HomeMy WebLinkAboutAgenda Report - September 6, 2017 C-15TM
CITY OF LODI
COUNCIL COMMUNICATION
AGENDA ITEM
C/5
AGENDA TITLE: Adopt Resolution Granting Signature Authority to Certain City Staff for Investment
of Monies in the Local Agency Investment Fund
MEETING DATE: September 6, 2017
PREPARED BY: Deputy City Manager
RECOMMENDED ACTION: Adopt resolution granting signature authority to certain City staff for
investment of monies in the Local Agency Investment Fund.
BACKGROUND INFORMATION
With recent retirements of staff, the Local Agency Investment Fund
(LAIF) has requested that the City of Lodi update, by resolution,
authorized staff to act on behalf of the city for the deposit and
withdrawal of city monies.
LAIF was created pursuant to Section 16429.1 of the Government Code. It is managed by the State of
California, Office of Treasurer, for purposes of investing funds held by local governments throughout
California. LAIF 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 Stephen Schwabauer, City Manager; Andrew Keys, Treasurer; and
Susan Bjork, Supervising Budget Analyst, deposit and withdraw funds from LAIF on the City of Lodi's
behalf.
FISCAL IMPACT: Not applicable.
FUNDING AVAILABLE: Not applicable
Andrew Keys
Deputy City Manager
APPROVED:IV
c w -Ilk
ity Manager
RESOLUTION NO. 2017-171
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 statues 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 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 Lodi.
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 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; 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:
Stephen Schwabauer
City Manager
Andrew Keys
Deputy City Manager/
Internal Services Director
Susan Bjork
Supervising Budget
Analyst
Dated: September 6, 2017
gnature)
(Signature)
I hereby certify that Resolution No. 2017-171 as passed and adopted by the City Council
of the City of Lodi in a regular meeting held September 6, 2017, by the following votes:
AYES: COUNCIL MEMBERS — Chandler, Johnson, Mounce, Nakanishi, and
Mayor Kuehne
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
2017-171
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NI ER u FERRAIOLO
y Clerk