04-06-2021 - AGENDA ITEM 06 CONSIDERATION OF RESOLUTION AUTHORIZING THE INVESTMENT OF FUNDS IN THE STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND AND DESIGNATING AUTHORIZED SIGAGENDA ITEM NO. 6
AGENDA STAFF REPORT
City of West Covina I Office of the City Manager
DATE: April 6, 2021
TO: Mayor and City Council
FROM: David Carmany
City Manager
SUBJECT: CONSIDERATION OF RESOLUTION AUTHORIZING THE INVESTMENT OF FUNDS
IN THE STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND AND
DESIGNATING AUTHORIZED SIGNATORIES
RECOMMENDATION:
It is recommended that the City Council, acting as the Successor Agency of the West Covina Redevelopment
Agency, adopt the following resolution:
RESOLUTION NO.2021-23 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY AUTHORIZING THE INVESTMENT OF FUNDS IN
THE STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND, DESIGNATING
AUTHORIZED STAFF AS AUTHORIZED SIGNATORIES AND RESCINDING RESOLUTION
2015-59
DISCUSSION:
As a result of the turnover of key personnel in the City, a request has been received from the State of
California Local Agency Investment Fund (LAIF), requesting an updated City Council, acting as the Successor
Agency to the former West Covina Redevelopment Agency, resolution identifying the City Manager, Finance
Director and the Assistant Finance Director as authorized signatories for the Successor Agency on various
documents, and adding language to include extending authorization as signatories to their successors, if
required (Attachment No. 2). Inclusion of the signatures of the City Manager, the Finance Director and the
Assistant Finance Director in the resolution is a requirement of the Local Agency Investment Fund. By
adopting the resolution, the resolution previously adopted in August 2015, Resolution No. 2015-59
(Attachment No. 1), will be rescinded.
Adoption of this resolution will authorize the City Manager, Finance Director and Assistant Finance Director
to invest in these pools and to deposit or withdraw from the Successor Agency's current investment pools as
necessary.
The authorization provided pursuant to the resolution will remain in effect until rescinded by the City Council,
acting as the Successor Agency to the former West Covina Redevelopment Agency.
LEGAL REVIEW:
The City Attorney's Office has reviewed the resolution and approved it as to form.
Prepared by: Robbeyn Bird, Finance Director
Fiscal Impact
FISCAL IMPACT:
There is no fiscal impact resulting from adoption of this resolution.
Attachments
Attachment No. 1 - Resolution No. 2015-59
Attachment No. 2 - Resolution No. 2021-23
CITY Achieve Fiscal Sustainability and Financial Stability
COUNCIL
GOALS &
OBJECTIVES:
ATTACHMENT NO. 1
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF WEST COVINA )
CERTIFICATION OF RESOLUTION
SUCCESSOR AGENCY
I, Rosalia A. Conde, CMC, Assistant City Clerk of the City of West Covina, California, do
hereby certify that this is a true and correct copy of the original Successor Agency Resolution
No. 2015-59, authorizing the use of the Local Agency Investment Fund under the Office of the
California State Treasurer as an investment alternative.
WITNESS MY HAND AND THE SEAL OF THE CITY OF WEST COVINA, on this 21" day
of September, 2015.
(seal)
�osaliaA. Conde, CMC
Assistant City Clerk
RESOLUTION NO.2015-59
RESOLUTION NO. 2015-59 - A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA,
ACTING AS THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY AUTHORIZING THE
USE OF THE LOCAL AGENCY INVESTMENT FUND UNDER
THE OFFICE OF THE CALIFORNIA STATE TREASURER AS
AN INVESTMENT ALTERNATIVE.
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 West Covina City Council acting as the Successor Agency to
the West Covina Redevelopment Agency does hereby find that the deposit and
withdrawal of money in the Local Agency Investment Fund in accordance with the
provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated therein as in the best interests of the Agency.
WHEREAS, it is deemed wise and prudent to establish an account with the office
of the California State Treasurer for the purpose of using the Local Agency Investment
Fund as an investment alternative.
