IA SR 20150804 D - Local Agency Investment Fund AuthorizationCITY OF
MEMORANDUM
PALOS VERDES
TO: HONORABLE CHAIR & COMMISSION MEMBERS
FROM: DOUG WILLMORE, CHIEF ADMINISTRATIVE OFFICERPrLAJ
DATE: AUGUST 4, 2015
SUBJECT: LOCAL AGENCY INVESTMENT FUND AUTHORIZATION
RECOMMENDATION
Adopt Resolution No. IA 2015- , A RESOLUTION OF THE RANCHO PALOS VERDES
IMPROVEMENT AUTHORITY AUTHORIZING THE INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND OF THE STATE OF CALIFORNIA AND TAKING
CERTAIN ACTIONS IN CONNECTION THEREWITH.
BACKGROUND AND DISCUSSION
By Resolution, the Authority Commission designates certain Commission Officers as
signatories for various cash and investment accounts with financial institutions. On July 7,
2015, the Authority Commission adopted a resolution designating the Executive Director
and Finance Officer as having authority to deposit and invest the Authority's funds with
various financial institutions.
The Local Agency Investment Fund (LAIF) recently contacted Staff, indicating that a LAIF-
specific resolution was necessary to conduct transactions for the Authority's LAIF account.
The attached proposed resolution meets the criteria required by LAIF.
If adopted by the Authority Commission, the attached resolution will be provided to LAIF 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.
Attachment
Resolution No. IA 2015- , A RESOLUTION OF THE RANCHO PALOS VERDES
IMPROVEMENT AUTHORITY AUTHORIZING THE INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND OF THE STATE OF CALIFORNIA AND TAKING
CERTAIN ACTIONS IN CONNECTION THEREWITH (page 2)
1
RESOLUTION NO. IA 2015-
A RESOLUTION OF THE RANCHO PALOS VERDES IMPROVEMENT
AUTHORITY AUTHORIZING THE INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND OF THE STATE OF
CALIFORNIA AND TAKING CERTAIN ACTIONS IN CONNECTION
1111:14:74411111:1
RECITALS:
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 Authority 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 Improvement Authority.
WHEREAS, the Authority Commission adopted Resolution No. 2015-06 on July
7, 2015, authorizing the Executive Director and Authority Treasurer/Director of Finance
of the Improvement Authority, or their successors in such offices, to order the deposit or
withdrawal of moneys in various financial institutions on behalf of the Improvement
Authority.
WHEREAS, Pursuant to a request of the State Treasurer's Office, the
Improvement Authority Commission wishes to adopt this Resolution to supplement
Resolution No. 2015-06 to provide specific authorization for the Improvement Authority
LAIF account.
NOW THEREFORE, BE IT RESOLVED, that the Improvement Authority
Commission hereby authorizes the deposit and withdrawal of 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 Improvement Authority officers holding the title(s)
specified herein 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:
2
Douglas Willmore
Executive Director of the
Rancho Palos Verdes
Improvement Authority
Deborah Cullen
Treasurer of the
Rancho Palos Verdes
Improvement Authority
Section 2. This resolution shall remain in full force and effect until rescinded
by the Improvement Authority Commission by resolution and a copy of the resolution
rescinding this resolution is filed with the State Treasurer's Office.
Section 3. The Officers of the Improvement Authority are hereby authorized
and directed, jointly and severally, to do any and all things, to execute and deliver any
additional instruments which they may deem necessary or advisable in order to
effectuate the purposes of this Resolution and any such actions previously taken by
such officers are hereby ratified and confirmed.
Section 4. The Secretary of the Improvement Authority is hereby authorized
and directed to submit a certified copy of this Resolution and such forms as may be
required to the Office of the State Treasurer to effectuate the purposes of this
Resolution.
PASSED AND ADOPTED this 4t" day of August, 2015.
Chair
ATTEST:
Secretary
9