HomeMy WebLinkAbout55C - RESO LAIFREQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
JANUARY 7, 2008
TITLE:
ADOPT A RESOLUTION TO AUTHORIZE THE
INVESTMENT OF CITY FUNDS IN THE STATE
TREASURY LOCAL AGENCY INVESTMENT FUND
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CITY ANAGER
RECOMMENDED ACTION
CLERK OF COUNCIL USE ONLY:
APPROVED
^ As Recommended
^ As Amended
^ Ordinance on 1St Reading
^ Ordinance on 2"d Reading
^ Implementing Resolution
^ Set Public Hearing For_
CONTINUED TO
FILE NUMBER
Adopt a resolution to provide for the deposit of City funds in the State
Treasury Local Agency Investment Fund for the purpose of investment.
DISCUSSION
The City of Santa Ana recently completed the bond financing process that
delivered $60,890,493.33 in bond proceeds for the local neighborhood
street program. The financing completes one component of the overall
$100 million strategic investment the City is proposing. This financing
was established through the issuance of Gas Tax Certificates of
Participation. Proceeds of the financing will enhance the City's ability
to address all neighborhood streets as well as implement a long-term
preventative maintenance program.
Funds will be invested in conservative, secure instruments until fully
expended. One investment option is the Local Agency Investment Fund
(LAIF) administered by the Treasurer of the State of California. LAIF
requires the adoption of a resolution of the City Council granting
authorization of designated staff to deposit and withdraw funds with the
LAIF for purposes of investment by the City. The attached resolution
provides staff authorization to invest City funds and designates the
positions authorized to act on behalf of the City for purposes of
depositing or withdrawing funds.
55C-1
Resolution for Investment
In LAIF
January 7, 2008
Page 2
FISCAL IMPACT
There is no fiscal impact associated with this action.
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Francisco Gutierrez
Executive Director
Finance & Management Services Agency
55C-2
Lss122707
RESOLUTION NO. 2008-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE INVESTMENT OF
MONIES IN THE STATE TREASURER'S LOCAL AGENCY
INVESTMENT FUND AND DESIGNATING THE DIRECTOR
OF FINANCE / CITY TREASURER AND/OR THE
ASSISTANT FINANCE DIRECTOR AND/OR THE
TREASURY MANAGER TO MAKE DEPOSITS AND
WITHDRAWALS OF SAID FUNDS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. Pursuant to California Government Code §§16429.1 et seq., the California
Legislature has created the Local Agency Investment Fund (LAIF) in the State
Treasury.
B. The City of Santa Ana has authorized, by Resolution 84-148, participation in
the State Treasure's Local Agency Investment Fund.
Section 2. The City Council of the City of Santa Ana authorizes the deposit in
the Local Agency Investment Fund, of the proceeds of the issuance of bonds, notes,
certificates of participation or other evidences of indebtedness of the City pending the
expenditure of the proceeds for their authorized purpose.
Section 3. The City Council authorizes the Executive Director of Finance and
Management Services, Francisco Gutierrez and/or the Assistant Director of Finance
and Management Services, Pamela Arends-King, and/or the Treasury Manager,
Christine Duarte, or their duly appointed successors, to order deposits to and
withdrawals of money from the Local Agency Investment Fund for and on behalf of the
City.
Section 4. A certified copy of this Resolution shall be delivered to the
California State Treasurer.
Resolution No. 2008-
Page 1 of 2
55C-3
Section 5. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this day of
.2008.
Miguel A. Pulido
Mayor
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:
Laura Sheedy
Assistant City Attorney
AYES:
NOES:
ABSTAIN:
NOT PRESENT
Councilmembers
Councilmembers
Councilmembers
Councilmembers
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2008-XXX to be the original resolution adopted by the City
Council of the City of Santa Ana on .
Date:
Clerk of the Council
City of Santa Ana
Resolution No. 2008-
Page 2 of 2
55C-4