R-10018
F:\Budget\Share\ST AFF REPORTS\invpoI5-3.doc
Council Meeting: February 22, 2005
Santa Monica, California
RESOLUTION NO. 10018 (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, a departmental reorganization staffing changes has made it
necessary to update the designees authorized to conduct transactions with LAIF 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 Treasurer is 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.
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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 Treasurer, subject to all terms and conditions of the
agreements between the City and the financial institutions.
SECTION 3. That the Director of Finance/City Treasurer, the Principal
Budget Analyst-Investments, the City Manager, and the Assistant City Manager 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 LAI F .
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 9931 (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
{lIw k!
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Marsha Jone
City Attorney
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Adopted and approved this 22nd day of February, 2005.
\.
CJC~
Pam O'Connor, Mayor
. I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify
that the foregoing Resolution NO.1 0018 (CCS) was duly adopted at a meeting of
the Santa Monica City Council held on the 22nd day of February, 2005, by the
following vote:
Ayes:
Council members: Mayor O'Connor, Mayor Pro Tem Katz, Bloom,
Genser, Holbrook, McKeown
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: Shriver
ATTEST:
~.~~
Maria M. Stewa ,City Clerk
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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:
Name Position
Steve Stark Director of Finance/City Treasurer
David R. Carr Principal Budget Analyst-Investments
Susan E. McCarthy City Manager
Gordon R. Anderson Assistant City Manager
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