HomeMy WebLinkAboutAgenda Report - March 21, 2007 E-03AGENDA ITEM ad$
&Sh CITY OF LODI
COUNCIL COMMUNICATION
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AGENDA TITLE: Adopt Resolution Granting Signature Authority to Certain City Staff for Investment
of MorNes in the Local Agency Investment Fund
MEETING DATE: March 21, 2007
PREPARED BY: Kirk J. Evans, Budget Manager
RECOMENDED ACTION: Adopt resolution granting signature authority to certain City staff for
investment of monies in the Local Agency Investment Fund.
BACKGROUND INFORMATION: Kirk Evans was recently appointed Budget Manager for the City.
James R. Krueger, Deputy City Managerllnternal Services Director
and City Treasurer is his supervisor.
The Loral Agency Investment Fund (LAIF) was created pursuant to Section 16429.1 of the Government
Code. It is managed by the State of California, Office of the Treasurer, for purposes of investing funds
held by local governments throughout California. LAW was designed to provide a sound return on
investments while adhering to the foremost objective which is safety of principal.
The Office of the Treasurer has requested that the City of Lodi adopt the attached resolution to reflect
changes in City staff and authorize James R. Krueger, Deputy City Manager/internal Services Director,
Kirk J. Evans, Budget Manager, and Ruby Paiste, Financial Services Manager, to deposit and withdraw
funds from LAIF on the City of Lodi's behalf.
FISCAL IMPACT: NIA
FUND11W AVAILABLE: NIA
s R. Krueger,
Deputy City Manager
S
rk . 8vans
Bu et Manager
KJE
Attachments
cc: City AtWney
APPROVED:
BI ' ing, City Manager ��
RESOLUTION NO. 2007-42
A RESOLUTION OF THE LODI CITY COUNCIL
GRANTING SIGNATURE AUTHORITY TO CERTAIN
CITY STAFF FOR INVESTMENT OF MONIES IN
THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, pursuant to Chapter 730 of the statutes of 1976, Section 16429.1 was
added to the Calfornia Government Code to create a Local Agency Investment Fund in the
Stale Treasury for the deposit of money of a local agency for purposes of investment by the
State Treasurer; and
WHEREAS, the Lodi 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 Lod}.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the deposit and withdrawal of City of Lodi monies in the Local Agency Investment
Fund in the State Treasury in aocordance 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; and
BE IT FURTHER RESOLVED that the following City of Lodi officers or their successors
in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency
Investment Fund:
Kirk Evans
Budget Manager
Jim Krueger
Deputy City ManW/
Internal Services tirector
Ruby Paiste
Financial Serviced Manager
Dated: March 21, 2007
gnature)
I hereby certify that Resolution No. 2007-42 was passed and adopted by the City
Council of the City of Loci in a regular meeting held March 21, 2007, by the following vote:
AYES: COUNCIL MEMBERS — Hansen, Hitchcock, Katzakian, Mounce, and
Mayor Johnson
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — No
y
ANDI JOHL
City Clerk
2007-42