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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: February 28, 2022
Contact Person/Dept: Lisa Soghor/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 (02/23/2022)
Department Approval: Lisa Soghor, Chief Financial Officer (02/18/2022)
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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 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. Onyx Jones, Assistant City Manager
3. Lisa Soghor, Chief Financial Officer
4. Mary Noller, Budget and Financial Operations Manager
5. Punit Chokshi, Senior Management Analyst
FISCAL ANALYSIS
This item does not create a fiscal impact.
ATTACHMENTS
1. Proposed City LAIF Resolution
2. Proposed Successor Agency LAIF Resolution
RECOMMENDED MOTION
That the City Council and Successor Agency Board:
Adopt respective resolutions authorizing designated representatives to deposit and withdraw funds, as well as make account changes, with the State Local Agency Investment Fund.