HomeMy WebLinkAboutItem No. 14-Approval of a Resolution Authorizing Certain Officers to Invest
14
Consent Calendar
City of San Bernardino
Request for Council Action
Date: February 5, 2020
To: Honorable Mayor and City Council Members
From: Teri Ledoux, City Manager
By: Paul Espinoza, Finance Director
Subject: Approval of a Resolution Authorizing Certain Officers to Invest
Funds in the Local Agency Investment
Recommendation
Adopt a Resolution No. 2020-28 of the Mayor and City Council of the City of San
Bernardino, California, authorizing investment of monies in the Local Agency
Investment Fund (LAIF) in accordance with California Government Code Section
16429.1 and approving a list of designated City Officers authorized to order deposits
and withdrawal of funds in the Local Agency Investment Fund.
Background
Section 16429.1 of the California Government Code created the Local Agency
governments and is administered by the State Treasurer. There are currently over
2,000 agencies participating with deposits in excess of $24 billion. The activities of
LAIF are monitored by multiple oversight boards and transactions are audited daily.
The continued benefit of participating in LAIF is that it offers same day liquidity while
maximizing earnings.
Discussion
LAIF requires a resolution from each participating agency as well as a list of officers
have not been updated since 2013 and with changes to City staff and positions since
that time, an updated resolution is required. The proposed resolution grants authority to
Treasury Supervisor to initiate investment related transactions with LAIF. These are the
staff currently responsible for managing the cash flow and making LAIF investments
and withdrawals.
2020-2025 Key Strategic Targets and Goals
Acceptance of the resolution aligns with Key Target No. 1: Financial Stability by
implementing, maintaining and updating a fiscal accountability plan.
Fiscal Impact
None
Packet Pg. 713
Page 1
14.a
Resolution No. 2020-28
RESOLUTION NO. 2020-28
RESOLUTION OF THE MAYOR AND CITY COUNCIL OF
THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND (LAIF) IN
ACCORDINACE WITH CALIFORNIA GOVERNMENT
CODE SECTION 16429.1 AND APPROVING A LIST OF
DESIGNATED CITY OFFICERS AUTHORIZED TO
ORDER DEPOSITS AND WITHDRAWLS OF FUNDS IN
THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, The Local Agency Investment Fund is established by the State Treasurer
under Government Code 16429.1 et. Seq. for the deposit of money of a local agency for purposes
of investment by the State Treasurer; and
WHEREAS, the Mayor and City Council 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 in in the best interests of the
City of San Bernardino;
BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
SECTION 1. The above recitals are true and correct and are incorporated herein by this
reference.
SECTION 2. The Mayor and City Council hereby authorizes the deposit and withdrawal
of City of San Bernardino 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.
SECTION 3. The following City of San Bernardino officials, officers, and positions
holding the titles 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
purpose of this resolution and the transactions contemplated hereby:
Attachment: FN. LAIF authorization - 2020- RESOLUTION- ATTACHMENT #1 (6590 : Approval of a Resolution Authorizing Certain Officers to
Packet Pg. 715