08 Staff Report - Local Agency Investment Fund~pW N 0
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DATE:
TO:
FROM:
SUBJECT
COUNCIL AGENDA REPORT
JUNE 29, 2007
MAYOR AND TOWN COUNCIL
MEETING DATE: X3/6/2007
ITEM NO:
PAMELA S. JACOBS, INTERIM TOWN MANAGER t t
ADOPT RESOLUTION APPROVING THE TOWN OF LOS GATOS TO
AUTHORIZE INVESTMENT OF MONIES IN THE LOCAL AGENCY
INVESTMENT FUND
RECOMMENDATION:
That the Town Council adopt the attached resolution authorizing investment of monies in the
Local Agency Investment Fund.
BACKGROUND:
The Local Agency Investment Fund (LAIF) is a pooled money investment fund operated by a
board of directors including the State Treasurer and others appointed by the Governor, whose
members are public agencies and include cities, counties, and special districts. The Town of Los
Gatos currently has two LAIF accounts, including a general account, and an account with Bank
of New York which was established specifically for bond issues or Certificates of Participation
(COP) proceeds.
DISCUSSION-
The Town of Los Gatos has a document on file with the State Treasurer, authorizing investments
in LAIF. The State Treasurer's office requests that the Town Council adopt a resolution in a
revised format that includes the names of the officers or their successors in office who are
permitted to deposit and withdraw monies from the accounts. The attached resolution will
comply with the State Treasurer's request.
FISCAL IMPACT:
None.
PREPARED BY
emu.
STttP HEN WAY
Finance & Administrative Services Director
C\D0CUME-1\PGARC1- 1.LOS\LOCALS-I\Temp\XPGrpWiseAagenda for authorizing investment of monies.doc
Reviewed by: Assistant Town Manager -WTown Attorney
Clerk Administrator Finance Community Development
.1 j-
RESOLUTION 2007-
RESOLUTION OF THE TOWN OF LOS GATOS
TO AUTHORIZE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT
FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429.1 was added to the
California Government Code to create a Local Agency Investment Fund in the State Treasury for the
deposit of money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, The Town Council does hereby find that the deposit and withdrawal of money in
the Local Agency Investment Fund is accordance with the provision of Section 16429.1 of the
Government Code for the purpose of investment as stated therein as in the best interests of the Town of
Los Gatos.
NOW THEREFORE, BE IT RESOLVED, that the Town Council of the Town of Los Gatos
does hereby authorize the deposit and withdrawal of the Town of Los Gatos monies in the Local Agency
investment Fund in the State Treasure in accordance with the provisions of Section 16429.1 of the
Government Code for the purpose of investment as sated therein, and verification by the State Treasurer's
Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following Town of Los Gatos officers or their
successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency
Fund:
LINDA SPEICHER
TOWN "TREASURER
(SIGNATURE)
JOE PIRZYNSKI
MAYOR
(SIGNATURE)
BARBARA SPECTOR
VICE -MAYOR
(SIGNATURE)
STEPHEN CONWAY
FINANCE DIRECTOR
(SIGNATURE)
Regular Account Resolution.rtf
PASSED AND ADOPTED at a regular meeting of the TOWN COUNCIL of the Town of Los
Gatos held the 6th day of August, 2007, by the following vote:
TOWN COUNCIL MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED:
MAYOR
TOWN OF LOS GATOS, CALIFORNIA
ATTEST:
CLERK
TOWN OF LOS GATOS, CALIFORNIA
Regular Account Resolution.rtf