As part of the City’s overall investment strategy, the City invests in the State’s Local Agency Investment Fund (LAIF). LAIF, a voluntary program created by State statute, began in 1977 as an investment alternative for California’s local governments and special districts.

LAIF has requested that a new resolution be adopted by the agency’s governing board if two persons or positions authorized by resolution are no longer at the agency to verify account information or to request account changes.

As part of the City’s overall investment strategy, the City invests in the State’s Local Agency Investment Fund (LAIF). LAIF, a voluntary program created by statute, began in 1977 as an investment alternative for California’s local governments and special districts.

Each year, LAIF staff sends an annual information update form to agencies that invest in their investment pool. In the past, this form listed individuals that LAIF had on file as being authorized to act on behalf of the City to initiate investment transactions. City staff would review and amend this information as necessary. As a result of a recent audit performed on LAIF’s records, auditors determined that LAIF did not have current resolutions on file for their active participants. This year’s form now asks whether persons authorized on the LAIF account are "authorized by resolution" or "authorized by delegation". "Authorized by resolution" means that the person is mentioned either by name or by title on the agency’s resolution with LAIF. "Authorized by delegation" means that local agency staff was delegated responsibility for day-to-day LAIF business by those authorized on the resolution. Delegated individuals may not make changes to the LAIF account. They may only request transactions and information.

LAIF has asked that the City adopt a resolution through the City Council in order to update which persons in the City have authority to transact investment transactions with LAIF.

It is recommended that the following individuals be authorized by resolution to conduct investment transactions on behalf of the City:

Robert S. LaSala-City Manager
Mary J. Bradley-Director of Finance
Therese B. Balbo-Finance Manager
Juan Castro-Accountant

1. Adopt a resolution to update the list of individuals authorized to conduct investment transactions with LAIF on behalf of the City.
2. Do not adopt a resolution to update the list of individuals authorized to conduct investment transactions with LAIF on behalf of the City. (This is not recommended, as it will suspend the ability of the City to conduct investment transactions with LAIF).

1. Resolution Authorizing Investment of Monies in Local Agency Investment Fund (LAIF).