CITY OF COMMERCEAGENDA REPORTCITY OF COMMERCEAGENDA REPORT
CITY OF COMMERCE
AGENDA REPORT
CITY OF COMMERCE
AGENDA REPORT
TO: Honorable City Council
FROM: City Manager
SUBJECT: Authorize Designated Representatives to deposit and withdraw funds as well as make account changes to the City’s State Local Agency Investment Fund (“LAIF”) account.
Meeting Date: May 13, 2025
RECOMMENDATION:
For the City Council to consider adopting the resolution authorizing designated representatives to deposit and withdraw funds as well as make account changes to the City’s State Local Agency Investment Fund (“LAIF”) account.
BACKGROUND:
The California Government Code created a Local Agency Investment Fund (“LAIF”) in the State Treasury for the deposit of monies of a local agency for purposes of investment by the State Treasurer. The city has a general investment account with LAIF and staff is requesting the Council to change the representatives previously authorized to contact LAIF and make deposits or withdrawals, by filing an updated resolution with LAIF. The authorized representatives moving forward would be:
Ernie Hernandez, City Manager
Alvaro Castellon, Director of Finance & City Treasurer
Fiscal impact:
There is no fiscal impact associated with the adoption of the resolution.
Prepared by: Alvaro Castellon, Director of Finance & City Treasurer Respectfully submitted: Ernie Hernandez, City Manager
Approved as to form: Noel Tapia, City Attorney
ATTACHMENTS:
Attachment A: Resolution