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Fly <br />DATE: December 19, 2018 <br />FROM: Stephanie DeWolfe, City Manager `4 , <br />PREPARED BY: Craig Koehler, Finance DirectoL <br />ITEM NO. <br />SUBJECT: Adoption of the Resolution Authorizing Signatories on City Banking <br />Accounts and Related Banking Documents <br />Recommendation <br />It is recommended that the City Council adopt a resolution superseding Resolution No. 7573, <br />Authorizing Signatures on City Bank Accounts. <br />Commission Review and Recommendation <br />This matter was not reviewed by a Commission. <br />Discussion/Analysis <br />By adopting the attached resolution, that supersedes all prior resolutions, Finance Director Craig <br />Koehler and Human Resources Manager Mariam Lee Ko will have signatory authority on the <br />City of South Pasadena's (City) bank accounts and related banking documentation. <br />Background <br />The City Council previously updated the resolution for signatures on City bank accounts on <br />September 19, 2018. The resolution authorizing signatures on City Local Agency Investment <br />Fund accounts was most recently updated on September 19, 2018. At this time, there is no <br />change to add or remove staff from the signatory authority list for LAIF. The bank requires <br />action from the City Council documenting approval of these changes. Currently it is necessary to <br />authorize revisions to the bank account signatory assignments. <br />Legal Review <br />The City Attorney has reviewed this item and has opined that the resolutions are in order. <br />Fiscal Impact <br />The adoption of the updated resolution will update the authority to ensure accurate persom2el <br />have authorization. <br />