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Agenda Item No: 1.g
PLACENTIA CITY COUNCIL AGENDA REPORT
Meeting Date: March 17, 2026
Submitted by: Gavin Houn
From: Finance
Subject:
RESOLUTION DESIGNATING OF INDIVIDUALS AUTHORIZED TO INVEST CITY MONIES
IN THE LOCAL AGENCY INVESTMENT FUND (LAIF)
Financial Impact:
Fiscal Impact:
None.
Summary:
The City of Placentia collects taxes and fees to supply City services to the public. In managing the City's finances, the Finance Department regularly invests funds into the Local Agency Investment Fund (LAIF).
LAIF is established by the State Treasury under Government Code Section 16429.1 et. seq. for the deposit of money from a local agency for purposes of investment by the State Treasurer. LAIF requires a resolution approved by the City Council to participate in the program and requires that City Council designate authorized Staff to deposit or withdraw funds. This resolution will designate the City Administrator, newly appointed Director of Finance and the City Treasurer as those authorized for LAIF transactions.
Recommendation:
Recommended Action: It is recommended that the City Council:
Adopt Resolution No. R-2026-15, A Resolution of the City Council of the City of Placentia, California, authorizing investment of monies in the Local Agency Investment Fund (LAIF).
Strategic Plan Statement:
None
Discussion:
After providing LAIF the signed Resolution No. R-2026-06, The California State Department of Finance requested that titles be included in the resolution and not as an attachment.
LAIF is a voluntary program created by statute, (16429.1 California Government Code). LAIF was established in 1977 as an investment alternative for California's local governments and special districts. This program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars. It offers the City the ability to safely 1 invest funds until they are needed. LAIF will only accept funds from one designated City account and will only transfer funds to that same account. There is no ability to transfer funds to an account that is not owned by the City of Placentia. In addition, the City's investment in LAIF is in conformance with its Investment Policy.
LAIF requires a resolution approved by the City Council to participate in the program and requires that City Council designate the Staff authorized to deposit or withdraw funds. This resolution will designate the City Administrator, the newly appointed Director of Finance and City Treasurer as the City of Placentia Staff authorized. The Director of Finance and City Administrator will be the primary Staff involved in LAIF transactions. The City Treasurer is included as a "back up" Staff member, should either the City Administrator or Director of Finance not be available. It should be noted that in addition to the LAIF transfer form, the City has established a prerequisite LAIF transfer form and policy, which requires the approval of the Director of Finance, City Treasurer and City Administrator prior to conducting any actual transfers.
Fiscal Impact Summary:
None
Attachments
Resolution No. R-2026-15.docx
Appendix A - LAIF authorization update.pdf
2 RESOLUTION NO. R-2026-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLACENTIA, CALIFORNIA, AUTHORIZING INVESTMENT
OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
A. Recitals.
(i) The City Council of the City of Placentia, California (the "City") hereby finds, determines, declares, and resolves as follows:
(ii) The Local Agency Investment Fund is established in the State Treasury under Government Code Section 16429.1 et. seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer. (iii) The City Council hereby finds the deposit and withdrawal of City monies in the Local Agency Investment Fund in accordance with Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein, is in the best interests of the City of Placentia.
B. Resolution.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
Section 1. In all respects as set forth in the Recitals, Part A., above.
Section 2. City Council hereby authorizes the deposit and withdrawal of City of Placentia monies in the Local Agency Investment Fund in the State Treasury in accordance with Government Code Section 16429.1 et. seq. for the purpose of investment as provided therein.
Section 3. City Council hereby authorizes the execution of the attached authorization form (Appendix A) by two of the authorized signatories, as required by the State Treasurer's Office.
Section 4. The following Officers of the City, holding the title(s) specified herein below, or their successors in office, are each hereby authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund and may execute and deliver any and all documents necessary or advisable in order to effectuate the purposes of this resolution and the transactions contemplated hereby:
Kevin Larson, City Treasurer
Jennifer Lampman, City Administrator
Jerry Griggs, Director of Finance
Resolution No. R-2026-15
3 Section 5. This resolution shall remain in full force and effect until rescinded by City Council by resolution and a copy of the resolution rescinding this resolution is filed with the State Treasurer's Office.
Section 6. The Mayor shall sign this Resolution, and the City Clerk shall attest and certify to the passage and adoption thereof.
APPROVED and ADOPTED this 17th day of March 2026.
Chad P. Wanke, Mayor
ATTEST:
Robert S. McKinnell, City Clerk
STATE OF CALIFORNIA
COUNTY OF ORANGE
I, Robert S. McKinnell, City Clerk of the City of Placentia, do hereby certify that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Placentia held on the 17th day of March 2026, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
Robert S. McKinnell, City Clerk
APPROVED AS TO FORM:
Christian L. Bettenhausen, City Attorney
Appendix A: LAIF Authorization for Transfer of Funds
Resolution No. R-2026-15
4 California State Treasurer's Office
Local Agency Investment Fund (LAIF)
Authorization for Transfer of Funds
Effective Date Agency Name LAIF Account #
January 13, 2026 City of Placentia 98-30-678
Agency's LAIF Resolution #
R-2026-15
or Resolution Date
ONLY the following individuals whose names appear in the table below are hereby authorized to order the deposit or withdrawal of funds in LAIF. This authorization REPLACES AND SUPERSEDES all prior authorizations on file with LAIF for the transfer of funds.
Name Title
Jerry Griggs Director of Finance
Kevin Larson City Treasurer
Jennifer Lampman City Administrator
Two authorized signatures required. Each of the undersigned certifies that he/she is authorized to execute this form under the agency's resolution, and that the information contained herein is true and correct.
Signature Signature
Print Name Print Name
Title Title
Phone Number Phone Number
Please provide email address to receive LAIF notifications.
Name
Gavin Houn
Jerry Griggs
Email
[email protected]
[email protected]
Please email the completed form for review to [email protected] and allow 2 days for a response. DO NOT mail the original form until you receive approval.
Mail the approved form to: CA State Treasurer's Office
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
5TO-LAI F-4008
Revised 5/2025
5 Authorization Change Form Instructions:
Step 1: Fill out your agency information in the top section.
Effective Date Agency Name
Agency's LAIF Resolution # or Resolution Date
LAIF Account #
Step 2: List all new and existing authorized individuals. Any current authorized people not listed will be removed.
Name
Title
Step 3: Have the form signed by two individuals authorized per your LAIF resolution. The two signers will have to be included on the list of new and existing authorized individuals, unless they are signing themselves off the LAIF account.
If the signers are new to the account, they will need to include proof of title. LAIF will accept any one of the following as proof of title:
1. Original Business card
2. Approved/signed board minutes
3. Name and title posted on your agency website (Provide a direct website link)
4. Personnel employment papers (Certified oath of office or certified appointment papers)
5. Agency's certified resolution copy showing name and title.
Step 4: Fill out the bottom section if anyone from your agency would like to receive email notifications from LAIF.
Please privide email address to receive LAIF email notifications.
Name Email
Step 5: Email a copy of the Authorization Change form and the required proof of title if needed to laifCa treasurer.ca.gov for review. Once you receive approval from LAIF staff, please mail the original Authorization Change form with wet signatures and the proof of title listed in Step 3. 6