HomeMy WebLinkAboutAgenda Report - September 4, 1991 (70)•.
CITYO F L O D I
cinag}e Forte
Lodi Publ is Improvement Corporation
of the Lodi City 'ouncil
DATE: Wednesday, September 4, 1991
305 West Pine Street, Lodi
TINS:_
7:30
p.m. J
i
1. Call to order - President David M. Hinchman
2. Roll call to be recorded by Secretary Alice M Reimche
3. Authorize investment of Lodi Public Improvement Corporation monies in Local
Agency Investment Fund (Resolution No. 91-2)
4. Adjournment
Pursuant to Section 54956.2(a) of the Government Code of the State of California,
his Agenda was posted at a public place freely accessible to the public 24 hours
day.
(�/�i/ AI/JfMd t e
Alice M. Reimchf. Secretary
Lodi Public Improvement Corporation
of the City of Lodi
For information c ncerning this Agenda
please contact Al ce M. Reimche, City Clerk,
Telephone - 333-6702
AGN9#4B/TXTA.02J/AGENDAS
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AGMM TTlT2;: Meeting of the Lodi public Improvement corporation to Authorize
Investment of Monies in Local Agency Investment Fund
MEETING DATE: September 4, 1991
PREPARED EY: Treasurer
REOUmNM ACTION: That the Lodi Public Improvement Corporation (LPIC)
authorize the deposit and withdrawal of monies in the Local
Agency investment Fund (LAIF) of the State Treasury and
name the persons authorized to order the deposit or
withdrawal of monies from this account.
BAcKGFc ID IM MATION: LA.IF is a voluntary investment program for local
gowernuents administered by the California state
Treasurer. Legislation permits a governmental unit,
such as the LPIC, with consent of the governing body of
that agency, to deposit monies in this special fund.
Currently, the Treasurer invests monies in a variety of instruments including
LAIF (city of Lodi account) , money market funds, certificates of deposit,
bankers acceptances and treasury notes. The authorization of the LPIC to
utilize a LAIF account will provide an additional tool for the imestment of
monies.
The benefits of investing in LAZF include:
l .e -r -Yields
LAIC F comber large pools of cash. Because of the size of its investment
portfolio, IAIF normally provides higher yields than other investments made
by the City. LAIF currently pays the highest interest rate for funds
invested (6.96%) in comparison to the other types of investments (with rates
ranging from 5.30% to 7.00%) .
2. Liquidity/No Miniimrm Investment Period
LAIF allows withdrawal of monies to meat cash requirements in 24 Hours or
less. Most other invest rots require a maturity date defined by staff based
on the projection of cash needs. This does not allow Cor any unexpected
requirements.
APPROVED:'
THOMAS A. PETERSON
city Manapet
CC LAIF/OD.COM
cr_i
MMMMC OF iE IMI PUBLIC IMPRDVEMENTCORPORATION
TO AL]THMIZE INvEsn42mOF • •5. IN IDCALAGENCY t / I} I it
`lel' Yy I'M 4, 1991
3. Lower Investment Costs
inves=mt costs associated with transactions because of its
ability to pool cash balances and invest much lamer amunts. Normally
there is a charge by transaction or administrative fee for purchases of
other investment instruments.
4. Investment: Expertise
TS �reasur�r'sof r with
tifl gcies%ae0 on rlm
California. Their staff is devoted to investment activities including
discussing any questions regarding the pool or our acocunts.
5. Lower Risk
IAIF is considered one of the safest instrLments for the investment of City
funds because of its diversity.
FLING: None required.
� �Da�oon Flynn
Treasurer
DF':DM:ss
Prepared by Diana White -Messing, Deputy Treasurer
OC IAIF/001•00M
RESOLUTION NO. 91-2
A FtESOLLJEON OF
THE LODI PUBLIC IMPROVEMENT CCRPORAM14
TO AUIH0RI7- NVE IMENf OF MES
N LOCAL AGENCY NVESEVIENf FUND
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 (LA. in the State Treasury for the deposit of
money of a local agency for purposes of investment by the State Treasurer;
and
WHEREAS, the Board of Directors does hereby find that the
deposit and withdrawal of money in LAIF 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 interest of the Lodi Public Improvement
Corporation (LPIC).
NOW THEREFORE, BE IT RESOLVED, that the Board of Directors does
hereby authcrize the deposit and withdrawal of monies in LAIF of the State
Treasury in accordance with the provisions of Section 16429.1 of the
Government Code for the purpose of investment as stated therein.
BE IT FURTHER RESOLVED, that the following LPIC officers and
staff or their successors in office shall be authorized to order the
deposit c r withdrawal of monies in LAIF:
David M. Hinchman, President
James W. Pinkerton, Jr., Vice President
H. D. Flynn, Treasurer
Alice M. Reimche, Secretary
Diana White -Messing, Deputy Treasurer
Marcella Cadwallader, Revenue/Collections Technician
Dated: September 4, 1991
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I hereby certify that Resolution No. 91-2 was passed and adopted
by the Board of Directors of the LPIC in a regular meeting held September
4, 1991 by the following vote:
Ayes: Authorizing Members - Pennino, Pinkerton, Sieglock,
Snider and Hinchman (President)
Noes: Authorizing Members - None
Absent: Authorizing Members - None
U1ci:C.' %it rte' �1�
Alice M. Reimche
Secretary
91.2
R-LAIF/TXTA.02J
AGENCY INVESTMENT FUND`
AUTHORIZATION FOR TRANSFER Of FUNDS
BANKING INFORMATION
Qamv m1mv-',. ACCOUNT NUMBER
t.
CORRESPONDENT
BANK
Bank - of Americ=''r1"� -
Bank. of America
%:::-;•' Farmers & Mercnanzs aa,.a .w
µ• CARD TO:
PLEASE MxIL COMPLETED
~LOCAL AGENCY INVETATE SS OFFICE
TMENT LnTm' Authorised Signature
P.O. BOX 942509
571CRA14ENT0, CA 94209-0001 (BAR FOR AUTBQAI7.EL1 PER4N)
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L'-,%L .AGENCY INVESTMENT FUND _
AUTHORIZATION FOR TRANSFER OF FUNDS
AUTHORIZED PERSQNS
DATE
AGENCY NAME
-
09/04/91
L,."! P.alz.lic Improvement, Corporation
NAME
TITLE SIGNATURE .
Dav•Binchman °
President
James.'S�
Pir��erton, Jr.
Vice President
H. D.
Flynn
T
_`.
Alice
M. Reimche
Secretary
10
Diana
White-Messing
Deputy Treasurer
t-
Revenue/Collections
° :`;E•,,-
Marcella CadwalladerTichnician
(OVER EOR BANKING INFORMATION)
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