HomeMy WebLinkAboutStaff Report 2.D 01/09/2012 • Agenda/Ite n4j
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DATE: January 9, 2012
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: Bill Mushallo, Finance Director
SUBJECT: Resolution Updating as "Authorized Persons" the City Manager, Finance Director
and.Commercial.Services Manager, for the.Cityof Petaluma's Local Agency
Investment Fund Account
RECOMMENDATION
It is recommended that the City Council adopt the attached-Resolution Updating Authorized
Persons for the City's LAIF account. Those persons are City Manager, Finance Director, and
Commercial Services Manager.
BACKGROUND
The Local Agency Investment Fund requires an updated resolution updating "Authorized
Persons" when authorized;personnel change. These personnel can make deposits and
withdrawals to and from City's LAIF investment account. The"Authorized Persons" are the
City Manager, Finance Directof,,and Commercial Services.Manager. As a practical matter,
either or both the City Manager and Finance Director can assign_a designee to facilitate deposits
and withdrawals to this account.
DISCUSSION
The City has,recently hired a;permanent.Finance Director. An update to the list of authorized
persons:is prudent to facilitate the ability of the new Finance Director to make the required
deposits and withdrawals• between the City's general operating .account and LAIF investment
account.
ATTACHMENTS
1. Resolution
Agenda'Review:
City Attorney (2/v Finance Director City Manager
ATTACHMENT#1
RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA
UPDATING AS "AUTHORIZED PERSONS" THE CITY MANAGER,
FINANCE DIRECTOR AND COMMERCIAL:SERVICES MANAGER FOR
THE CITY OF PETALUMA LOCAL AGENCY INVESTMENT FUND
ACCOUNT
WHEREAS, Pursuant to Government Code Section 16429.1, the City of Petaluma
may deposit funds in the Local Agency Investment Fund(LAIF), for purposes of investment by
the State Treasurer; and
WHEREAS, the City Council-has previously authorized use of the LAIF as in the
best interest of the City of Petaluma; and
WHEREAS, it is periodically necessary to update the.list of persons who are
authorized to order the deposit or withdrawal of monies from the LA1F to meet the needs of the
City.
NOW, THEREFORE,BE.IT RESOLVED that the following persons, their
designees and/or their successors in office, shall be the "authorized persons" to order the deposit
or withdrawal of monies in the LAW:
John Brown, City Manager
William Mushallo, Finance Director
Susan Simmons, Commercial Services Manager
1766228.1
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