1. That the City Council approves Resolution 2026-130, Designate Specific Officials by Title Allowed to Deposit or Withdraw Funds from Said Account and Rescind Resolution No. 2025-35; and
2. That the Successor Agency Board approves Resolution 2026-01 SA, Designate Specific Officials by Title Allowed to Deposit or Withdraw Funds from Said Account and Rescind Resolution No. 2025-01 SA.
The Local Agency Investment Fund (LAIF) was established in the State Treasury under Government Code Section 16429.1 et seq. The City of Banning maintains LAIF investment accounts for the City and the Successor Agency. The City Council and Successor Agency previously adopted resolutions authorizing designated officers to order deposits and withdrawals from the LAIF accounts.
Due to changes in personnel, the City’s LAIF authorized representative information should be updated. Government Code Section 16429.1 et seq. provides the statutory basis for local agency participation in LAIF. The proposed resolutions update the City and Successor Agency’s authorized representatives by position title and include their successors in office.
This update is intended to eliminate the need for a new City Council or Successor Agency resolution solely due to a change in personnel serving in an already-authorized position. When an authorized representative changes, the City will update the LAIF signature authorization records with the State Treasurer’s Office in accordance with applicable LAIF requirements.
The proposed resolutions will also ensure that the appropriate City staff are authorized to conduct the necessary LAIF transactions to support the City’s cash flow and investment needs.
No fiscal impact will result from adoption of these resolutions.