HomeMy WebLinkAbout08. Approve Resolution No. 2024-022 authorizing investment of monies in the Local Agendcy Investment Fund (LAIF) and removing the delegation of authority with the Contra Costa County Treasurer's Office and establishing staff as authorized signersO��ENTRAL S.
MEETING DATE: AUGUST 15, 2024
BOARD OF DIRECTORS
POSITION PAPER
Page 1 of 5
Item 8.
SUBJECT: APPROVE PROPOSED RESOLUTION NO. 2024-022 AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
("LAIF"),AND REMOVING THE DELEGATION OF AUTHORITY WITH THE
CONTRA COSTA COUNTYTREASURER'S OFFICE AND ESTABLISHING
SPECIFIED CENTRAL SAN STAFF AS AUTHORIZED SIGNERS
SUBMITTED BY:
INITIATING DEPARTMENT:
KEVIN MIZUNO, FINANCE MANAGER ADMINISTRATION -FINANCE
REVIEWED BY: PHILIP LEIBER, DEPUTYGM -ADMINISTRATION
Roger S. Bailey
General Manager
ISSUE
Board authorization is required to update records with LAI F in conjunction with Central San's transition to
an in-house treasury structure.
BACKGROUND
Many independent California special districts use the State of California "LAI F" managed investment pool
to hold their money for short-term investment purposes that also provides to immediate liquidity, and which
generally earns higher interest than other highly liquid fixed income investment alternatives. Central San
currently has an account with LAI F, however the authorized parties were delegated to County of Contra
Costa Treasury staff while Central San was a voluntary participant of the County Treasury pool. I n
discussions with LAI F staff, it has been conveyed to Central San that the Board can return administrative
responsibility to Central San staff by adopting the attached Resolution (Attachment 1) and an Authorization
for Transfer of Funds Form (Attachment 2).
While authorized signatures will continue to protect the integrity and safety of moving Central San funds,
the change to Central San officers having the authorization will allow for a speedier process and ultimately
help facilitate smooth transition to an in-house treasury structure.
August 15, 2024 Regular Board Meeting Agenda Packet - Page 33 of 189
Page 2 of 5
ALTERNATIVES/CONSIDERATIONS
The Board may opt not to approve the proposed resolution. Not doing so would result in the County
maintaining control over Central San's LAI F account, which is not in alignment with the strategic objectives
of implementing an in-house treasury function.
The Board may also wish to add additional Central San staff or specific Board members as authorized
parties with LAI F or make other changes. Doing so is not recommended as the General Manager,
Treasurer (Deputy General Manager of Administration), and Finance Manager are the appropriate
management -level staff for Central San considering its size (roughly 300 full time employees) and
complexity. Smaller public agencies with fewer staff and less ability to accommodate proper segregation
of duties would likely consider appointing members of the governing body, where more involvement in
operational and administrative matters is common.
FINANCIAL IMPACTS
There are no direct financial impacts resulting from the adoption of the proposed Resolution.
COMMITTEE RECOMMENDATION
The Finance Committee reviewed this matter at its meeting on July 23, 2024 and recommended Board
approval.
RECOMMENDED BOARD ACTION
Approve Resolution No. 2024-022 authorizing investment of monies in the LAI F state investment pool
removing the delegation of authority with the Contra County Treasurer's Office and establishing specified
Central San staff as authorized signers.
Strategic Plan re -In
GOAL FOUR: Governance and Fiscal Responsibility
Strategy 1 - Promote and uphold ethical behavior, openness, and accessibility, Strategy 3 - Maintain financial stability
and sustainability
ATTACHMENTS:
1. Proposed Resolution
2. LAI F Authorization for Transfer of Funds
August 15, 2024 Regular Board Meeting Agenda Packet - Page 34 of 189
Page 3 of 5
Attachment 1
RESOLUTION NO. 2024-022
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CENTRAL CONTRA COSTA SANITARY DISTRICT
AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT
FUND
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 Central Contra Costa Sanitary District (Central San) Board of
Directors (Board) 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 Central San
NOW, THEREFORE, IT BE RESOLVED, that the Board hereby authorizes the
deposit and withdrawal of Central San monies in the Local Agency Investment
Fund in the State Treasury in accordance with Government Code section 16429
et. seq. for the purpose of investment as provided therein.
BE IT FURTHER RESOLVED, as follows:
Section 1. The following Central San 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:
Roger A. Bailey Philip Leiber T. Kevin Mizuno
General Manager Deputy General Manager/ Finance Manager
Treasurer
Section 2. This Resolution shall remain in full force and effect until rescinded by the
Board by Resolution and a copy of the Resolution rescinding this Resolution is filed
with the State Treasurer's Office.
August 15, 2024 Regular Board Meeting Agenda Packet - Page 35 of 189
Page 4 of 5
Central Contra Costa Sanitary District
Resolution No. 2024-022
Page 2 of 2
PASSED AND ADOPTED this 15th day of August 2024 by the Board of Directors of
Central San by the following vote:
AYES:
Members:
NOES:
Members:
ABSENT:
Members:
Michael R. McGill
President Pro Tem
Central Contra Costa Sanitary District
County of Contra Costa, State of California
COUNTERSIGNED:
Katie Young, CPMC, CMC
Secretary of the District
Central Contra Costa Sanitary District
County of Contra Costa, State of California
Approved as to form:
Joan Cox, Esq.
Counsel for the District
August 15, 2024 Regular Board Meeting Agenda Packet - Page 36 of 189
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Effective Date
8/1/2024
California State Treasurer's Office
Local Agency Investment Fund (LAIF)
Authorization for Transfer of Funds
Agency's LAIF Resolution #
Agency Name
Central Contra Costa Sanitary District
or Resolution Date
Page 5 of 5
PRINT CLEAR
Attachment 2
LAIF Account #
70-07-001
8/1/2024
ONLY the following individuals whose names appear in the table below are hereby authorized to order the
deposit or withdrawal of funds in LAIF. This authorization REPLACES AND SUPERSEDES all prior
authorizations on file with LAIF for the transfer of funds.
Name
Title
Roger A. Bailey General Manager
Philip Leiber Deputy General Manager / Treasurer
T. Kevin Mizuno I Finance Manager
Two authorized signatures required. Each of the undersigned certifies that he/she is authorized to execute this
form under the agency's resolution, and that the information contained herein is true and correct.
Signature
Belinda Zhu
Print Name
Assistant County Treasurer
Title
925-608-9550
Phone Number
Please provide email address to receive LAIF notifications.
Name
Signature
Ammy Pluth
Print Name
Investment Officer
Title
925-608-9550
Phone Number
Email
F. Kevin Mizuno kmizuno@centralsan.org
Diana Diaz ddiaz@centralsan.org
Please email the completed form for review to laif@treasurer.ca.gov and allow 2 days
for a response. DO NOT mail the original form until you receive approval.
Mail the approved form to: CA State Treasurer's Office
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
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STO-LAIF-4008
Revised 1/2024