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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 7, 2008 <br />TITLE: <br />ADOPT A RESOLUTION TO AUTHORIZE THE <br />INVESTMENT OF CITY FUNDS IN THE STATE <br />TREASURY LOCAL AGENCY INVESTMENT FUND <br />~/ W~ ~'• <br />CITY ANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1St Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution to provide for the deposit of City funds in the State <br />Treasury Local Agency Investment Fund for the purpose of investment. <br />DISCUSSION <br />The City of Santa Ana recently completed the bond financing process that <br />delivered $60,890,493.33 in bond proceeds for the local neighborhood <br />street program. The financing completes one component of the overall <br />$100 million strategic investment the City is proposing. This financing <br />was established through the issuance of Gas Tax Certificates of <br />Participation. Proceeds of the financing will enhance the City's ability <br />to address all neighborhood streets as well as implement a long-term <br />preventative maintenance program. <br />Funds will be invested in conservative, secure instruments until fully <br />expended. One investment option is the Local Agency Investment Fund <br />(LAIF) administered by the Treasurer of the State of California. LAIF <br />requires the adoption of a resolution of the City Council granting <br />authorization of designated staff to deposit and withdraw funds with the <br />LAIF for purposes of investment by the City. The attached resolution <br />provides staff authorization to invest City funds and designates the <br />positions authorized to act on behalf of the City for purposes of <br />depositing or withdrawing funds. <br />55C-1 <br />