R-9931
FI NANCE\TREASU RY\SHARE\DRG\INVPOL4-2
Council Meeting: February 24, 2004
Santa Monica, California
RESOLUTION NO. 9931 (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 and establish and/or close
deposit and investment accounts with finandal 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 Assistant
City Treasurer, 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 LAIF.
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hereby repealed or modified to the extent necessary to affect the provisions of the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.
SECTION 5. Resolution Number 9875 (City Council Series) is hereby
repealed.
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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:
Name
Steve Stark
David R. Carr
Susan E. McCarthy
Gordon R. Anderson
Position
Director of Finance/City Treasurer
Assistant City Treasurer
City Manager
Assistant City Manager
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Adopted and approved this 24th day of February, 2004.
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify
that the foregoing Resolution No. 9931 (CCS) was duly adopted ata meeting of
the Santa Monica City Council held on the 24th day of February, 2004, by the
following vote:
Ayes:
Council members: Mayor Bloom, Mayor Pro Tem McKeown,
Katz, O'Connor, Genser
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: Feinstein, Holbrook
ATTEST:
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Maria M. Stewart, City Clerk
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