To: MAYOR AND CITY COUNCIL
From: EUGENE SOLOMON, CITY TREASURER
TITLE
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2609-074 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA AUTHORIZING CERTAIN CITY OFFICERS OR THEIR SUCCESSORS IN OFFICE TO ORDER THE DEPOSIT OR WITHDRAWAL OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
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EXECUTIVE SUMMARY
Adoption of the proposed Resolution would allow the City to update the list of authorized officers with the ability to deposit or withdraw monies from the City’s State Local Agency Investment Fund (LAIF). This will ensure the list recognized by LAIF matches the City’s current staffing and organizational structure.
BACKGROUND
The attached Resolution provides authorization for the City Treasurer, Chief Deputy City Treasurer, and the Director of Financial Services, as well as their successors, to deposit and withdraw monies in the City’s LAIF accounts. These accounts include the City’s General Fund, Successor Agency of the Redevelopment Agency, Public Finance Authority, and Parking Authority.
In order to update the list of City of Redondo Beach Officers, and successors, authorized to deposit and withdraw monies to and from LAIF, the attached Resolution must be adopted by the City Council. LAIF accounts covered by this Resolution include the following:
• City of Redondo Beach General Fund (98-19-716)
• Successor Agency City of Redondo Beach for Redondo Beach Redevelopment Agency (65-19-040)
• Redondo Beach Public Financing Authority (40-19-039)
• Redondo Beach Parking Authority (80-19-009)
This item is administrative in nature and has been prepared as requested by LAIF personnel to keep the City’s list of authorized positions current with our current staffing and organizational structure. Approval of the Resolution will update the City account documentation with LAIF.
Staff recommends approval of the proposed Resolution.
COORDINATION
The Resolution was coordinated with the Finance Department and has been approved as to form and form by the City Attorney.
FISCAL IMPACT
There is no fiscal impact associated with this item.
APPROVED BY:
Mike Witzansky, City Manager
ATTACHMENTS
Reso - No. CC-2609-074 Authorizing Redondo Beach Officers or Their Successors to Order the Deposit or Withdrawal of Monies in the Local Agency Investment Fund