2014-02 4 RESOLUTION NO. 2014-02 SA
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY OF THE CITY OF GRAND TERRACE
COMMUNITY REDEVELOPMENT AGENCY, AUTHORIZING SIGNERS
FOR THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, the Successor Agency of the Grand Terrace Community
Redevelopment Agency is a public agency 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, on January 30, 2012, the City Council elected, by Resolution 2012-
4r O8, to authorize the Successor Agency to the former Grand Terrace Community
Redevelopment Agency (Successor Agency), to invest in the Local Agency Investment
Fund in accordance with the provisions of Section 16429.1 of the Government Code
and approved a list of authorized signers to the account; and
WHEREAS, the Successor Agency 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 Successor Agency; and
WHEREAS, deposits may only come from and withdrawals may only be made to
designated, authorized signers on the account.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY OF THE FORMER GRAND TERRACE COMMUNITY REDEVELOPMENT
AGENCY, 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:
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Page 2
Position Individual Name
Interim Agency Director Kenneth J. Henderson
Agency Finance Director Cynthia A. Fortune
Agency Principal Accountant Domilena R. Gonzales
SECTION 3. One of the individuals named as an authorized signer acting on behalf
of the Successor Agency is authorized to initiate transactions and execute documents
on behalf of the City.
SECTION 4. Interest payments, withdrawals and matured investments may only be
transferred to an account of the Successor Agency or paid by written demand to the
Successor Agency.
SECTION 5. the Agency Secretary shall certify to the passage and adoption of this
Resolution, and it shall take effect and be in force.
PASSED, APPROVED AND ADOPTED this 281" day of January, 2014.
4W
Chairman of The Board of Directors of
the Successor Agency
nATTEST: � 1 p
\ 16r1RQo�_a_„ �L}too �Amrrr�C
Agency Secretary
4
t RESOLUTION NO. 2014-02 SA
` Page 3
I, Charlene L. Sherwood Agency Secretary to the
Successor Agency, do hereby certify that Resolution No. 2014-02-SA was
introduced and adopted at a regular meeting of the Board of Directors of the Successor
Agency held on the 28" day of January, 2014, by the following vote:
AYES: Council Members McNaboe, Mitchell, Robles and Mayor
Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
r Agency Secretary
L Approved as to form:
cy Council