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CC:SA:HA - CONSENT ITEM: Adoption of Respective Resolutions Authorizing Designated Representatives to Deposit and Withdraw Funds as Well as Make Account Changes with the State Local Agency Investment Fund on Behalf of the Culver City, the Successor Agency to the Culver City Redevelopment Agency and the Culver City Housing Authority.
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Meeting Date: October 28, 2024
Contact Person/Dept: Punit Chokshi/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (10/23/2024)
Department Approval: Lisa Soghor, Chief Financial Officer (10/10/2024)
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RECOMMENDATION
Staff recommends the City Council, the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) Board and the Culver City Housing Authority (Housing Authority) adopt respective resolutions authorizing designated representatives to deposit and withdraw funds as well as make account changes to the City/Successor Agency/Housing Authority State Local Agency Investment Fund (LAIF) accounts.
BACKGROUND
The City, the Successor Agency and the Housing Authority have general investment accounts with LAIF as authorized by the City's, Successor Agency's, and Housing Authority's Investment Policies. The City needs to change some of the representatives previously authorized to contact LAIF and make deposits or withdrawals, by filing an updated resolution with LAIF. The authorized representatives would be:
1. John M. Nachbar, City Manager / Executive Director
2. Lisa Soghor, Chief Financial Officer
3. Elizabeth Shavelson, Assistant Chief Financial Officer
4. Punit Chokshi, Senior Management Analyst
FISCAL ANALYSIS
There is no fiscal impact from adopting the respective resolutions.
ATTACHMENTS
1. 2024_10_28_Att_Pr...
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