REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Alisa Backstrom, City Treasurer
Subject:
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Adopt Resolution No. 2020-55 authorizing the City Treasurer Alisa Backstrom and her successors in office, Deputy City Treasurer (Joyce M. Zacks) and his/her successors in office, Chief Financial Officer (Dahle Bulosan) and his/her successors in office, and Assistant Chief Financial Officer (Sunny Rief) and his/her successors, in office to make deposits and withdrawals on behalf of the City
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Statement of Issue:
Should the City Council adopt Resolution No. 2020-55 authorizing the City Treasurer, Alisa Backstrom and her successors in office, Deputy City Treasurer (Joyce M. Zacks) and his/her successors in office, Chief Financial Officer (Dahle Bulosan) and his/her successors in office, and Assistant Chief Financial Officer (Sunny Rief) and his/her successors in office, to order deposits or withdrawals of money in the Local Agency Investment Fund (LAIF) on behalf of the City.
Financial Impact:
Not applicable.
Recommended Action:
recommendation
Adopt Resolution No. 2020-55, "A Resolution of the City Council of the City of Huntington Beach, Authorizing Investment of Monies in the Local Agency Investment Fund;" City Treasurer Alisa Backstrom and her successors in office, Deputy City Treasurer (Joyce M. Zacks) and his/her successors in office, Chief Financial Officer (Dahle Bulosan) and his/her successors in office, and Assistant Chief Financial Officer (Sunny Rief) and his/her successors in office.
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Alternative Action(s):
Do not approve and direct staff as applicable.
Analysis:
The State of California's Treasurer's office has requested an updated resolution from the City.
The Local Agency Investment Fund (LAIF), a voluntary program created by statute, began in 1977 as an investment alternative for California's local governments and special districts. The enabli...
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