SR-200-005
FINANCE:TREASURY:DRC:F:\FINANCE\TREASURY\SHARE\LAIFJULY03
Council Meeting: July 22, 2003 Santa Monica, California
TO: Mayor and City Council
FROM: City Staff
SUBJECT: Resolution Authorizing the Establishment and Use of Bank and Brokerage
Accounts and Update of the List of Persons Authorized to Conduct
Transactions with the State Local Agency Investment Fund
INTRODUCTION
This report recommends City Council approve a revised list of persons authorized to
conduct transactions with the State Local Agency Investment Fund (LAIF) and persons
authorized to establish bank deposit and investment accounts with financial institutions
and investment brokers/dealers.
BACKGROUND
Resolution No. 9840 (CCS), approved February 25, 2003, delegates the authority to
establish bank and brokerage accounts, as well as name persons authorized to conduct
transactions with LAIF. The recent retirement of the Director of Finance/City Controller
necessitates updating the list of authorized individuals.
DISCUSSION
Resolution No. 9840 (CCS) designates Charles M. Dennis, former Director of
Finance/City Controller and David R. Carr, Acting City Treasurer/Revenue Manager as
individuals authorized to establish bank deposit and investment accounts with financial
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institutions and investment brokers/dealers. Mr. Dennis’s successor, Mr. Steve Stark
must be authorized in his place.
Additionally, a Council-approved resolution is required by the State to establish authority
to conduct transactions with LAIF. Other employees authorized are Mr. Carr and Ms.
Neela Patel, Supervising Fiscal Staff Assistant. Ms. Patel is authorized to make
transactions only under specific instructions from Mr. Carr or Mr. Stark. The attached
resolution adds Mr. Stark to the list of individuals authorized to conduct transactions
with LAIF.
BUDGET/FINANCIAL IMPACT
There are no budget or financial impacts resulting from this staff report.
RECOMMENDATION
Staff recommends that Council approve and adopt the attached resolution.
Attachment: Resolution – SEE RESOLUTION No. 9875 (CCS)
Prepared by: David R. Carr, Acting City Treasurer/Revenue Manager
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