HomeMy WebLinkAboutAGENDA REPORT 2021 0707 CCSA REG ITEM 10GCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of July 7, 2021
ACTION ADOPTED RESOLUTION NO.
2021-4027, RESCINDING RESOLUTION
NO. 2020-3917. (ROLL CALL VOTE:
UNANIMOUS).
BY B. Garza.
G. Consider Resolution Amending the Authorization of Investment of City Monies in
the Ventura County Investment Pool Fund and Rescinding Resolution No. 2020-
3917. Staff Recommendation: Adopt Resolution No. 2021-4027 Amending the
Authorization of Investment of City Monies in the Ventura County Investment Pool
Fund and Rescinding Resolution No. 2020-3917. (ROLL CALL VOTE REQUIRED)
(Staff: Kambiz Borhani, Finance Director)
Item: 10.G.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Kambiz Borhani, Finance Director
DATE: 07/07/2021 Regular Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Ventura County Investment Pool Fund and Rescinding
Resolution No. 2020-3917
SUMMARY
The authorized City Officers need to be updated to include current staff for conducting
business with the Ventura County Investment Pool Fund (VC Pool).
DISCUSSION
The Ventura County Treasurer-Tax Collector established an investment pool for local
agencies, regulated by Government Code Section 53684 and adopted by the Ventura
County Board of Supervisors on July 21, 1987. On April 7, 2004, City Council approved
Resolution No. 2004-2176 to add VC Pool as an option to diversify the City’s investment
portfolio and subsequently on June 3, 2020, City Council approved Resolution No. 2020-
3917 authorizing the following City Officers to deposit or withdraw monies from the City’s
VC Pool account:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Deputy Finance Director
Since the Deputy Finance Director is no longer with the city the prevailing Resolution
should be updated to reflect the authorized City Officers as follows:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Item: 10.G.
350
Honorable City Council
07/07/2021 Regular Meeting
Page 2
The list of positions is identical with the approved City Officers for the City’s LAIF account.
Investment in the VC Pool is consistent with the City’s Investment Policy for Fiscal Year
2020/21 per Resolution No. 2020-3945.
FISCAL IMPACT
None.
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 Ventura County Investment Pool Fund and Rescinding Resolution No. 2020-3917.
Attachment: Draft Resolution No. 2021-____
351
ATTACHMENT
RESOLUTION NO. 2021-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES IN THE VENTURA COUNTY
INVESTMENT POOL, AND RESCINDING RESOLUTION
NO. 2020-3917
WHEREAS, the Investment Policy of the City of Moorpark states that excess City
funds may be invested in accordance with the principals of sound treasury management
and the provisions of California Government Code Section 53600, et seq., the Municipal
Code and this policy; and
WHEREAS, the Investment Policy of the City of Moorpark further states that the
City Treasurer may invest in a County Pooled Investment Funds in accordance with the
laws and regulations governing those Funds and State Law per Government Code
Section 53684; and
WHEREAS, the Ventura County Treasurer-Tax Collector has established an
investment pool for local agencies, regulated by Government Code Section 53684 and
adopted by the Ventura County Board of Supervisors on July 21, 1987; and
WHEREAS, on April 7, 2004 City Council adopted Resolution No. 2004-2176
which authorized the investment of excess city funds in the Ventura County Investment
Pool; and authorized the City Manager, City Treasurer and Budget and Finance
Manager to order the deposit and withdrawal of monies from the City’s account; and
WHEREAS, on June 3, 2020 City Council adopted Resolution No. 2020-
3917 which authorized the City Manager, Assistant City Manager, Finance Director /
City Treasurer and Deputy Finance Director to order the deposit and withdrawal of
monies from the City’s account; and
WHEREAS, the list of City Officers authorized to order the deposit and
withdrawal of monies from the City’s Ventura County Investment Pool account should
be updated to reflect the organization changes.
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 Ventura County Investment Pool Fund in accordance with the
provision of Government Code Section 53684; and
352
Resolution No. 2021-_____
Page 2
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 Ventura County Investment Pool 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
SECTION 3. Resolution No. 2020-3917 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 Ventura
County Auditor-Controller’s Office and Office of the Ventura County Treasurer-Tax
Collector.
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
353