HomeMy WebLinkAbout- - Resolution Authorizing Signatures LAIF - 11/15/2011CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 15, 2011 ITEM NUMBER:
SUBJECT: RESOLUTION TO UPDATE THE AUTHORIZATION TO INVEST MONIES IN THE
LOCAL AGENCY INVESTMENT FUND (LAIF)
DATE: NOVEMBER 1, 2011
FROM: FINANCE DEPARTMENT, ADMINISTRATION DIVISION
PRESENTATION BY: BOBBY YOUNG, FINANCE & I.T. DIRECTOR
FOR FURTHER INFORMATION CONTACT: BOBBY YOUNG, FINANCE & I.T. DIRECTOR
(714) 754-5423
RECOMMENDED ACTION:
Adopt resolution 11- updating officers and positions authorized to order the deposit and
withdrawal of funds from the City of Costa Mesa's account with the Local Agency Investment Fund
(LAIF).
BACKGROUND:
The Local Agency Investment Fund (LAIF) requires a resolution that authorizes positions and
officers to make deposits and withdrawals from the City's LAIF account. The last resolution was
adopted by City Council in 1990 designating the Director of Finance/Treasurer, Revenue Supervisor,
and the Revenue Investment Specialist and their successors in office, as the positions authorized to
transact with LAIF. The attached resolution updates the position/officers and authorizes the
Finance & I.T. Director, Assistant Finance Director, and Revenue Supervisor to have authority to
order the deposit or withdrawal of funds held with LAIF.
ALTERNATIVES CONSIDERED
Reject the resolution as presented and provide staff with direction on selecting alternate
positions/officers to order the deposit and withdrawal of funds from the City's LAIF Account.
FISCAL REVIEW
There is no fiscal impact.
LEGAL REVIEW
Legal review is not required.
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CONCLUSION:
Staff recommends that the City Council approve the updated authorized positions/officers to have
authority to order the deposit or withdrawal of funds held with LAIF.
BOBBY YOUNG
Finance & I.T. Director
Attachment 1: Resolution to Designate Authority to Invest Monies in LAIF
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