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• • <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested: 11/22/99 <br />Requested By: Jeff Litchfield Department: Finance <br />Report X Resolution Ordinance <br />Exhibits: Resolution Amending Authorized Representatives of the City of La Porte <br />SUMMARY & RECOMMENDATION <br />The Public Funds Investment Act (PFIA) of 1987 requires that governing bodies designate by rule, order, ordinance, or <br />resolution, as appropriate, one or more officers or employees of the entity to be responsible for the investment of its funds <br />consistent with the investment policy adopted by the entity. <br />The City of La Porte currently recognizes the Assistant City Manager/Finance, Assistant Finance Director, and Cash <br />Manager as Investment Officers. Because our previous Cash Manager resigned, and a replacement started with us on <br />November 15`h, we need to amend previous resolutions authorizing representatives to reflect this change. During the <br />transition period, the Assistant City Manager/Finance and Assistant Finance Director were authorized to perform <br />transactions for the City of La Porte with LOGIC. This resolution will amend that authorization to include Shelley Hart, <br />Accountant as our primary Investment officer. LOGIC is an investment pool the City utilizes to invest its idle cash. <br />All three of these individuals have either received or will receive the required training as mandated by the PFIA. At this <br />time we would like to amend this resolution to add Shelley's name and signature. <br />Action Required by Council: Approval of :Resolution Amending Authorized Representatives <br />Availability of Funds: <br />General Fund_ Water/Wastewater <br />Capital Improvement_ General Revenue Sharing <br />Other <br />Account Number: Funds Available: YES NO <br />Approved f9ir City Council Agenda <br />errera Date <br />o a er <br />