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2012-58 RESOLUTION NO. 2012- 58 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 signers on the account. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. All previous resolutions of designated authorized signers with the Local Agency Investment Fund are hereby revoked. SECTION 2. The following officers or their successors in office shall be authorized signers on the Local Agency Investment Fund account: Position Individual Name City Manager Betsy Adams Interim Finance Director Steve Elam City Clerk Tracey R. Martinez SECTION 3. One of the individuals named as authorized signers on behalf of the City of Grand Terrace is authorized to execute documents on behalf of the City. SECTION 4. One of the individuals named as authorized signers acting on ibr behalf of the City of Grand Terrace is authorized to initiate transactions on behalf of the City. SECTION 5. Interest payments, withdrawals and matured investments may only be transferred to an account of the City of Grand Terrace or paid by written demand payable to the City of Grand Terrace. SECTION 3. The City Clerk shall certify to the passage and adoption of this Resolution, and it shall take effect and be in force. PASSED, APPROVED AND ADOPTED this 13'" day of November, 2012. II ATTEST: Mayor of the City of Grand Terrace City Clerk b7 the City of Gra Terrace I, TRACEY R. MARTINEZ, CITY CLERK of the City of Grand Terrace, do hereby certify that the foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the City of Grand Terrace held on the 13'" day of November, 2012, by the following vote: AYES: Councilmembers Hays, McNaboe and Sandoval; Mayor Pro Tem Garcia Mayor Stanckiewitz NOES: None ABSENT: None ABSTAIN: None r° Tracey R. arti ez, City Cle APPROVED RM: City Attorney 2