Loading...
05-14-2019 CC Rpt 18COUNCIL AGENDA STAFF REPORTCOUNCIL AGENDA STAFF REPORT TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS DATE: MAY 14, 2019 FROM: CITY MANAGER ITEM NO:18 SUBJECT:LOCAL AGENCY INVESTMENT FUND (LAIF) AUTHORIZATION RECOMMENDATION: Adopt a resolution entitled: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHINO HILLS, CALIFORNIA, AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND. BACKGROUND/ANALYSIS: In 1977, the Local Agency Investment Fund (LAIF) was created as an investment alternative for California's local governments. The program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the State Treasurer's Office professional investment staff at no additional cost to the taxpayer. As of March 31, 2019, LAIF has 2,362 participants and $22.1 billion. The proposed resolution specifies Benjamin Montgomery as the current City Manager and Christina Buhagiar as the current Finance Director/City Treasurer authorized to order the deposit to and withdrawal of monies in LAIF and execute official LAIF documents. The placement of the signatures in the resolution for the authorized persons is a LAIF requirement. ENVIRONMENTAL (CEQA) REVIEW: This proposed action is exempt from review under the California Environmental Quality Act (California Public Resources Code §§ 21000, et seq., "CEQA") and CEQA Guidelines (Title 14 California Code of Regulations §§ 15000, et seq.), because it does not involve any commitment to a specific project which could result in a potentially significant physical impact on the environment; and, constitutes an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. Accordingly, this action does not constitute a "project" that requires environmental review (see specifically 14 CCR § 15378(b)(4-5)). FISCAL IMPACT: There is no fiscal impact resulting from the approval of this resolution. Respectfully Submitted,Recommended By: Attachments Resolution 105/160 Page 1 of 3 RESOLUTION NO. 2019R- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHINO HILLS, CALIFORNIA, AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, The Local Agency Investment Fund is established in the State Treasury under Government Code section 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 the Local Agency Investment Fund 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 Chino Hills; and NOW, THEREFORE, BE IT RESOLVED, that the City Council hereby authorize the deposit and withdrawal of the City of Chino Hills’ monies in the Local Agency Investment Fund in the State Treasury in accordance with Government Code section 16429.1 et. seq. for the purpose of investment as provided therein. BE IT FURTHER RESOLVED, as follows: SECTION 1. The following City of Chino Hills officers holding the title(s) specified herein below or their successors in office are each hereby authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund and may execute and deliver any and all documents necessary or advisable in order to effectuate the purpose of this resolution and the transactions contemplated hereby: Benjamin Montgomery Christina Buhagiar (NAME) City Manager (NAME) Finance Director/ City Treasurer (TITLE)(TITLE) (SIGNATURE)(SIGNATURE) SECTION 2. This resolution shall remain in full force and effect until rescinded by the City Council by resolution and a copy of the resolution rescinding this resolution is filed with the State Treasurer’s Office. 106/160 Page 2 of 3 PASSED, APPROVED, AND ADOPTED this 14th day of May, 2019. _______________________________ CYNTHIA MORAN, MAYOR ATTEST: _______________________________ CHERYL BALZ, CITY CLERK APPROVED AS TO FORM: _______________________________ MARK D. HENSLEY, CITY ATTORNEY 107/160 Page 3 of 3 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) § CITY OF CHINO HILLS ) I, Cheryl Balz, City Clerk of the City of Chino Hills, DO HEREBY CERTIFY that the foregoing Resolution No. 2019R- was duly adopted at a regular meeting of the City Council of the City of Chino Hills held on the xxxxx day of Xxxxxxx, 2019, by the following vote, to wit: AYES: COUNCIL MEMBERS: NOES: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Chino Hills, California, this xxxx day of Xxxxxxxxx, 2019. ________________________________ CHERYL BALZ, CITY CLERK 108/160