R-10381Council Meeting: February 24, 2009 Santa Monica, California
RESOLUTION NO. ~_(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, certain 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 financial institutions,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONiCA DOES RESOLVE AS FOLLOWS:
SECTION 1. That the Director of Finance 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 publicdeposits 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 name appears
thereon as signer or signers thereof, when bearing the facsimile or manual signatures of
the Director of Finance, subject to all terms and conditions of the agreements between
the City and the financial institutions.
SECTION 3. That the Director of Finance, Assistant Director of Finance,
the Principal Budget Analyst-Investments, the City Manager, the Deputy City Manager
and the Assistant City Manager 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 Resolutioh 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hereby repealed or modified to the extent necessary to affect the provisions of the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 10271 (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
d
S l I J~; 1~ ~~~~
Marsh Jones lyl'utrie
City A orney ~/~
ATTACHiYiENT 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 Signature
Carol Swindell Director of Finance/City Treasurer
Chuck McBride Assistant Director of Finance
David R. Carr Principal Budget Analyst-Investments
P. Lamont Ewell City Manager
Elaine Polachek Deputy City Manager
Jennifer Phillips Assistant City Manager
Adopted and approved this 24th day of February, 2009.
Ken Gense Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution No. 10381 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 24th day of February, 2009, by the following vote:
Ayes: Council members: Bloom, Holbrook, McKeown
Mayor Genser, Mayor Pro Tem O'Connor
Noes: Council members: None
Abstain: Council members: None
Absent: Council members: Shriver
TTEST:
~-
Maria Stewart, City Cle °k