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AGENDA ITEM NO. 4.
CITY OF HAWTHORNE City Council AGENDA BILL For the meeting of 01/13/2026 Originating Department: Finance |
City Manager:
Department Head:
SUBJECT:
RESOLUTION NO. 8574, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HAWTHORNE, CALIFORNIA, Authorizing Certain Designated City of Hawthorne Officers To Order The Deposit Or Withdrawal of Monies From the Local Agency Investment Fund (“LAIF”).
RECOMMENDED MOTION:
Adopt Resolution No.8574.
DISCUSSION:
California Government Code created a Local Agency Investment Fund (“LAIF”) in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer. The City Council adopted a resolution authorizing the deposit and withdrawal of money in the Local Agency Investment Fund for the purposes of investment. This resolution shall replace the authorized persons to execute LAIF documents. This resolution will now authorize the City Manager, Director of Finance, and Sr. Finance Analyst to 1) order the deposit or withdrawal of monies in the LAIF, 2) execute a request of agency address change, 3) transfer funds, 4) add bank account numbers, and 5) execute any other LAIF document.
ECONOMIC DEVELOPMENT STRATEGIC PLAN:
N/A
FISCAL IMPACT:
None.
NOTICING PROCEDURE:
72 hours posted notice pursuant to the Ralph M. Brown Act.