2014-08 4W RESOLUTION NO. 2014- 08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, AUTHORIZING SIGNERS FOR THE LOCAL
AGENCY INVESTMENT FUND
WHEREAS, the City of Grand Terrace (City) 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 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
Interim City Manager Kenneth J. Henderson
Finance Director Cynthia A. Fortune
Principal Accountant Domilena R. Gonzales
RESOLUTION NO. 2014-08
Page 2
SECTION 3. One of the individuals named as an authorized signer acting on behalf
of the City 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 City or paid by written demand to the City.
SECTION 5. 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 281" day of January, 2014.
Mayor of the City of Grand Terrace
ATTEST:
�AnnQ don„-mvr�,
City Clerk of the City of Grand Terrace
I, Charlene L. Sherwood Interim City Clerk of the
City of Grand Terrace, do hereby certify that Resolution No. 2014-08 was
introduced and adopted at a regular meeting of the City Council of the City of Grand
Terrace held on the 28r" day of January, 2014, by the following vote:
AYES: Council Members McNaboe, Mitchell, Robles and Mayor
Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
(n'} /
City Clerk
Approved as to form:
L L
Ci Attorney