D CityofDowney AGENDA MEMO
TO:
FROM:
DATE:
Item No. APPROVED BY
CITY MANAGER
SUBJECT:
MAYOR FROMETA AND MEMBERS OF THE CITY COUNCIL
OFFICE OF THE CITY MANAGER
BY: MARK SCOTT, INTERIM CITY MANAGER
JANUARY 10, 2023
AUTHORIZED OFFICIALS ORDERING DEPOSITS OR WITHDRAWALS IN
THE LOCAL AGENCY INVESTMENT FUND (LAIF)
RECOMMENDATION
That the City Council adopt the attached resolution:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND (LAIF)
DISCUSSION
On March 22, 1977, the City Council approved Resolution 3390 authorizing the establishment of an investment account with the California State Treasurer Local Agency Investment Fund ("LAIF") to invest available City funds. At that time, the positions of Director of Finance and Manager of Revenue were designated as officials authorized to order the investment or withdrawal of money in the LAIF. Over the years, the City revised the list with a documented request signed by the authorized officials. Those with access to the LAIF account were the Assistant City ManagerfTreasurer, Director of Finance and Finance Manager.
On January 14, 2003, the City Council approved Resolution No. 6623, which authorized the deposit in the LAIF, and any subsequent withdrawal thereof, of proceeds of the City's bonds, notes, certificates of participation, or other forms of indebtedness. Pursuant to such resolution, the positions of Assistant City ManagerfTreasurer, Director of Finance and Finance Manager were designated as authorized officials to order the deposit or withdrawal of such proceeds in the LAIF.
With the recent retirement of the Director of Finance, and the title change from Finance Manager to Assistant Director of Finance, the need to update the authorization in the aforementioned resolutions has arisen. For consistency, both the Resolution before you now and the account information on file with LAIF will both list the positions of Assistant City ManagerfTreasurer, Director of Finance and Assistant Director of Finance (previously named Finance Manager) as designated authorized officials.
CITY COUNCIL PRIORITIES
Fiscal Responsibility