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City of San Leandro <br />Meeting Date: June 5, 2017 <br />Staff Report <br />Agenda Section:File Number:17-323 CONSENT CALENDAR <br />Agenda Number:8.M. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolutions Updating the Designation of Persons Authorized <br />to Make Financial Transactions and Investments of Funds <br />RECOMMENDATIONS <br />It is recommended the following three resolutions be approved to: <br />1) Designate certain depositories and authorize City officials to remit money in the City <br />treasury to the State Treasury for deposit in the Local Agency Investment Fund (LAIF); <br />2) Designate signatures on City checks and authorize persons to make fund transfers by <br />telephone or wire; <br />3) Authorize Successor Agency of the Redevelopment Agency of the City of San Leandro <br />officials to remit monies to the State Treasury for deposit and withdrawal in the Local <br />Agency Investment Fund (LAIF); and <br />BACKGROUND <br />With the retirement of Assistant City Manager Lianne Marshall and the resignation of <br />Assistant Finance Director Will Fuentes; and the appointment of Assistant City Manager Jeff <br />Kay and Deputy Finance Director, Norite Vong, it is necessary to update the authority for <br />depositing funds into certain depositories and to conduct deposit or withdrawal transactions <br />with the City’s and Agencies’ LAIF accounts. <br />Jeff Kay and Norite Vong will be added, and Lianne Marshall and Will Fuentes will be <br />removed, as authority for deposit and withdrawal transaction activity with the City’s LAIF <br />accounts for the Economic Development Agency and the Successor Agency of the <br />Redevelopment Agency of the City of San Leandro. <br />The San Leandro City Charter provides that all City checks be authenticated by the signatures <br />of one designated person in the City Manager’s Office (Chris Zapata) and one designated <br />person in the Finance Department (David Baum). Jeff Kay from the City Manager’s Office <br />and Norite Vong from the Finance Department will serve as backup alternates. These <br />individuals will be authorized to initiate fund transfers by telephone or wire instructions for the <br />conduct of City business and with the State of California. <br />Page 1 City of San Leandro Printed on 5/30/2017 <br />136