For City Council Meeting [January 28, 2020]
TO: Honorable Mayor and City Council
APPROVAL: Rod Foster, City Manager
FROM: Edward J. Carrillo, City Treasurer
Title
Request City Council to Amend the list of City Staff Members authorized to Invest Public Monies in the Local Agency Investment Fund and that the City Council adopt Resolution No. 7593 entitled "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIALTO RESCINDING RESOLUTION NO. 2887 AND AUTHORIZING INVESTMENT OF PUBLIC MONIES IN THE LOCAL AGENCY INVESTMENT FUND" and Board of Directors of the Rialto Utility Authority Adopt Resolution No. 02-20 "A RESOLUTION OF THE BOARD OF DIRECTORS FOR THE RIALTO UTILITY AUTHORITY OF RIALTO, CALIFORNIA RESCINDING RESOLUTION NO. 2-01 AND AUTHORIZING INVESTMENTS OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND"
Body
BACKGROUND
The Local Agency Investment Fund (LAIF) is a voluntary program created by statute in 1976 as an investment alternative for California's local governments and special districts. The enabling legislation for LAIF is codified in section 16429.1 et seq. of the California Government Code.
This program offers local agencies the opportunity to participate in a major portfolio which invests hundreds of millions of dollars through the State Treasurer's office investment staff. LAIF is reported to be about 24% of the Pooled Money Investment Account (PMIA). As of September 30, 2019, LAIF has 2,373 participants and $24.5 billion.
On March 4, 1986, the City Council adopted Resolution No. 2887, which authorized certain people to deposit and withdraw money into LAIF, namely the City Treasurer, Assistant City Treasurer, and Account Clerk II. On June 5, 2001, the Board of the Rialto Utility Authority (RUA) adopted Resolution No. 2-01, which authorized only the City Treasurer to deposit and withdraw money into LAIF.
The City Treasurer's office has recently changed the titles of staff positions. As such, these new titles need authorization to order the depos...
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