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Home My WebLink About _ 4.7(a)--Resolution Authorizing Investment of Monies in LAIF GI �" Y � F � � � ° � � � " � � CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: November 7, 2023 FROM: Greg Robinett, Director of ITEM NO. 4.7(a) Finance/City Treasurer ***APPROVED BY*** ��, �` —�.�� A,.Mo ��.w� .... � �. �� c i�� c3 a t,I} � te�o �^en«�nt�'Catti+'1'ri�sure,r 1(a;�7r'2�)23 �}' tl�}?Ilt,�"1 �tl� � IQ/�1/7d�� grobinett@cityofredding.org btippin@cityofredding.org SUBJECT: 4.7(a)--Resol�ution Authorizing Investment of Monies in LAIF Recommendation Adopt Resolution authorizing the investment of monies in the Local Agency Investment Fund and rescinding Resolution No. 84-262. Fiscal Impact There is no �scal impact to the action. AZteNnative Action The City Council (Council) may choose not to adopt the attached resolution. The City of Redding (City) would not be authorized to make changes to the current Local Agency Investment Fund(LAIF) approved officials. Background/Analysis The LAIF, is a voluntary program created by statute in 1977 as an investment alternative for California's local governments and special districts. The LAIF program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the State Treasurer's Office professional investment staff. On November 19, 1984, Resolution No. 84-262 was adopted by the Council. This resolution authorized the investment of City monies in LAIF by the City Treasurer and the Deputy City Treasurer. Since that time organizational changes have occurred and currently the Deputy City Treasurer position is vacant. Therefore, it is required to rescind Resolution No. 84-262 and approve a new resolution naming the Director of Finance/City Treasurer, Finance Officer and the Deputy City Treasurer as the authorized officials to order the deposit or withdrawal of LAIF monies. Report to Redding City Council November 1,2023 Re: 4.7(a)--Resolution Authorizing Investment of Monies in LAIF Page 2 EnviNonmental Review This action is not a project as defined by the California Environmental Quality Act, and no further action is required. Council Prio�ity/City Manager Goals This agenda item is a routine operational item. Attachments ^Resolution Resolution No. 84-262 RESOLUTION NO. 2023- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, 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; and WHEREAS, the City Council of the City of Redding does hereby find that the deposit and withdrawal of money 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 Redding; NOW, THEREFORE, BE IT RESOLVED that the City Council hereby authorizes the deposit and withdrawal of City of Redding 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. BE IT FURTHER RESOLVED as follows: Section L The following City of Redding officers holding the title(s) 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 a11 documents necessary or advisable in order to effectuate the purposes of this resolution and the transactions contemplated hereby: Greg Robinett-Director of Finance/City Treasurer Bailey Worley- Finance Officer Tammy Mann—Finance Officer Vacant—Deputy City Treasurer Section 2. This Resolution shall remain in full force and effect until rescinded by City CounciUBoard of Directors by resolution and a copy of the resolution rescinding this Resolution is filed with the State Treasurer's Office. BE IT FURTHER RESOLVED that Resolution No. 84-262, adopted by the City Council of the City of Redding on the 19th day of November, 1984, is hereby rescinded. I HEREBY CERTIFY, that the foregoing resolution was introduced and adopted at a regular meeting of the City Council of the City of Redding on the 7th day of November, 2023, by the following vote: AYES: COUNCIL MEMBERS: NOES: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: ABSTAIN: COUNCIL MEMBERS: MICHAEL DAQUISTO, Mayor ATTEST: APPROVED AS TO FORM: SHARLENE TIPTON, City Clerk BARRY E. DeWALT, City Attorney � xESQzuzso�r No. �'�'�,� '::�, � . � REsazuTzoN oF TxE c�TY couNczz oF TxE czTy oF R��zNG AUTxaR�zzN� TxE zNVESTM�NT oF czTy oF REDazN� MONz�s zr� TxE zocAz A�Errcy zNVEs�rM�rr°r FUN�. wxEREAs, pursuant ta Cnapter 73o c�f tne statutes of 1976, Sectian 16429. 1 was added ta the California Government Cade to create a Local Agency Investment Fund in the State Treasury f�or the deposit c,f money of a local agency �or the gurposes of investment by the Stat� Treasurer, and WHEREAS, the City Council of the C�.ty of Redding does hereby find that the deposat and withdrawal of money in the L�eal Agency Investment Fund a.n accordance with the pravisions of Sectic�n 16329. 1 af the Califarnia Government Code far the purposes �f in�estment as �tated ther�in is in the best inter�sts of the City of Reddin.g. NOW, THEREFORE, SE IT RESOLVED that the City Council does hereby author�.ze the depc�sit and withdrawal of Ca ty of Redd�ng mon�es in the LocaZ Agency Znvestment Fund in the State Treasury in accc�rdance with the proviss,ons of Sectic�n 16429. 1 of the Cal�.fornia Governznent Code for the purpase of investment as stated therein. BE IT FURTHER RESQI,VED that the following City af Redding officers or`.' thea.r successors .in office shall be autharszed to order the deposit or w�.thdrawal of monies xn the Local Agen+cy Investment Fund: >. . _... Beverly �T. Gassaday � Treasurer Peggie R. Linville Deputy Treasurer ; �\� � 1\` 1 I HEREBY CERTIFY that the f�regoing resolution was intro- dueed and read at a regular m�eting �af the City Council �f the City of Redding an the 19th day of Navember , 1984, and was duly adopted at said meeting by the fc�llowing vote. AYES: COUNCIL MEMBERS: pemsher, Fulton, Gard, Pugh, & Kirkpatrick Nt?ES e GOUNCIL MEMBERS: None ABSENT: CaUNCIL MEMBERS: None ABSTAIN; GOUNCIL MEMBERS� None f ;.E r r�' � . ��r`��:\� � ` .P - � ��f. c- �'� �=�',� HOWARD Da KIRK ATRICK, Mayox City Of Redding ATTEST: �.�t�r.�t'y,�• !L�-�r'��rr"C....�" ETHEL A. NICHOLS, Gity Clerk FC7RM ,A.P ROVED: � ALL A. HAYS, Ci Attox'11ey _2_