HomeMy WebLinkAboutAgenda Report - February 1, 2023 C-10CITY OF
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CALIFORNIA
COUNCIL COMMUNICATION
AGENDA ITEM Colo
AGENDA TITLE: Adopt Resolution Granting Signature Authority to Certain City Staff for Investment of
Monies in the Local Agency Investment Fund
MEETING DATE: February 1, 2023
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 retirement 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, Deputy City Manager/Internal
Services Director; and Lisa Noffsinger, Budget Manager, to deposit and withdraw funds from LAIF on the City of
Lodi's behalf.
FISCAL IMPACT: Not applicable.
FUNDING AVAILABLE Not applicable.
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Andrew Keys
Deputy City Manager/Internal Services Director
APPROVED:
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Stephen Schwabauer, City Manager
RESOLUTION NO 2023-27
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 Coda 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 :he provisions of Section 16429.1 of the Government Code for
the purpose of investment as states therein and verification by the State Treasurer's Office of all
banking information prcvided in thal 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 Schwaoauer
City Manager
Andrew Keys
Deputy City Manager/
Internal Services Director
Lisa Noffsinger
Budget Manager
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Dated: February 1, 2023
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I hereby certify that Resolut on No. 2023-27 as passed and adopted by the City Council
of the City of Lodi in a regular meeting held February 1, 2023, by the following votes:
AYES: COUNCIL MEMBERS — Bregman, Khan, Nakanishi, and Mayor Hothi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — Craig
ABSTAIN: COUNCIL MEMBERS — None
OLIVIA NASHED
City Clerk
2023-27