TITLE
Recommendation to adopt resolution authorizing the change of approved signors to the Long Beach Local Agency Investment Fund (LAIF) account. (Citywide)
DISCUSSION
Since 1982, the City has invested with the State of California's Local Agency Investment Fund (LAIF). LAIF is a voluntary program created by statute; begun in 1977 as an investment alternative for California's local governments and special districts, it continues today under Treasurer Bill Lockyer's administration. The enabling legislation for the LAIF is Section 16429.1 et seq. of the California Government Code. The LAIF has grown from 293 participants and $468 million in 1977, to 2,612 participants and $16.7 billion in 2006.
City Council approval of the attached resolution is requested to change the approved signors to the Long Beach Local Agency Investment Fund (LAIF) account due to staff changes. The signors will be David Nakamoto - City Treasurer, Michael A. Killebrew - Director of Financial Management/CFO, Daniel Thurber - Treasury Operations Officer, and Eugene Fong Treasury Operations Officer.
This matter was reviewed by Principal Deputy City Attorney Charles Parkin and Budget and Performance Management Bureau Manager David Wodynski .on February 12, 2007.
TIMING CONSIDERATIONS
City Council action is requested on February 20, 2007 to authorize the timely processing of the new signors.
FISCAL IMPACT
There is no fiscal impact associated with this action.
SUGGESTED ACTION
Approve recommendation.
BODY
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LONG BEACH AUTHORIZING INVESTMENT OF MONIES OF THE CITY OF LONG BEACH IN THE LOCAL AGENCY INVESTMENT FUND
Respectfully Submitted,
MICHAEL A. KILLEBREW
DIRECTOR OF FINANCIAL MANAGEMENT
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APPROVED: |
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GERALD R. MILLER |
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CITY MANAGER |