REPORT TO THE JOINT POWERS FINANCING AUTHORITY
March 2, 2017
FROM: MICHAEL LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
RESOLUTION - to designate and authorize certain Finance Officers of the City of Fresno ("City") to sign various investment and commercial banking documents, and to provide verbal instruction required for prudent financial administration and safekeeping of Fresno Joint Powers Finance Authority ("JPFA") funds and property
Body
RECOMMENDATION
Staff recommends that the JPFA Board of Directors (the "Board") adopt the attached Resolution designating and authorizing the following employees of the City of Fresno to perform certain duties necessary for the day-to-day financial operations of the JPFA: Controller/Finance Director/(ex-officio)Treasurer, the Administrative Manager of the Finance Department, the Principal Accountant of the Accounting Section, and the Treasury Officer of the City Treasury Section.
EXECUTIVE SUMMARY
On October 25, 1988, the Board adopted By-Laws of the JPFA (the "By-Laws"), which designate the Treasurer of the City of Fresno as the Treasurer and Controller of the JPFA ("Treasurer and Controller"). Responsibilities of the Treasurer and Controller of the JPFA include signing checks and various investment and commercial banking documents, and providing verbal instruction as required for the prudent financial administration and safekeeping of JPFA funds and property. In order to accomplish these tasks, it is necessary for the Treasurer and Controller to delegate some duties to responsible City of Fresno Finance Department employees. Pursuant to Section IV.D(7) of the Joint Exercise of Powers Agreement by and between the City of Fresno and Redevelopment Agency of the City of Fresno, now the City of Fresno as Successor Agency to the Redevelopment Agency of the City of Fresno, as amended on November 1, 1991(the "Join...
Click here for full text