HomeMy WebLinkAboutRES-24-7461 (LOCAL AGENCY INVESTMENT FUND "LAIF")
Page 1 of 2 RES-24-7461
CITY OF HERMOSA BEACH
RESOLUTION NO. RES-24-7461
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH,
CALIFORNIA, AUTHORIZING CERTAIN OFFICERS TO DEPOSIT AND
WITHDRAW MONEY IN THE LOCAL AGENCY INVESTMENT FUND (“LAIF”)
WHEREAS, Government Code Section 16429.1 et seq. was added to the
California Government Code to create a Local Agency Investment Fund (the
“LAIF”) in the State Treasury for the deposit of money of a local agency for
purposes of investment by the State Treasurer;
WHEREAS, Pursuant to California Government Code Section 16429.1 and
direction from the California State Treasurer, the City Council, via resolution,
should designate specific staff who can deposit and withdraw funds in LAIF;
WHEREAS, Recently, certain officers of the City have announced their
retirement and certain new hires have come aboard which necessitates an
update to the resolution authorizing certain City officials to deposit and withdraw
City monies in the LAIF program.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH,
CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby authorize the deposit and any
subsequent withdrawal of the proceeds or any City money in its treasury not
required for immediate needs in the LAIF in accordance with the provisions of
Government Code Section 16429.1 et seq. for the purpose of investment as stated
herein, and verification by the State Treasurer’s Office of all banking information
provided in that regard.
SECTION 2. The following City officers, or their successors in office, shall be
the authorized to order the deposit or withdrawal of Proceeds or other City
moneys in the LAIF:
Suja Lowenthal, City Manager
Brandon Walker, Administrative Services Director
Henry Chao, Finance Manager
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SECTION 3. This Resolution is not a project under the California
Environmental Quality Act pursuant to CEQA Guidelines section 15378 (b)(5) as
the Resolution is an organization or administrative activity of the City that will not
result in direct or indirect physical changes in the environment.
SECTION 4. This Resolution takes effect immediately and that the City Clerk
shall certify to the passage and adoption of this resolution; shall cause the same
to be entered among the original resolutions of said City; and shall make a minute
of the passage and adoption thereof in the records of the proceedings of the
City Council of said City in the minutes of the meeting at which time same is
passed and adopted.
PASSED, APPROVED, and ADOPTED on this 12th day of November, 2024.
Mayor Dean Francois
PRESIDENT of the City Council and MAYOR of the City of Hermosa Beach, CA
ATTEST: APPROVED AS TO FORM:
________________________________ ________________________________
Myra Maravilla, Patrick Donegan,
City Clerk City Attorney
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State of California )
County of Los Angeles )ss
) City of Hermosa Beach
November 21, 2024
Certification of Council Action
RESOLUTION NO. RES-24-7461
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH,
CALIFORNIA, AUTHORIZING CERTAIN OFFICERS TO DEPOSIT AND
WITHDRAW MONEY IN THE LOCAL AGENCY INVESTMENT FUND (“LAIF”)
I, Myra Maravilla, City Clerk of the City of Hermosa Beach do hereby certify
that the above and foregoing Resolution No. RES-24-7461 was duly approved and
adopted by the City Council of said City at its regular meeting thereof held on
the 12th day of November 2024 and passed by the following vote:
AYES: MAYOR FRANCOIS, MAYOR PRO TEM SAEMANN, AND
COUNCILMEMBERS DETOY, JACKSON, and MASSEY
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
_____________________________
Myra Maravilla,
City Clerk
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