HomeMy WebLinkAboutResolution - - JPFA-63 - 9/25/2025 COAA �
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RESOLUTION NO. JPFA-63
A RESOLUTION OF THE BOARD OF THE FRESNO JOINT
POWERS FINANCING AUTHORITY, CONSENTING TO
AND AUTHORIZING INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND (LAIF) IN THE
CUSTODY OF THE STATE TREASURER FOR PURPOSES
OF PRUDENT FINANCIAL ADMINISTRATION AND
SAFEKEEPING OF FRESNO JOINT POWERS FINANCE
AUTHORITY FUNDS, AND AUTHORIZING CERTAIN
FINANCE OFFICERS IN CONNECTION THEREWITH
WHEREAS, the City of Fresno (the City) and the Redevelopment Agency of the
City of Fresno (the Agency) have executed a Joint Exercise of Powers Agreement, dated
October 25, 1988, as amended November 1, 1991 (the Joint Powers Agreement),
between the City and the Agency that creates and establishes the Fresno Joint Powers
Financing Authority (the Authority); and
WHEREAS, the Joint Powers Agreement defines the "Law" as Articles 1 through
4 of Chapter 5 of Division 7 of Title 1 of the Government Code; and
WHEREAS, the Joint Powers Agreement designates the Treasurer of the City as
the Treasurer of the Authority; and
WHEREAS, the Treasurer is the depositary of the Authority having custody of all
money of the Authority, from whatever source, with the powers, duties, and
responsibilities specified in Section 6505.5 of the Law, subject to the applicable provisions
of any indenture, trust agreement, or resolution providing for a trustee or other fiscal
agent; and
WHEREAS, the Joint Powers Agreement designates the Treasurer of the City as
the Treasurer and Controller of the Authority (hereafter the Treasurer/Controller), with the
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Date Adopted: 09/25/2025
Date Approved: 09/25/2025
Effective Date: 09/25/2025 Resolution No. JPFA-63
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powers, duties, and responsibilities specified in Section 6505.5 of the Law, and the
Treasurer/Controller is authorized to draw checks to pay demands against the Authority
when the demands have been approved by the Authority; and
WHEREAS, the Law permits the contracting parties to designate the public officers
or persons who will have charge of, handle, or have access to any property of the
Authority, and the Joint Powers Agreement grants the Board of the Authority the power
to appoint such other officers and employees as it may deem necessary; and
WHEREAS, by California Government Code Section 16429.1 (State law), the
State legislature created a fund, which the State Treasurer holds in trust, and which is
known as the Local Agency Investment Fund (LAIF); and
WHEREAS, a local government official, with the consent of the governing body of
that agency having money in its treasury not required for immediate needs, may remit the
money to the State Treasurer for deposit in the LAIF for the purpose of investment; and
WHEREAS, in order to facilitate LAIF transactions, the Treasurer/Controller must
designate and authorize certain Finance Officers to execute transactions with the LAIF,
including deposits and withdrawals, all in accordance with and as permitted under State
law, for investment purposes; and
WHEREAS, it is the Treasurer/Controller seeking the delegation of such authority
granted by Section 4.D of the Joint Powers Agreement to perform such financial
transactions with LAIF, and to here present for the Board's approval a list of responsible
Finance Department employees to be authorized to execute financial transactions with
LAIF, and to provide their exemplar signatures, and an exemplar signature of the
Treasurer/Controller; and
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WHEREAS, the Law states that persons or officers are required to file an official
bond in an amount fixed by the contracting parties, and Section D.5 of the Joint Powers
Agreement sets the official bond in the amount of$25,000.
NOW, THEREFORE, BE IT RESOLVED by the Board of the Fresno Joint Powers
Financing Authority as follows:
1. The City Finance Department employees, and their successors in office,
all of whose positions, names, and exemplar signatures are shown below, are designated
as Finance Officers of the Fresno Joint Powers Financing Authority, authorized to execute
financial transactions with LAIF, acting alone as approved by the Treasurer/Controller,
and the exemplar signature of the Treasurer/Controller is set forth and acknowledged.
2. Upon, and subject to each Finance Officer having filed an official bond in
the amount of $25,000, as required by the Law and the Joint Powers Agreement, each
Finance Officer shall be authorized as provided in this Resolution and approved by the
Authority and as necessary for the prudent financial administration and safekeeping of
Authority funds and property.
3. The following six specimen signatures shall be officially recognized until
this authority is rescinded by a subsequent Resolution of the Authority.
Ruth F. uinto, A, Assistant City Manager
5 anise, inance Director/City Controller
(ex-officio) Treasurer
Kai& Neu eld, Assistant Finance Director/City
Controller
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Kamaljit Kaur, Division Manager
Tricia Kelsey, Principal Accountant
Gedgeanne A. White, City Manager
4. Any prior resolutions appointing Finance Officers, setting forth exemplar
signatures, and authorizing officers as set forth herein are hereby rescinded.
5. This resolution shall be effective upon final approval.
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STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, TODD STERMER, City Clerk of the City of Fresno, certify that the foregoing
Resolution was adopted by the Board of Directors of the Joint Powers Financing Authority
(the Authority), of the City of Fresno and the Fresno Redevelopment Agency (now the
City of Fresno as Successor to the Fresno Redevelopment Agency), California, at a
regular meeting thereof, held on the 25th day of September 12025.
AYES : Karbassi, Esparza
NOES : None
ABSENT : Dyer
ABSTAIN : None
TODD STERMER, MMC
City Clerk
By: -8'202s,
Deputy Date
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By:
Sukhman S. Sekhon Date
Deputy City Attorney
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