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Title:
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JOINT ITEM: Adoption of City Council and Redevelopment Agency Resolutions Authorizing the Chief Financial Officer and His Designated Representatives to Deposit and Withdraw Funds as well as Make Account Changes with the State Local Agency Investment Fund on Behalf of Culver City and of the Culver City Redevelopment Agency.
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City of Culver City, California
City Council Agenda Item Report
Page 1 of 3
RECOMMENDATION:
Staff recommends the City Council:
adopt a resolution authorizing Chief Financial Officer Jeff Muir and his
designated representatives, Deputy City Treasurer, Karen S. Maggio, and
Treasury Division Manager, Nagam Rao, to deposit and withdraw funds as well
as make account changes to the State Local Agency Investment Fund (LAIF).
Staff recommends the Redevelopment Agency:
adopt a resolution authorizing Chief Financial Officer Jeff Muir and his
designated representatives, Deputy City Treasurer, Karen S. Maggio, and
Treasury Division Manager, Nagam Rao, to deposit and withdraw funds as well
as make account changes to the State Local Agency Investment Fund (LAIF).
BACKGROUND:
The City and the Redevelopment Agency both have general investment accounts
with the LAIF as authorized by the City’s and Agency’s Investment Policies, in
addition to authority to invest bond proceeds in the same fund. Previously, the State
of California, Office of the Treasurer, has accepted the City of Culver City’s
Meeting Date: 04/07/2008 Item Number: J-1
AGENDA ITEM: JOINT ITEM: Adoption of City Council and Redevelopment
Agency Resolutions Authorizing the Chief Financial Officer and His Designated
Representatives to Deposit and Withdraw Funds as well as Make Account
Changes with the State Local Agency Investment Fund on Behalf of Culver City
and of the Culver City Redevelopment Agency.
Contact Person/Dept.:
Jeff Muir, Chief Financial Officer
Phone Number:
(310)253-5871
Fiscal Impact: Yes [] No [x] General Fund: Yes [] No [x]
Public Hearing: [] Action Item: [] Attachments: [x]
Public Notification:
Master Notification List on (04/02/2008)
Department Approval:
Jeff S. Muir (04/01/08)
City Attorney Approval:
Carol Schwab (by H. Baker) (04/01/08)
Fiscal Impact Review:
Jeff S. Muir (04/01/08)
City Manager Approval:
Jerry B. Fulwood (04/02/08) City of Culver City, California
City Council Agenda Item Report
Page 2 of 3
Investment Policy in place of a specific resolution as authorization for deposits,
withdrawals or changes to the LAIF.
DISCUSSION:
Currently, City Treasurer Crystal Alexander holds the authority to make deposits,
withdrawals or changes to the LAIF. However, pursuant to Section 2009 of the new
City Charter, the City Treasurer’s term will expire on April 8, 2008. Consistent with
Section 700 of the City Charter, the City Manager shall appoint Mr. Muir as City
Treasurer effective April 9, 2008, whereupon as Chief Financial Officer and City
Treasurer, Mr. Muir shall assume the responsibilities for investments (and other
duties).
With respect to the Redevelopment Agency, Section 201 of the Agency’s By-Laws
provide:
“The City Treasurer shall be the Treasurer of the Agency.”
Pursuant to said section, as City Treasurer, Mr. Muir shall also be the Treasurer of
the Agency and perform the duties assigned to the Treasurer under the By-Laws.
The Local Agency Investment Fund in the State Treasury is requiring the City of
Culver City to submit a resolution authorizing the Chief Financial Officer/City
Treasurer and his designated representatives to deposit, withdraw and make
account changes in lieu of the authorization currently existing in the City’s
Investment Policy. A similar resolution for the Agency has been prepared for the
Agency’s consideration.
FISCAL ANALYSIS:
The item presented to the City Council does not create a fiscal impact.
ATTACHMENTS:
1. Resolutions
City of Culver City, California
City Council Agenda Item Report
Page 3 of 3
MOTION:
That the City Council:
Adopt a resolution authorizing the Chief Financial Officer/City Treasurer, Deputy
City Treasurer and Treasury Division Manager to deposit and withdraw funds as
well as make account changes with the State Local Agency Investment Fund on
behalf of the City.
That the Redevelopment Agency:
Adopt a resolution authorizing the Agency Treasurer, Deputy City Treasurer and
Treasury Division Manager to deposit and withdraw funds as well as make
account changes with the State Local Agency Investment Fund on behalf of the
Redevelopment Agency.