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CC:SA - Adoption of Respective Resolutions Authorizing Designated Representatives to Deposit and Withdraw as Well as Make Account Changes with the State Local Agency Investment Fund on Behalf of Culver City and the Successor Agency to the Culver City Redevelopment Agency.
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Meeting Date: March 18, 2019
Contact Person/Dept: Kambiz Borhani/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/13/19)
Department Approval: Onyx Jones, Chief Financial Officer (03/11/19)
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RECOMMENDATION
Staff recommends the City Council and the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) Board adopt respective resolutions authorizing designated representatives to deposit and withdraw funds as well as make account changes to the City/Successor Agency State Local Agency Investment Fund (LAIF) accounts.
BACKGROUND
The City and the Successor Agency both have general investment accounts with the LAIF as authorized by the City's and Successor Agency's Investment Policies. The City recently hired a Chief Financial Officer. In order to add this representative to those authorized to contact LAIF and make deposits or withdrawals, updated resolutions must be filed with the LAIF. The authorized representatives would be:
1. John M. Nachbar, City Manager / Executive Director
2. Onyx Jones, Chief Financial Officer
3. Kambiz Borhani, Assistant Chief Financial Officer
4. Nagam Rao, Revenue Operations Manager
FISCAL ANALYSIS
This item does not create a fiscal impact.
ATTACHMENTS
1. Proposed City LAIF Reso...
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