ATTEST:
Heidi Luce, City Clerk
To: Honorable Housing Authority
From: John Moreno, City Manager
By: Lana Dich, Finance Director
Anthony Martinez, Financial Services
Manager
Date: July 28, 2026
SUBJECT: CONSIDERATION OF A RESOLUTION AUTHORIZING INVESTMENT OF
MONIES IN THE LOCAL AGENCY INVESTMENT FUND
BACKGROUND
The City invests public funds in accordance with applicable state and local laws to ensure prudent financial management, maintain sufficient liquidity to meet daily cash flow needs, and achieve the objectives established in the City’s Investment Policy. These investments are managed in accordance with the “Prudent Investor Standards,” which emphasize the primary objectives of safety, liquidity, and return on investment. The Finance Director is responsible for investing the unexpended funds in the City Treasury.
Annually, the City submits a copy of the investment policy to the Local Agency Investment Fund (LAIF) as an authorization for staff to invest funds with LAIF. The LAIF is a voluntary investment program established by the California Legislature in 1977 as an investment alternative for California’s local governments and special districts.
DISCUSSION
State law requires participating agencies to adopt a resolution authorizing the deposit and withdrawal of the funds in LAIF. Since 2007, LAIF has required local agencies to submit an authorizing resolution, rather than a copy of the investment policy, to identify the officials authorized to conduct transactions on behalf of the agency.
In accordance with Government Code Section 16429.1, for the purpose of investment with LAIF, the Resolution before the Paramount Housing Authority designates the Finance Director, Finance Manager, and Accounting Manager as the Paramount officers authorized to order the deposit or withdrawal of City, Housing Authority, and Successor Agency funds in the Local Agency Investment Fund. This resolution does not replace the City’s Investment Policy but satisfy LAIF’s authorization requirements and ensure the City remains eligible to participate in the program.
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
Agenda Report July 28, 2026
RESOLUTION NO. HA 2-26
VISION, MISSION, VALUES, AND STRATEGIC OUTCOMES
The City’s Vision, Mission, and Values set the standard for the organization, establish priorities, uniformity and guidelines; and provide the framework for policy decision making. The Strategic Outcomes were implemented to provide a pathway to achieving the City’s Vision. This item aligns with Strategic Outcome No 6: Efficient, Effective, and Fiscally Responsible - Deliver an efficient and effective City government in a fiscally responsible, transparent and collaborative manner.
RECOMMENDED ACTION
Adopt Housing Authority Resolution No. HA 2-26 authorizing the investment of the Paramount Housing Authority's monies in the Local Agency Investment Fund.
CITY OF PARAMOUNT
LOS ANGELES COUNTY, CALIFORNIA
RESOLUTION NO. HA 2-26
A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
PARAMOUNT, CALIFORNIA, AUTHORIZING INVESTMENT OF
MONIES IN THE LOCAL AGENCY INVESTMENT FUND.
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 Housing Authority 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 Housing Authority.
NOW THEREFORE, BE IT RESOLVED, that the Housing Authority of the City of Paramount does hereby authorize the deposit and withdrawal of Housing Authority 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 Housing Authority of the City of Paramount officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund:
Lana Dich Anthony Martinez Gustavo Medrano
Name Name Name
Finance Director Finance Manager Accounting Manager
Title Title Title
PASSED, APPROVED, and ADOPTED by the Paramount Housing Authority this 28th day of July 2026.
Annette C. Delgadillo, Chair
ATTEST:
Heidi Luce, Secretary