HomeMy WebLinkAboutAGENDA REPORT 2023 0405 CCSA REG ITEM 10CCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of April 5, 2023
ACTION ADOPTED RESOLUTION NO.
2023-4167. (ROLL CALL VOTE:
UNANIMOUS)
BY A. Hurtado.
C. Consider Resolution Amending the Authorization of Investment of City Monies in
the Local Agency Investment Fund and Rescinding Resolution No. 2022-4090.
Staff Recommendation: Adopt Resolution No. 2023-4167 Amending the
Authorization of Investment of City Monies in the Local Agency Investment Fund
and rescinding Resolution No. 2022-4090. (Staff: PJ Gagajena, Assistant City
Manager) (ROLL CALL VOTE REQUIRED)
Item: 10.C.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: PJ Gagajena, Assistant City Manager
DATE: 04/05/2023 Regular Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Local Agency Investment Fund and Rescinding
Resolution No. 2022-4090
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 May 4, 2022, City
Council adopted Resolution No. 2022-4090, which authorized the following City Officers
to deposit and withdraw funds from LAIF:
Name Title
Troy Brown City Manager
PJ Gagajena Assistant City Manager
Vivien Avella City Treasurer/Finance Director
Charan Bhamber Accountant II
On February 27, 2023, the City hired Yolanda Cunning as Administrative Services
Director to oversee the Finance Department. Effective February 27, 2023, the City
Manager appointed Ms. Cunning as City Treasurer. The Resolution must now be
updated to reflect this new hire. The amended 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.
FISCAL IMPACT
None.
Item: 10.C.
360
Honorable City Council
04/05/2023 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. 2023-____ Amending the Authorization of Investment of City
Monies in the Local Agency Investment Fund and rescinding Resolution No. 2022-4090.
Attachment: Resolution No. 2023-____
361
ATTACHMENT
RESOLUTION NO. 2023-______
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. 2022-4090
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
Yolanda Cunning Administrative Services Director/City Treasurer
Charan Bhamber Accountant II
SECTION 3. Resolution No. 2022-4090 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.
362
Resolution No. 2023-_____
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 5th day of April 2023.
_______________________________
Chris R. Enegren, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
363