RPVCCA_IA_SR_2015_05_05_D_Local_Agency_Investment_FundCITY OF
MEMORANDUM
Lnvi4�RANCHO
PALOS VERDES
TO: HONORABLE CHAIR & COMMISSION MEMBERS
FROM: KATHRYN DOWNS, ACTING DIRECTOR OF FINANCE Ic
DATE: MAY 5, 2015
SUBJECT: LOCAL AGENCY INVESTMENT FUND (LAIF)
REVIEWED: DOUG WILLMORE, CHIEF ADMINISTRATIVE OFFICER u�)
RECOMMENDATION
Adopt Resolution No. IA 2015- ; A RESOLUTION OF THE RANCHO PALOS VERDES
JOINT POWERS IMPROVEMENT AUTHORITY AUTHORIZING INVESTMENT OF
MONIES IN THE LOCAL AGENCY INVESTMENT FUND (LAIF).
DISCUSSION
The Improvement Authority would like to establish an account with the Local Agency
Investment Fund (LAIF). LAIF offers local agencies the opportunity to participate in a
large, highly liquid portfolio, which invests hundreds of millions of dollars, using the
investment expertise of the State Treasurer's Office investment staff. As of March 2015,
LAIF has 2,507 participating agencies and manages $20.1 billion in securities. The City's
investment in LAIF was $49.1 million as of April 30, 2015.
The most recent effective yield was 0.278% for March 2015. The Improvement Authority
currently has about $1.3 million of idle cash that can be invested in LAIF.
Attachment
Resolution No. IA 2015- (page 2)
RESOLUTION NO. IA 2015-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY AUTHORIZING INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND (LAIF).
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to authorize the investment of monies in the Local Agency
Investment Fund (LAIF); and
WHEREAS, The Local Agency Investment Fund is established in the State Treasury
under Government Code section 16429.1 et. seq. for the deposit of money of a local
agency for purposes of investment by the State Treasurer; and
WHEREAS, the Commission hereby finds that the deposit and withdrawal of money
in the Local Agency Investment Fund in accordance with Government Code section
16429.1 et. seq. for the purpose of investment as provided therein is in the best interests of
the Rancho Palos Verdes Joint Powers Improvement Authority;
NOW THEREFORE, BE IT RESOLVED, that the Commission hereby authorizes the
deposit and withdrawal of Rancho Palos Verdes Joint Powers Improvement Authority
monies in the Local Agency Investment Fund in the State Treasury in accordance with
Government Code section 16429.1 et. seq. for the purpose of investment as provided
therein.
BE IT FURTHER RESOLVED, as follows:
Section 1. The following Rancho Palos Verdes Joint Powers Improvement Authority
officers holding the title(s) specified herein below or their successors in office are each
hereby authorized to order the deposit or withdrawal of monies in the Local Agency
Investment Fund and may execute and deliver any and all documents necessary or
advisable in order to effectuate the purposes of this resolution and the transactions
contemplated hereby:
Doug Willmore Carolynn Petru Kathryn Downs
Name
Chief Administrative Officer
Title
Signature
Name
Deputy Administrative Officer
Title
Signature
Name
Acting Director of Finance
Title
Signature
Resolution No. IA 2015 -
Page 1 of 2
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Section 2. This resolution shall remain in full force and effect until rescinded by the
Commission by resolution and a copy of the resolution rescinding this resolution is filed
with the State Treasurer's Office.
PASSED, APPROVED, and ADOPTED the 5th day of May 2015.
AUTHORITY CHAIRPERSON
ATTEST:
AUTHORITY SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
I, CARLA MORREALE, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2015- was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on May 5, 2015.
AUTHORITY SECRETARY
Resolution No. IA 2015 -
Page 2 of 2
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