HomeMy WebLinkAboutItem 4.07 Local Agency Investment Fund
CITY CLERK
File # D~~[QJ-[3]~
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: March 6, 2007
SUBJECT:
Adoption of Resolution Authorizing The Investment of Monies In The State
of California Local Agency Investment Fund (LAIF)
Report Prepared by Paul S. Rankin, Administrative Services Director ~t
ATTACHMENTS: 1) Resolution.
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RECOMMENDATION: ~ \ Staff recommends that the City Council approve the Resolution.
FINANCIAL STATEMENt: There City has used the Local Agency Investment Fund since its
inception and there is no change in the terms of the account.
DESCRIPTION: The City was recently updating its records with the State of California based on changes
in Finance Staff. The State Treasurers Office advised that they have altered their method of recording
authorized personnel eligible to address changes to the City LAIF account. It was requested that the City
formally adopt a Resolution identifying the use of the Local Agency Investment Fund (LAIF) and
designated positions to order changes in the account.
The State Treasurer operates the Local Agency Investment Fund (LAIF), which is an investment account
open to local government agencies. An agency is allowed to invest up to $40 million and may have up to
15 transactions in the account per month. This includes both deposits and withdrawals. The advantage is
that the pooled investment can offer economies of scale in terms of the administrative costs. This
investment is also relatively liquid since funds can be withdrawn on the same day as a request is made.
LAIF is only one of several investments used in the City portfolio.
The proposed Resolution allows the City to continue its participation in LAIF. The resolution designates
the City Manager, Assistant City Manager, Administrative Services Director, and Finance Manager as
positions eligible to order the deposit and withdrawal of funds. This includes the ability to assign Staff to
initiate transfers between the City Account and LAIF. The internal controls established by LAIF require
two of the designated positions to execute changes to the account in terms of those authorized to make
transfers or changes in the banking information. The resolution refers to positions rather than named
individuals so that a new resolution is not required when there are vacancies or changes in personnel.
RECOMMENDATION: Staff recommends that the City Council adopt the Resolution.
COpy TO:
Page 1 of 1
ITEM NO.
Lt. 7
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RESOLUTION NO. xx - 07
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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AUTHORIZING INVESTMENT OF MONIES IN THE
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF)
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429.1 was added to the
California Government Code to create a Local Agency Investment Fund in the State Treasury for the
deposit of money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council does hereby find that the deposit and withdrawal of money in the
Local Agency Investment Fund in accordance with the provisions of Section 16429.1 of the Government
Code for the purpose of investment as stated therein as in the best interests of the City; and
WHEREAS, the Local Agency Investment Funds requires the adoption of an authorizing
resolution in order to effectively administer participation in the fund; and
WHEREAS, this resolution is based on a State model developed for all LAIF participants.
NOW, THEREFORE, BE IT RESOLVED that the City Council ofthe City of Dublin does hereby
authorize the deposit and withdrawal of City monies in the Local Agency Investment Fund in the State
Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of
investment as stated therein, and verification by the State Treasurer's Office of all banking information
provided in that regard.
BE IT FURTHER RESOLVED that the following City officers or their successors in office shall be
authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund and to order
changes in the account in accordance with LAIF procedures:
City Manager
Assistant City
Mana er
Administrative Services
Director
Finance Manager
BE IT FURTHER RESOLVED that the incumbents in the positions noted above shall submit to LAIF a
certified copy of specimen signatures as required by LAIF program requirements.
PASSED, APPROVED AND ADOPTED this 6th day of March, 2007, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
,
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City Clerk
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