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Title:
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Adoption of a Resolution Authorizing the City Treasurer and Her Designated Representatives to Deposit and Withdraw Funds as well as Make Account Changes with the State Local Agency Investment Fund (LAIF).
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City of Culver City, California
Joint City Council/Redevelopment Agency Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council adopt a resolution authorizing City Treasurer
Crystal C. Alexander and her 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 with the State Local Agency
Investment Fund (LAIF).
BACKGROUND:
The City has a general investment account with the State Local Agency Investment
Fund (LAIF) as authorized by the City’s Investment Policy, 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 Investment Policy in place of a specific resolution as an authorization
for deposit, withdrawal, and account changes.
DISCUSSION:
A letter received and dated August 21, 2007, from the State of California, Office of
the Treasurer is requesting City Council of the City of Culver City to adopt a
resolution specifically authorizing the City Treasurer and her designated
Meeting Date: 09/24/07 Item Number: J-2
AGENDA ITEM: JOINT ITEM - Adoption of a Resolution Authorizing the City
Treasurer and Her Designated Representatives to Deposit and Withdraw Funds as
well as Make Account Changes with the State Local Agency Investment Fund
(LAIF).
Contact Person/Dept.:
Crystal C. Alexander/City Treasurer's Office
Phone Number:
(310)253-5866
Fiscal Impact: Yes [] No [x] General Fund: Yes [] No [x]
Public Hearing: [] Action Item: [x] Attachments: [x]
Public Notification: Master Notification List on (09/19/07)
Department Approval:
Crystal C. Alexander (08/30/07)
City Attorney Approval:
Carol Schwab (by H. Iker) (09/18/07)
City Controller Approval:
Marlee Chang (09/17/07)
City Manager Approval:
Jerry B. Fulwood (09/19/07) City of Culver City, California
Joint City Council/Redevelopment Agency Agenda Item Report
representatives to deposit, withdrawal, and make account changes in lieu of the
existing Investment Policy’s authorization.
FISCAL ANALYSIS:
Adoption of a resolution for the item does not create a fiscal impact.
ATTACHMENTS:
1. Resolution
2. Letter from State of California, Office of the Treasurer
MOTION:
That the City Council:
Adopt the resolution authorizing the 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 (LAIF).