1 City Council Meeting October 24, 2023 Santa Monica, California RESOLUTION NO. (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
UPDATING THE LIST OF PERSONS AUTHORIZED TO CONDUCT TRANSACTIONS
WITH THE STATE LOCAL AGENCY INVESTMENT FUND
WHEREAS, the City of Santa Monica (the City) is a municipal corporation; and WHEREAS, the State Local Agency Investment Fund (“LAIF") is established in the State Treasury under Government Code 16429.1 et seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the City Council hereby finds that the deposit and withdrawal of money in LAIF 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 Santa Monica; and WHEREAS, the State Treasurer requires that the City Council designate appropriate persons authorized to conduct LAIF transactions on behalf of the City; and WHEREAS, on or about February 23, 2016, the City Council adopted Resolution No. 10934 (CCS), which established certain designees authorized to conduct LAIF transactions; and
WHEREAS, certain staffing changes have made it necessary to update the designees authorized to conduct LAIF transactions.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS:
2 SECTION 1. That the Director of Finance/City Treasurer is authorized to establish and close deposit and investment accounts with financial institutions and brokerages upon such terms and conditions provided by the statutes of the State of California governing public deposits and the City's investment policy.
SECTION 2. That the City Council has delegated investment authority to the Director of Finance/City Treasury.
SECTION 3. That under the guidelines of the City Investment Policy, the Finance Director/City Treasurer may delegate investment authority to the Assistant City Treasurer, and in the absence of the Director of Finance/City Treasurer and the Assistant City Treasurer, investment authority may be delegated to the Treasury Administrator and/or the Senior Treasury Analyst.
SECTION 4. That the Director of Finance/City Treasurer, the Assistant City Treasurer, the Treasury Administrator, and the Senior Treasury Analyst are hereby authorized to order the deposit or withdrawal of monies in LAIF 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.
SECTION 5. Any provision of any Resolution inconsistent with the provisions of this resolution, to the extent of such inconsistencies and no further, are hereby repealed or modified to the extent necessary to affect the provisions of this resolution.
SECTION 6. Resolution Number 10934 (City Council Series) hereby repealed in its entirety.
3 SECTION 7. The City Clerk shall certify to the adoption of this resolution, and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
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Douglas Sloan, City Attorney