ITEM:		consent ITEM
4.	consider authorization of district officers to invest monies in LOcal Agency investment Fund
Meeting Date:			December 11, 2023	Budgeted:	N/A
From:			David J. Stoldt,	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Nishil Bali	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: None
CEQA Compliance: This action does not constitute a project as defined by the California Environmental Quality Act Guidelines Section 15378.

SUMMARY: The Local Agency Investment Fund (LAIF) is a program created by State statute as an investment alternative for California's local governments and special districts. The program offers local agencies the opportunity to participate in a major portfolio, using the investment expertise of the State Treasurer's Office professional investment staff at no additional cost to the taxpayer. The State’s Local Investment Advisory Board provides oversight for LAIF, which purchases securities under the authority of Government Code Section 16430 and 16480.4 following the investment guidelines of safety, liquidity, and yield with an emphasis on safety and liquidity. LAIF deposits are available daily and earn an equal share of interest based on the average daily balance within LAIF during each quarter.

MPWMD holds a major portion of its investment portfolio in LAIF. LAIF requires that officers specified to deposit or withdraw monies in LAIF be authorized through an enabling resolution of the governing body. This report recommends this authorizing resolution.

RECOMMENDATION: Staff recommends authorizing officers holding the title of Chief Financial Officer and General Manager, and their successors to invest district monies in the State’s Local Agency Investment Fund.

EXHIBIT

4-A Draft Resolution 2023-17 authorizing district officers to invest monies in Local Agency Investment Fund

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