IA SR 20150203 05 Acting Authority Treasurer AuthorizationCITY OF RANCHO
PALOS VERDES
MEMORANDUM
TO: HONORABLE CHAIR & COMMISSION MEMBERS
FROM: CAROLYNN PETRO, ACTING EXECUTIVE DIRECTOR
DATE: FEBRUARY 3, 2015
SUBJECT: ACTING AUTHORITY TREASURER AUTHORIZATION
RECOMMENDATION
Adopt Resolution No. IA 2015- , A RESOLUTION OF THE RANCHO PALOS VERDES
IMPROVEMENT AUTHORITY AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL INSTITUTIONS AND
DESIGNATING THE DEPUTY DIRECTOR OF FINANCE AS THE ACTING AUTHORITY
TREASURER.
BACKGROUND AND DISCUSSION
By Resolution, the Authority Commission designates certain Commission Officials as
signatories for various cash and investment accounts with financial institutions. The
Authority Commission had previously adopted a resolution designating the Director of
Finance and Information Technology as the Authority Treasurer.
On December 11, 2014, Acting Executive Director Petru announced the resignation of
Finance Director McLean effective January 30, 2015. To ensure a smooth transition of
cash treasury responsibilities, Acting Executive Director Petru appointed Deputy Director of
Finance, Kathryn Downs, as Acting Authority Treasurer. The attached proposed resolution
authorizes the Acting Executive Director and Acting Authority Treasurer to conduct financial
transactions with various financial institutions on behalf of the Authority. The City Council
adopted Resolution 2015-01 on January 6, 2015 to accomplish the same action for the
City.
If adopted by the Authority Commission, the attached resolution will be provided to the
Authority's banking and investment institutions, as authorization to conduct transactions on
behalf of the Authority. All transactions must and will be conducted in accordance with the
provisions of California law and the Authority's annually adopted investment policy.
Once a permanent Finance Director is appointed, Staff will present an updated resolution
IA 5-1
ACTING AUTHORITY TREASURER AUTHORIZATION
February 3, 2015
Page 2 of 2
to the Authority Commission for consideration.
Attachment
Resolution No. IA 2015- , A RESOLUTION OF THE RANCHO PALOS VERDES
IMPROVEMENT AUTHORITY AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL INSTITUTIONS AND
DESIGNATING THE DEPUTY DIRECTOR OF FINANCE AS THE ACTING AUTHORITY
TREASURER
IA 5-2
RESOLUTION NO. IA 2015-
A RESOLUTION OF THE RANCHO PALOS VERDES IMPROVEMENT
AUTHORITY AUTHORIZING CERTAIN OFFICIALS TO CONDUCT
FINANCIAL TRANSACTIONS WITH VARIOUS FINANCIAL INSTITUTIONS
AND DESIGNATING THE DEPUTY DIRECTOR OF FINANCE AS THE
ACTING AUTHORITY TREASURER
WHEREAS, the Rancho Palos Verdes Improvement Authority ("Authority") has money in its
treasury not required for immediate needs; and
WHEREAS, it is in the best interest of the Authority to place said money in approved
investments; and
WHEREAS, the Authority retains several accounts at various financial institutions for
investment purposes; and
WHEREAS, financial institutions often require that the Authority designate by resolution
representatives to conduct financial transactions on its behalf.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE RANCHO
PALOS VERDES IMPROVEMENT AUTHORITY HEREBY FINDS, RESOLVES AND
ORDERS:
Section 1: Acting Authority Treasurer. The Deputy Director of Finance is hereby
designated as the Acting Authority Treasurer.
Section 2: Authorized Investors. The following officials, identified by position title, are
hereby designated and appointed to deposit and invest the Authority's funds in accordance
with principles of sound treasury management, the provisions of Government Code Section
53600 et seq., and the Authority's Investment Policy:
(1) Executive Director;
(2) Acting or Interim Executive Director;
(3) Authority Treasurer/Director of Finance; and/or
(4) Acting or Interim Authority Treasurer/Acting or Interim Director of
Finance.
Section 3: Resolution No. IA 2007-08 is hereby rescinded and replaced by this
Resolution.
IA 5-3
PASSED, APPROVED, AND ADOPTED THE 3rd DAY OF FEBRUARY 2015.
COMMISSION CHAIR
ATTEST:
COMMISSION SECRETARY
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, CARLA MORREALE, Commission Secretary of the Rancho Palos Verdes Improvement
Authority, hereby certify that the above Resolution No. IA 2015- was duly and regularly
passed and adopted by the said Improvement Authority at regular meeting thereof held on
February 3, 2015.
COMMISSION SECRETARY
IA 5-4