R10198F: \Budget \Share \STAFF REPORTS \invpol7 -2.doc
Council Meeting: February 27, 2007 Santa Monica, California
RESOLUTION NO. 10198 (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 public deposits 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 Chief Financial Officer, subject to all terms and conditions of the agreements
between the City and the financial institutions.
SECTION 3. That the Director of Finance, the Principal Budget Analyst-
Investments, the City Manager, the Assistant City Manager and the Deputy City
Manager, 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hereby repealed or modified to the extent necessary to affect the provisions of the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 10115 (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
Mars�a Jones� outrie
City Attorney 1
Adopted and approved this 27th day of February, 2007.
6A)
Ri hard Bloom, Mayor
I, Maria Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Resolution No. 10198 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 27th day of February, 2007, by the following vote:
Ayes: Council members: Holbrook, McKeown,
Mayor Pro Tern Katz, Mayor Bloom,
Noes: Council members: None
Abstain: Council members: None
Absent: Council members: Genser, O'Connor, Shriver
ATTEST:
Maria M. Stews , City Clerk
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
Signature
Carol Swindell
Director of Finance
David R. Carr
Principal Budget Analyst- Investments
P. Lamont Ewell
City Manager
Gordon R. Anderson
Assistant City Manager
Mona Miyasato
Deputy City Manager
o
I