Report Prepared by: Venus Rodriguez, Finance Officer
Title
SUBJECT: Authorization of Signing Authority for City Bank Accounts and Local Agency Investment Fund
REPORT IN BRIEF
Consider granting the City’s Officers signing authority for City bank accounts and Local Agency Investment Fund.
RECOMMENDATION
City Council/Public Financing and Economic Development Authority/Parking Authority - Adopt a motion:
A. Adopting Resolution 2022-05, a Resolution of the City Council of the City of Merced, California, authorizing signature of City checks; and,
B. Adopting Resolution 2022-06, a Resolution of the City Council of the City of Merced, California, authorizing investment of City of Merced monies in Local Agency Investment Fund; and,
C. Adopting Resolution PFA 2022-01, a Resolution of the City of Merced Public Financing and Economic Development Authority authorizing signature of Authority checks; and,
D. Adopting Resolution PFA 2022-02, a Resolution of the City of Merced Public Financing and Economic Development Authority authorizing investment of City of Merced monies in Local Agency Investment Fund; and,
E. Adopting Resolution PA 2022-01, a Resolution of the Parking Authority of the City of Merced, California, authorizing signature of Parking Authority checks; and,
F. Adopting Resolution PA 2022-02, a Resolution of the Parking Authority of the City of Merced, California authorizing investment of City of Merced monies in Local Agency Investment Fund.
Body
ALTERNATIVES
1. Approve as recommended; or
2. Deny; or
3. Refer to staff for further study; or
4. Continue to a future meeting.
AUTHORITY
City Charter Sections 200 and 405.
CITY COUNCIL PRIORITIES
As provided for in the 2021-2022 Adopted Budget
DISCUSSION
On October 15, 2018, the City Council approved resolutions for specific signors to sign on behalf of the City to City’s bank accounts and the Local Agency Investment Fund. At that time, Steve Carrigan was authorized as the City Manager and Stephanie Dietz was authorized as the Assistant City Manager.
As of November 30, 2020 and July 26, 2021, Stephanie R. Dietz was officially promoted to City Manager and Frank Quintero was promoted to Deputy City Manager, respectively. To properly reflect their titles and roles, new authorizations need to be granted so they can sign the City checks and other documents evidencing payment of funds on behalf of the City of Merced and to use a facsimile signature. Modifications to who is authorized to withdraw City Funds from the Local Agency Investment Fund in the State Treasury is also required.
The following individuals will be authorized upon adoption of the attached resolutions:
1. M. Venus Rodriguez, Finance Officer
2. Julie A. Trujillo, Deputy Finance Officer
3. Frank Quintero, Deputy City Manager
4. Stephanie R. Dietz, City Manager
IMPACT ON CITY RESOURCES
No appropriation of funds is needed.
ATTACHMENTS
1. Resolution 2022-05
2. Resolution 2022- 06
3. Resolution PFA 2022-01
4. Resolution PFA 2022-02
5. Resolution PA 2022-01
6. Resolution PA 2022-02