2000-05-22 Regular Meeting - Laserfiche WebLink

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REQ..eT FOR CITY COUNCIL AGENDA aM Agenda Date Requested: 5/22/00 ~ Requested By: Cynthia Alexander Department: Finance _ Report ~ Resolution _ Ordinance Exhibits: Resolution Amending Authorized Representatives of the City of La Porte SUMMARY & RECOMMENDATION The Public Funds Investment Act (PFIA) of 1987 requires that governing bodies designate by rule, order, ordinance, or resolution, as appropriate, one or more officers or employees of the entity to be responsible for the investment of its funds consistent with the investment policy adopted by the entity. The City of La Porte currently recognizes the Assistant City ManagerlFinance, Assistant Finance Director, and the Accountant as Investment Officers. Our previous Assistant City ManagerlFinance Director resigned and was replaced by the Assistant Finance Director leaving the Assistant Finance Director position vacant. A replacement started with the City on May 1St. We need to amend previous resolutions authorizing representatives to reflect this change. During the transition period, the Finance Director and the Accountant were authorized to perform transactions for the City of La Porte with LOGIC. This resolution will amend that authorization to include Michael Dolby, Assistant Finance Director, as an authorized representative. LOGIC is an investment pool the City utilizes to invest its idle cash. All three of these individuals have either received or will receive the required training as mandated by the PFIA. At this time we would like to amend this resolution to add Michael's name and signature. Action Required by Council: Approval of Resolution Amending Authorized Representatives Availability of Funds: General Fund Water/Wastewater Capital Improvement General Revenue Sharing - - Other Account Number: Funds Available: YES NO Approved for City Council A2enda 61~ -r: \-\~ Robert T. Herrera City Manager ~-Ifo-O 0 Date