R-10115
F:\Budget\Share\ST AFF REPORTS\invpoI6-2.doc
Council Meeting: February 28, 2006
Santa Monica, California
RESOLUTION NO. 10115 (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 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 Chief Financial Officer 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 name appears
thereon as signer or signers thereof, when bearing the facsimile or manual signatures of
the Chief Financial Officer, subject to all terms and conditions of the agreements
between the City and the financial institutions.
SECTION 3. That the Chief Financial Officer, 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 LAI F.
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 10018 (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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Adopted and approved this 28th day of February, 2006.
~~~
Robert T. Holbrook, Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution NO.1 0115 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 28th day of February, 2006, by the following vote:
Ayes:
Council members: Bloom, Katz, McKeown, Mayor Pro Tem Shriver,
Mayor Holbrook
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: Genser, O'Connor
ATTEST:
/u_'~~~
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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 Chief Financial Officer
David R. Carr Principal Budget Analyst-Investments -
P. Lamont Ewell City Manager
Gordon R. Anderson Assistant City Manager
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