R10934Attachment B
Council Meeting: February 23, 2016 Santa Monica, California
RESOLUTION NO. &P, Y (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 State Local Agency Investment Fund ("LAIF") is
established in the State Treasury under Government Code 16429.1 et seq. for the
deposit of money of a local agency for purposes of investment by the State Treasurer;
and
WHEREAS, the City Council hereby finds that the deposit and withdrawal
of money in LAIF in accordance with Government Code section 16429.1 et seq. for the
purpose of investment as. provided therein is in the best interests of the City of Santa
Monica, and
WHEREAS, the City from time to time establishes and/or closes deposit
and investment accounts with financial institutions; and
WHEREAS, the State Treasurer requires that the City Council designate
appropriate persons authorized to conduct LAIF transactions on behalf of the City; and
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WHEREAS, certain staffing changes have made it necessary to update
the designees authorized to conduct LAIF transactions 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/City Treasurer is authorized to
establish and close deposit and investment accounts with financial institutions and
brokerages upon such terms and conditions 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 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 and the Assistant
City Treasurer are hereby authorized to order the deposit or withdrawal of monies in
LAIF and may execute and deliver any and all documents necessary or advisable in
order to effectuate the. purposes of this resolution and the transactions contemplated
hereby.
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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 10866 (City Council Series) is hereby
repealed in its entirety.
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
Marsha Jones 9,Tutrie
City Attorney
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Adopted and approved this 23rd day of February, 2016.
Tonle Vazquez(M
I, Denise Anderson -Warren, Acting City Clerk of the City of Skfita Monica, do
hereby certify that the foregoing Resolution No. 10934 (CCS) was dbly adopted at a
meeting of the Santa Monica City Council held on the 2V day of February, 2016, by the
following vote:
AYES: Councilmembers O'Connor, Himmelrich, Davis, McKeown,
Mayor Pro Tern Winterer, Mayor Vazquez
NOES: None
ABSENT: Councllmember O'Day
ATTEST:
Denise Anderson -Warren, Acting City Clerk