R115551
City Council Meeting October 24, 2023
RESOLUTION NO. 11555 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
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 State Treasurer requires that the City Council designate
appropriate persons authorized to conduct LAIF transactions on behalf of the City; and
WHEREAS, on or about February 23, 2016, the City Council adopted Resolution
No. 10934 (CCS), which established certain designees authorized to conduct LAIF
transactions; and
WHEREAS, certain staffing changes have made it necessary to update the
designees authorized to conduct LAIF transactions.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
Santa Monica, California
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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 the City Council has delegated investment authority to the
Director of Finance/City Treasury.
SECTION 3. That under the guidelines of the City Investment Policy, the Finance
Director/City Treasurer may delegate investment authority to the Assistant City Treasurer,
and in the absence of the Director of Finance/City Treasurer and the Assistant City
Treasurer, investment authority may be delegated to the Treasury Administrator and/or
the Senior Treasury Analyst.
SECTION 4. That the Director of Finance/City Treasurer, the Assistant City
Treasurer, the Treasury Administrator, and the Senior Treasury Analyst 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.
SECTION 5. Any provision of any Resolution inconsistent with the provisions of
this resolution, to the extent of such inconsistencies and no further, are hereby repealed
or modified to the extent necessary to affect the provisions of this resolution.
SECTION 6. Resolution Number 10934 (City Council Series) hereby repealed in
its entirety.
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SECTION 7. 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:
_________________________
DOUGLAS SLOAN
City Attorney
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Adopted and approved this 24th day of October 2023.
Gleam Davis, Mayor
I, Denise Anderson-Warren, City Clerk of the City of Santa Monica, do hereby
certify that Resolution No. 11555 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 24th day of October 2023, by the following vote:
AYES: Councilmembers de la Torre, Torosis, Brock, Parra, Zwick
Mayor Pro Tem Negrete, Mayor Davis
NOES: None
ABSENT: None
ATTEST:
Denise Anderson-Warren, City Clerk
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