R-9840
FI NANCE\ TREASU RY\SHARE\DRC\I NVPOL03-2
Council Meeting: February 25, 2003 Santa Monica, California
RESOLUTION NO. 9840 (CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA AUTHORIZING THE ESTABLISHMENT AND
USE OF BANK AND BROKERAGE ACCOUNTS AND UPDATING
THE LIST OF PERSONS AUTHORIZED TO CONDUCT
TRANSACTIONS WITH THE STATE LOCAL AGENCY
INVESTMENT FUND
WHEREAS, the City of Santa Monica (the City) is a municipal
corporation; and
WHEREAS, the City from time to time establishes and/or closes
deposit and investment accounts with financial institutions; and
WHEREAS, the State Local Agency Investment Fund (LAIF)
requires that the City Council designates appropriate persons authorized to
conduct transactions on behalf of the City with LAIF; and
WHEREAS, staffing changes have made it necessary to update
the designees authorized to conduct transactions with LAIF,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS
SECTION 1. That Charles M. Dennis, Director of Finance/City
Controller and David R Carr, Acting City Treasurer/Revenue Manager are
authorized to establish and close deposit and investment accounts with financial
institutions and brokerages upon such terms and conditions as are provided by
the statutes of the State of California governing public deposits and the City's
investment policy.
SECTION 2. That banks with which the City has established
demand deposit accounts and their correspondents banks are hereby requested,
authorized, and directed to honor all checks, warrants, drafts, or other orders for
the payment of money drawn to the individual order of any person or persons
whose names appears thereon as signer or signers thereof, when bearing the
facsimile or manual signatures of the Director of Finance/City Controller and the
City Treasurer/Revenue Manager, subject to all terms and conditions of the
agreements between the City and the financial institutions,
SECTION 3. That David R. Carr, Acting City Treasurer/Revenue
Manager is authorized to make investment transactions with LAIF, that Neela
Patel, Supervising Fiscal Staff Assistant is authorized to make investment
transactions with LAIF under Mr. Carr's direction, and that Ralph E. Bursey is not
authorized to make investment transactions with LAIF,
SECTION 4. Any provision of any Resolution inconsistent with the
provisions of the Resolution, to the extent of such inconsistencies and no further,
+re hereby repealed or modified to the extent necessary to affect the provisions
4>f the resolution
Adopted and approved this 25th day of February, 2003.
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9840 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 25th of February, 2003,
by the following vote:
Ayes:
Council members: O'Connor, Mayor Pro Tem McKeown, Feinstein,
Mayor Bloom
Noes:
Council members:
Abstain: Council members:
Absent: Council members: Holbrook, Genser, Katz
ATTEST:
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