2008-17 RESOLUTION NO. 2008-17
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, CALIFORNIA,AUTHORIZING
SIGNERS FOR LOCAL AGENCY INVESTMENT FUND
WHEREAS,the City of Grand Terrace is a municipal corporation established under the
laws of the State of California; and
WHEREAS,the Local Agency Investment Fund was established by Chapter 730,
Statutes of 1976. This fund enables local government agencies or trustees to remit surplus
funds,not needed for immediate expenditures, to the State Treasurer for the purpose of
investment on behalf of the agency. The State Treasurer will invest such funds as part of
a pooled money investment account in order to derive the maximum rate of return
possible; and
WHEREAS, the Local Agency Investment Fund is an authorized investment under the
investment policy of the city and under government code section 53600; and
WHEREAS,the City of Grand Terrace periodically needs to update its authorized
signers with the Local Agency Investment Fund; and
WHEREAS, authorized signers will have the authority to deposit and withdraw funds
with the Local Agency Investment Fund on behalf of the City; and
WHEREAS, deposits may only come from and withdrawals may only be made to
designated, authorized City operating and City investment accounts; and
WHEREAS, Local Agency Investment Fund requires the City to adopt a resolution to
change authorized signers on the account; and
THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE
HEREBY RESOLVES THE FOLLOWING:
1)All previous resolutions of designated authorized signers with the Local Agency
Investment Fund are hereby revoked.
2)Authorized signers on the Local Agency Investment Fund account are:
City Manager/Treasurer Thomas Schwab
Finance Director Bernard Simon
Sr.Account Technician Patricia Lundsford
r
Account Technician Michelle Boustedt
PASSED AND ADOPTED this 14th day of October, 2008.
e
Mayor of City of Grand Terrace
Attest: e
i y Clerk of the City of Grand Terrace
I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify
that Resolution No. 2008- 17 was introduced and adopted at a regular meeting of the
City Council of the City of Grand Terrace held on the 14th day of October, 2008, by the
following vote:
AYES: Councilmembers Cortes, Miller and Buchanan; Mayor Pro Tem Garcia
and Mayor Ferre
NOES: None
ABSENT: None
ABSTAIN: None
Brenda Mesa, City Clerk
Approved as to form:
City Attorney