed form to:
State Treasurer's Office
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
Revised 04/12
SIGNATURE
PRINT NAME
TITLE
TELEPHONE

CITY OF CARMEL-BY-THE-SEA
CITY COUNCIL
RESOLUTION NO. 2006- 60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND (LAIF).


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, the City Council ofthe City of Carmel-by-the-Sea 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 Carmel-by-the-Sea.


NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA DOES:


1. Authorize the deposit and withdrawal of City of Carmel-by-the-Sea 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 of all banking information provided in that regard.


2. Authorize the following City of Carmel-by-the-Sea officers and employees or their successors in office to order the deposit or withdrawal of monies in the Local Agency Investment Fund:


Name Title
Rich Guillen City Administrator
Joyce Giuffre
Dewey Evans City Treasurer
Heidi Burch City Clerk