Item 1-K

Council Meeting: July 22, 2003 Santa Monica, California

TO: Mayor and City Council

FROM: City Staff

SUBJECT: Resolution Authorizing the Establishment and Use of Bank and Brokerage Accounts and Update of the List of Persons Authorized to Conduct Transactions with the State Local Agency Investment Fund

INTRODUCTION

This report recommends City Council approve a revised list of persons authorized to conduct transactions with the State Local Agency Investment Fund (LAIF) and persons authorized to establish bank deposit and investment accounts with financial institutions and investment brokers/dealers.

BACKGROUND

Resolution No. 9840 (CCS), approved February 25, 2003, delegates the authority to establish bank and brokerage accounts, as well as name persons authorized to conduct transactions with LAIF. The recent retirement of the Director of Finance/City Controller necessitates updating the list of authorized individuals.

DISCUSSION

Resolution No. 9840 (CCS) designates Charles M. Dennis, former Director of Finance/City Controller and David R. Carr, Acting City Treasurer/Revenue Manager as individuals authorized to establish bank deposit and investment accounts with financial institutions and investment brokers/dealers. Mr. Dennis’s successor, Mr. Steve Stark must be authorized in his place.

Additionally, a Council-approved resolution is required by the State to establish authority to conduct transactions with LAIF. Other employees authorized are Mr. Carr and Ms. Neela Patel, Supervising Fiscal Staff Assistant. Ms. Patel is authorized to make transactions only under specific instructions from Mr. Carr or Mr. Stark. The attached resolution adds Mr. Stark to the list of individuals authorized to conduct transactions with LAIF.

BUDGET/FINANCIAL IMPACT

There are no budget or financial impacts resulting from this staff report.

RECOMMENDATION

Staff recommends that Council approve and adopt the attached resolution.

Attachment: Resolution

Prepared by: David R. Carr, Acting City Treasurer/Revenue Manager