HomeMy WebLinkAboutAGENDA REPORT 2020 0429 SPC CC ITEM 10BCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of April 29, 2020
ACTION Approved staff recommendation,
including adoption of Resolution No. 2020-
3904.
BY B.Garza.
B. Consider Resolution Amending the Authorization of Investment of City Monies in
the Local Agency Investment Fund and Rescinding Resolution No. 2019-3845.
Staff Recommendation: Adopt Resolution No. 2020-3904 Amending the
Authorization of Investment of City Monies in the Local Agency Investment Fund
and Rescinding Resolution No. 2019-3845. (Staff: Kambiz Borhani)
Item: 10.B.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Kambiz Borhani, Finance Director
BY: Irmina Lumbad, Deputy Finance Director
DATE: 04/29/2020 Special Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Local Agency Investment Fund and Rescinding
Resolution No. 2019-3845
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 September 4, 2019,
City Council adopted Resolution No. 2019-3845 which authorized the following City
Officers to deposit and withdraw funds from LAIF:
Troy Brown City Manager
Deborah Traffenstedt Assistant City Manager
Kambiz Borhani Finance Director/City Treasurer
Irmina Lumbad Deputy Finance Director
Deborah Traffenstedt, Assistant City Manager retired on April 3, 2020, after more than 31
years of service with the City, and on April 6, 2020, Pannie “PJ” Gagajena was appointed
as the new Assistant City Manager. The Resolution must now be updated to reflect this
transition. The updated resolution will be sent to LAIF which in turn will amend their
records and allow the listed authorized individuals to conduct financial transactions on
behalf of the City.
Item: 10.B.
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Honorable City Council
04/29/2020 Special Meeting
Page 2
FISCAL IMPACT
None.
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2020-____ Amending the Authorization of Investment of City Monies
in the Local Agency Investment Fund and Rescinding Resolution No. 2019-3845.
Attachment: Resolution No. 2020-____
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ATTACHMENT
RESOLUTION NO. 2020-______
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. 2019-3845
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:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Deputy Finance Director
SECTION 3. Resolution No. 2019-3845 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.
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Resolution No. 2020-_____
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 29th day of April 2020.
_______________________________
Janice S. Parvin, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
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