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HomeMy WebLinkAboutNew Acct Signers - State Local Agency Invstmnt FundCITY OF PALM DESERT OFFICE OF THE CITY TREASURER STAFF REPORT REQUEST: ADOPT RESOLUTION NOS. 2016- 40 (CITY), HA- 78 (HOUSING AUTHORITY), and SA -RDA 057 (RDA SUCESSOR AGENCY) AUTHORIZING NEW ACCOUNT SIGNERS FOR THE LOCAL AGENCY INVESTMENT FUND (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL, THE RDA SUCCESSOR AGENCY — PALM DESERT, AND THE PALM DESERT HOUSING AUTHORITY). SUBMITTED BY: Thomas J. Metz, Deputy City Treasurer DATE: May 26, 2016 CONTENTS: Resolution No. 2016- 40 Resolution No. HA- 78 Resolution No. SA -RDA 057 Recommendation By Resolution: Waive further reading, and adopt Resolution Nos. 2016- 4o , HA- 78 , and SA -RDA 057 . Strateqic Plan Obiective Not Applicable. Background The City of Palm Desert, the Palm Desert Housing Authority, and the RDA Successor Agency — Palm Desert have individual accounts with the State of California Local Agency Investment Fund ("LAIF"). With the appointment of Janet M. Moore as Director of Finance & City Treasurer, each of the foregoing entities must execute a new resolution so that LAIF will acknowledge her signing authority. Account signers are authorized to make deposits to and withdrawals from LAIF accounts. Messrs. Espinoza and Metz have been LAIF account signers for 18 years. Staff recommends approval of these resolutions to add Ms. Moore as an authorized signer. Staff Report Adoption of New LAIF Resolutions May 26, 2016 Page 2 of 2 Fiscal Analvsis There is no fiscal impact as a result of this action. Submitted By: Eha� a.m , Thomas J. Metz V Deputy City Treasurer Approved By: '14 • r t _ McCarthy I City Manager tjm Attachments (as noted) Reviewed By: J net . Moore Director of Finance & City Treasurer H:\1WORD 2007\CORRESPONDENCE\INTERNAL\CITY COUNCIL\2016 LAIF RESOLUTIONS STAFF REPORTAOC RESOLUTION NO. 2016- 40 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, the Local Agency Investment Fund is established in the State Treasury under California Government Code Section 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 the Local Agency Investment Fund, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein, is in the best interests of the City of Palm Desert. NOW THEREFORE, BE IT RESOLVED, that the City Council hereby authorizes the deposit and withdrawal of City of Palm Desert monies in the Local Agency Investment Fund in the State Treasury, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein. BE IT FURTHER RESOLVED, as follows: Section 1. The following City of Palm Desert officers holding the titles specified hereinbelow 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: Janet M. Moore Jose Luis Espinoza Thomas J. Metz Director of Finance & Assistant Finance Director Deputy City Treasurer City Treasurer Section 2. This resolution shall remain in full force and effect until rescinded by the City Council by resolution, and a copy of the resolution rescinding this resolution is filed with the State Treasurer's Office. RESOLUTION NO. 2016-40 PASSED AND ADOPTED, by the City Council of the City of Palm Desert, County of Riverside, State of California, at its regular meeting held on this 26th day of May, 2016, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA APPROVED AS TO FORM: ROBERT HARGREAVES, CITY ATTORNEY BEST, BEST & KRIEGER, LLP RESOLUTION NO. SA -RDA 057 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, the Local Agency Investment Fund is established in the State Treasury under California Government Code Section 16429.1 et. seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the Board of Directors hereby finds that the deposit and withdrawal of money in the Local Agency Investment Fund, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein, is in the best interests of the Successor Agency to the Palm Desert Redevelopment Agency ("Successor Agency"). NOW THEREFORE, BE IT RESOLVED, that the Board of Directors hereby authorizes the deposit and withdrawal of Successor Agency monies in the Local Agency Investment Fund in the State Treasury, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein. BE IT FURTHER RESOLVED, as follows: Section 1. The following Successor Agency officers holding the titles specified hereinbelow 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: Janet M. Moore Jose Luis Espinoza Thomas J. Metz Director of Finance & Assistant Finance Director Deputy City Treasurer City Treasurer Section 2. This resolution shall remain in full force and effect until rescinded by the Board of Directors by resolution, and a copy of the resolution rescinding this resolution is filed with the State Treasurer's Office. RESOLUTION NO. SA -RDA 057 PASSED AND ADOPTED, by the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency, in the City Palm Desert, County of Riverside, State of California, at its regular meeting held on this 26th day of May, 2016, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA APPROVED AS TO FORM: ROBERT HARGREAVES, CITY ATTORNEY BEST, BEST & KRIEGER, LLP RESOLUTION NO. HA - 78 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF PALM DESERT, CALIFORNIA, AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, the Local Agency Investment Fund is established in the State Treasury under California Government Code Section 16429.1 et. seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the Palm Desert Housing Authority hereby finds that the deposit and withdrawal of money in the Local Agency Investment Fund, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein, is in the best interests of the Palm Desert Housing Authority. NOW THEREFORE, BE IT RESOLVED, that the Palm Desert Housing Authority hereby authorizes the deposit and withdrawal of Housing Authority monies in the Local Agency Investment Fund in the State Treasury, in accordance with California Government Code Section 16429.1 et. seq., for the purpose of investment as provided therein. BE IT FURTHER RESOLVED, as follows: Section 1. The following Palm Desert Housing Authority officers holding the titles specified hereinbelow 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: Janet M. Moore Jose Luis Espinoza Thomas J. Metz Director of Finance & Assistant Finance Director Deputy City Treasurer City Treasurer Section 2. This resolution shall remain in full force and effect until rescinded by the Housing Authority by resolution, and a copy of the resolution rescinding this resolution is filed with the State Treasurer's Office. RESOLUTION NO. HA-78 PASSED AND ADOPTED, by the Housing Authority of the City of Palm Desert, County of Riverside, State of California, at its regular meeting held on this 26th day of May, 2016, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA APPROVED AS TO FORM: ROBERT HARGREAVES, CITY ATTORNEY BEST, BEST & KRIEGER, LLP