IA SR 20191106 D - IA Investment & Financial DesigneesIMPROVEMENT AUTHORITY MEETING DATE: 11/06/2019
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA DESCRIPTION:
Consideration and possible action to adopt Resolution No. 2019-XX
RECOMMENDED COUNCIL ACTION:
1) Adopt Resolution No. 2019- , 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.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant
REVIEWED BY: Angelina Garcia, Interim Director of Finance
APPROVED BY: Doug Willmore, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. Resolution No. IA 2019-XX A RESOLUTION OF THE RANCHO PALOS VERDES
IMPROVEMENT AUTHORITY AUTHORIZING THE INVESTMENT OF MONIES IN
THE LOCAL AGENCY INVESTMENT FUND (page A-1)
BACKGROUND AND DISCUSSION:
By resolution, the City Council designated certain City officials as signatories for various
cash and investment accounts with financial institutions and the State of California.
More than one resolution is necessary as certain financial institutions and the State
have specific language requirements for the format of the resolution.
Under the current resolution, both names and titles of City officials are listed. A staff
report is submitted for the City Council’s approval when change of designated City
officials occurs, in which they are authorized to conduct financial transactions among all
financial institutions. For a smooth transition and avoiding any delay of conducting
financial transactions, Staff recommends that the resolution only list the City officials’
titles. The proposed titles are listed below:
1
City Manager or Acting/Interim City Manager as Executive Director
Director or Acting/Interim Director of Finance as Treasurer
Deputy or Acting/Interim Deputy Director of Finance as Deputy Treasurer
If adopted by City Council, all transactions must and will be conducted in accordance
with the provisions of California laws and the City’s annual adopted investment policy.
2
RESOLUTION NO. IA 2019-XX
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.
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 in vestment 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, the Treasurer, and the Deputy Treasurer 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. 2019-XX 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:
A-1
City Manager or Acting/Interim City Manager
Executive Director of the
Rancho Palos Verdes
Improvement Authority
Director or Acting/Interim Director of Finance
Treasurer of the
Rancho Palos Verdes
Improvement Authority
Deputy or Acting/Interim Deputy Director of Finance
DeputyTreasurer of the
Rancho Palos Verdes
Improvement Authority
Section 2. Rescind Resolution No. IA 2015-11 and replace it with this
Resolution. 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, APPROVED, AND ADOPTED this 6TH DAY OF NOVEMBER 2019.
A-2
_________________________
Jerry V. Duhovic, Chair
ATTEST:
_______________________________
Commission Secretary
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Emily Colborn, Commission Secretary of the Rancho Palos Verdes Improvement
Authority, hereby certify that the above Resolution No. IA 2019-XX was duly and regularly
passed and adopted by the said Improvement Authority at regular meeting thereof held
on November 6th, 2019.
_____________________________
Emily Colborn, Commission Secretary
A-3