NOW, THEREFORE, the City Council of the City of West Covina acting as the
Successor Agency to the West Covina Redevelopment Agency does hereby resolve as
follows:
SECTION 1. That the City of West Covina City Council acting as the Successor
Agency to the West Covina Redevelopment Agency hereby authorizes the establishment
of an investment account with the office of the California State Treasurer Local Agency
Investment Fund titled:
West Covina Successor Agency
1444 West Garvey Avenue
West Covina, CA 91790
Attn: Finance Director
SECTION 2. That the City of West Covina City Council acting as the Successor
Agency to the West Covina Redevelopment Agency agrees to deposit or withdraw money
in the Local Agency Investment Fund in the State Treasury in accordance with the
provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated herein.
SECTION 3. That the West Covina City Council authorizes the following
named local officials to order the deposit or withdrawal of money in the Local Agency
Investment Fund:
Authorized B
Name
Title
Signature
Resolution
Delegation
Christina Buhagiar
Finance Director
X
Nicole Lugotoff
Accounting Manager
X
Evanette Gettler
Accountant
X
Brenda Ramirez
Accountant
X
Serena Bubenheim
Accountant
X
SECTION 4. That the City Clerk shall certify to the passage and adoption of the
resolution.
PASSED, APPROVED AND ADOPTED this 18°i day of August, 2015,
APPROVED AS
TO FORM:
Kimberly Hall Barlow
City Attorney
�Sykes
Mayor
ATTEST:
Nickola0—Lewis,
City Clerk
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Successor
Agency of the City of West Covina, California, at a regular meeting thereof on the 181h
day of August, 2015, by the following vote of City Council:
AYES: Spence, Toma, Warshaw, Wong, Sykes
NOES: None
ABSENT: None
ABSTAIN: None
Nickollas,.S;;L6Wis
City Clerk j
ATTACHMENT NO.2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA, CALIFORNIA, ACTING AS THE
SUCCESSOR AGENCY TO THE FORMER WEST COVINA
REDEVELOPMENT AGENCY, AUTHORIZING THE
INVESTMENT OF FUNDS IN THE STATE OF
CALIFORNIA LOCAL AGENCY INVESTMENT FUND,
DESIGNATING AUTHORIZED SIGNATORIES AND
RESCINDING RESOLUTION NO.2015-59
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 West Covina City Council, acting as the Successor Agency to the former
West Covina Redevelopment Agency, 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 Successor Agency;
and
WHEREAS, the West Covina City Council, acting as the Successor Agency to the former
West Covina Redevelopment Agency, previously adopted Resolution No. 2015-59, authorizing
specified local officials to order the deposit or withdrawal of money in the Local Agency
Investment Fund; and
WHEREAS, due to changes in key personnel, the Local Agency Investment Fund has
requested that the Successor Agency provide an updated resolution identifying authorized City
officials.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA,
CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY TO THE FORMER WEST
COVINA REDEVELOPMENT AGENCY, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of West Covina, acting as the Successor
Agency to the former West Covina Redevelopment Agency, hereby authorizes the deposit and
withdrawal of West Covina Successor Agency 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.
SECTION 2. The following City of West Covina officers holding the title(s) specified
hereinbelow 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 purposes of this resolution and the
transactions contemplated hereby:
David N. Cannany Robbeyn Bird Stephanie Russell
City Manager Finance Director Assistant Finance Director
(SIGNATURE) (SIGNATURE) (SIGNATURE)
SECTION 3. This resolution shall remain in full force and effect until rescinded by the
West Covina City Council, acting as the Successor Agency to the former West Covina
Redevelopment Agency, by resolution and a copy of the resolution rescinding this resolution is
filed with the State Treasurer's Office.
SECTION 4. The City Council, acting as the Successor Agency to the former West
Covina Redevelopment Agency, hereby rescinds its Resolution No. 2015-59, adopted on August
18, 2015.
SECTION 5. The City Clerk shall certify to the passage and adoption of this resolution
and enter it into the book of original resolutions.
APPROVED AND ADOPTED by the City Council of West Covina, acting as the
Successor Agency to the former West Covina Redevelopment Agency, on this 6th day of April,
2021.
Letty Lopez-Viado
Mayor
APPROVED AS TO FORM ATTEST
Thomas Duarte Lisa Sherrick
City Attorney City Clerk
I, LISA SHERRICK, ASSISTANT CITY CLERK of the City of West Covina, California,
do hereby certify that the foregoing Resolution No. 2021-23 was duly adopted by the City Council
of the City of West Covina, California, acting as the Successor Agency to the former West Covina
Redevelopment Agency, at a regular meeting thereof held on the 6th day of April, 2021, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Lisa Sherrick
City Clerk