HomeMy WebLinkAbout2003-06-24 - AGENDA REPORTS - INVESTMENT LACPIF (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
Agenda Item: 1_
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approval:
Item to be presented by:
June 24, 2003
AUTHORIZING AND REQUESTING THE INVESTMENT OF
IDLE FUNDS IN THE LOS ANGELES COUNTY TREASURY
POOL
Administrative Services
RECOMMENDED ACTION
Adopt the updated version of the required Board Resolution, authorizing and requesting the
investment of idle funds in the Los Angeles County Treasury Pool.
BACKGROUND
The City of Santa Clarita periodically invests idle funds in the Los Angeles County Pooled
Investment Fund (LACPIF). LACPIF has requested that their public agencies execute an updated
version of the required Board Resolution, authorizing and requesting the investment of idle funds
in the Los Angeles County Treasury Pool. This resolution does so.
This new resolution specifically addresses the calculation of average balances and states that
interest may be allocated monthly, based on the method that LACPIF chooses. In addition, it
also states that the City will promptly reimburse LACPIF any amount paid in error to the City
upon either discovery of that error by the City or request by LACPIF. The previous resolution
did not address either of these issues.
ALTERNATIVE ACTIONS
Other direction as authorized by Council.
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FISCAL IMPACT
None.
ATTACHMENTS
Resolution - Authorizing and Requesting the Investment of Excess Funds in the Los Angeles
County Treasury Pool