R-9875
FINANCE\TREASURY\SHARE\DRC\LAIFJUL Y03-01
Council Meeting: July 22,2003 Santa Monica, California
RESOLUTION NO. 9875 (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 LAI F and establish and/or close
deposit and investment accounts with financial institutions,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. That the Director of Finance/City Controller the 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 the City Treasurer/Revenue Manager, the Director of
Finance/City Controller, and their successors and designees, are authorized to make
investment transactions with LAIF. Attachment A to this resolution lists the current City
employees authorized to make investment transactions with LA IF .
SECTION 4. Any provision of any Resolution inconsistent with the
provisions of the Resolution, to the extent of such inconsistencies and no further, are
hereby repealed or modified to the extent necessary to affect the provisions of the
resolution,
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SECTION 5. Resolution Number 9840 (City Council Series) is hereby
repealed,
SECTION 6. The City Clerk shall certify to the adoption of this Resolution,
and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM
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ATTACHMENT A
City of Santa Monica employees authorized to deposit and withdraw funds in the Local Agency
Investment Fund in the State Treasury on behalf of the City:
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Authorized to make transactions only under specific instructions from Mr. Stark or Mr. Carr
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Adopted and approved this 22nd day of July, 2003.
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MayOr Bloom
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9875 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 22nd day of July, 2003, by
the following vote:
Ayes: Council members: Genser, Mayor Pro Tern McKeown, Feinstein,
Mayor Bloom
Noes: Council members: None
Abstain: Council members: None
Absent: Council members: O'Connor, Holbrook, Katz
ATTEST:
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Maria M. Stewart, Ci~ Clerk
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