HomeMy WebLinkAboutAGENDA REPORT 2019 0904 REG CCSA ITEM 10DCITY OF MOORPARK,
CALIFORNIA
City Council Meeting
of September 4, 2019
ACTION A dopted
Resolution No. 2019-3845
and Repealed Resolution
No. 2019-3801. BY B.Garza
D. Consider Resolution Amending the Authorization of Investment of City Monies in
the Local Agency Investment Fund and Repealing Resolution No. 2019-3801. Staff
Recommendation: Adopt Resolution No. 2019-____ Amending the Authorization
of Investment of City Monies in the Local Agency Investment Fund and Repealing
Resolution No. 2019-3801. (ROLL CALL VOTE REQUIRED) (Staff: Irmina
Lumbad)
Item: 10.D.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Irmina Lumbad, Deputy Finance Director
DATE: 09/04/2019 Regular Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Local Agency Investment Fund and Repealing
Resolution No. 2019-3801
SUMMARY
The authorized City Officers need to be updated to include current staff for conducting
business with the State Treasurer and the investment of city monies in the Local
Agency Investment Fund (LAIF).
DISCUSSION
The City has invested monies into LAIF for a number of years. On April 17, 2019, City
Council adopted Resolution No. 2019-3801 which authorized the following City Officers to
deposit and withdraw funds from LAIF:
Troy Brown City Manager
Deborah Traffenstedt Assistant City Manager
Irmina Lumbad Deputy Finance Director/City Treasurer
In late July 2019, the City completed the recruitment process for the Finance Director.
Kambiz Borhani has been selected and he joined the City on August 19, 2019. On August
19, 2019, the City Manager appointed him as City Treasurer effective as of that date. The
Resolution must be updated to add his authority to transact with LAIF on behalf of the City
and to delete the City Treasurer title to Ms. Irmina Lumbad, who was appointed as Interim
Finance Director/City Treasurer effective April 1, 2019. The resolution will be forwarded to
LAIF which in turn will update their records to reflect the individuals authorized to conduct
financial transactions on behalf of the City.
Item: 10.D.
178
Honorable City Council
09/04/2019 Regular Meeting
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION (ROLL CALL VOTE)
1. Adopt Resolution No. 2019- ________ Amending the Authorization of Investment of
City Monies in the Local Agency Investment Fund and Repealing Resolution No.
2019-3801.
Attachment: Resolution No. 2019-_______
179
ATTACHMENT
RESOLUTION NO. 2019-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES IN THE LOCAL AGENCY INVESTMENT
FUND, AND REPEALING RESOLUTION NO. 2019-3801
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 City Council 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 is in the best interests of the City of Moorpark.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby authorize the deposit and withdrawal
of City 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; and
SECTION 2. The following City 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 all documents necessary or advisable in order to effectuate the
purposes of this resolution and truncations contemplated hereby:
Troy Brown City Manager
Deborah Traffenstedt Assistant City Manager
Kambiz Borhani Finance Director/City Treasurer
Irmina Lumbad Deputy Finance Director
SECTION 3. Resolution No. 2019-3801 shall be rescinded, and this new
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.
180
Resolution No. 2019-_____
Page 2
SECTION 4. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 4th day of September 2019.
_______________________________
Janice S. Parvin, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
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