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). Joint City Council/Redevelopment Agency Agenda Item Report City of Culver City California Meeting Date: 09/24/07 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 Fiscal Impact: Yes No x Phone Number: (310)253 5866 General Fund: Yes No x Item Number: J 2 Public Hearing: Public Notification: Master Notification List on (09/19/07) Action Item: x Attachments: x Department Approval: Crystal C. Alexander (08/30/07) City Controller Approval: Marlee Chang (09/17/07) City Attorney Approval: Carol Schwab (by H. Iker) (09/18/07) City Manager Approval: Jerry B. Fulwood (09/19/07) 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 the City Treasurer and h...
Click here for full text