Wasco council unanimously authorizes staff signing authority on investment accounts for successor agency and finance authority

The Wasco City Council unanimously adopted two administrative resolutions Tuesday that clarify and delegate signing authority for investment accounts in the state's Local Agency Investment Fund.

Council considered a resolution for the successor agency to the former redevelopment agency that specifies signing authority applies to an investment account rather than a standard banking account. Staff said the wording reflects a technical distinction from previously approved banking authorizations and ensures authorized staff can sign for the investment fund.

In a separate but mirrored action, the council adopted the same authority for the Wasco Public Finance Authority. Staff told the council the change merely extends the same investment-account signing authorization to the finance authority to allow appropriate officials to access and manage the fund on the authority’s behalf.

Both motions passed on unanimous roll-call votes. The clerk recorded the vote with the following members voting "aye": Mayor Saldana, Mayor Pro Tem Reyna, Council member Martinez, Council member Medina and Council member Raya.

No member raised substantive questions about policy, and staff said the resolution does not alter account balances, investment strategy, or program eligibility — it only clarifies who is authorized to sign on the account. The council did not attach additional reporting or monitoring requirements to either resolution.