REPORT TO THE CITY COUNCIL
September 21, 2017
FROM: MICHAEL LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
RESOLUTION - Of the Board of the Fresno Joint Powers Financing Authority (FJPFA) - Designating and authorizing certain Finance Officers of the City of Fresno to deposit and withdraw funds into and out of the Local Agency Investment Fund (LAIF) in the State Treasury (FJPFA action)
Body
RECOMMENDATION
Staff recommends that the JPFA Board of Directors (Board) adopt the attached Resolution authorizing the investment of monies in the Local Agency Investment Fund (LAIF), and designating the following Finance Officers of the City to conduct investment transactions with LAIF on behalf of the JPFA: Controller/Finance Director/(ex-officio)Treasurer, the Assistant Controller, the Finance Department Administrative Manager, and the Treasury Officer.
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 (Joint Powers Agreement), the Board has the power to appoint such other o...
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