HomeMy WebLinkAboutAGENDA REPORT 2021 0707 CCSA REG ITEM 10FCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of July 7, 2021
ACTION ADOPTED RESOLUTION NO.
2021-4026, RESCINDING RESOLUTION
NO. 2020-3904. (ROLL CALL VOTE:
UNANIMOUS).
BY B. Garza.
F. Consider Resolution Amending the Authorization of Investment of City Monies in
the Local Agency Investment Fund and Rescinding Resolution No. 2020-3904.
Staff Recommendation: Adopt Resolution No. 2021-4026 Amending the
Authorization of Investment of City Monies in the Local Agency Investment Fund
and Rescinding Resolution No. 2020-3904. (ROLL CALL VOTE REQUIRED)
(Staff: Kambiz Borhani, Finance Director)
Item: 10.F.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Kambiz Borhani, Finance Director
DATE: 07/07/2021 Special Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Local Agency Investment Fund and Rescinding
Resolution No. 2020-3904
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 24, 2020, City
Council adopted Resolution No. 2020-3904 which authorized the following City Officers to
deposit and withdraw funds from LAIF:
Name Title
Troy Brown City Manager
PJ Gagajena Assistant City Manager
Kambiz Borhani Finance Director/City Treasurer
Irmina Lumbad Deputy Finance Director
Irmina Lumbad, Deputy Finance Director, left the City on October 30, 2020, after more
than 13 years of service with the city, and the position was defunded for the fiscal year
2021/22 adopted budget. The Resolution must now be updated to reflect this transition.
The amended resolution will remove the title Deputy Finance Director from the list and add
the names of the three remaining officers to the corresponding titles previously authorized
to conduct financial transactions on behalf of the City.
FISCAL IMPACT
None.
Item: 10.F.
346
Honorable City Council
07/07/2021 Regular Meeting
Page 2
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2021-____ Amending the Authorization of Investment of City Monies
in the Local Agency Investment Fund and Rescinding Resolution No. 2020-3904.
Attachment: Resolution No. 2021-____
347
ATTACHMENT
RESOLUTION NO. 2021-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES IN THE LOCAL AGENCY INVESTMENT
FUND, AND RESCINDING RESOLUTION NO. 2020-3904
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:
Name Title
Troy Brown City Manager
PJ Gagajena Assistant City Manager
Kambiz Borhani Finance Director/City Treasurer
SECTION 3. Resolution No. 2020-3904 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.
348
Resolution No. 2021-_____
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 7th day of July 2021.
_______________________________
Janice S. Parvin, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
349