2013-07 RESOLUTION NO. 2013 - 07 SA
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, AS THE SUCCESSOR AGENCY OF THE
FORMER GRAND TERRACE REDEVELOPMENT AGENCY,
AUTHORIZING SIGNERS FOR THE 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, on Janaury 30, 2012, the City Council elected, by Resolution 2012-
�J` 08, to authorize the City of Grand Terrace as 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 CITY COUNCIL AS 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.
f- 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 M. Adams
City Clerk Tracey,R. Martinez
Finance Manager Cynthia A. Fortune
Accountant Domilena R. Gonzales
SECTION 3. One of the individuals named as authorized signers 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 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 8t" day of January, 2013.
lJU
Mayor o t e ity of Grand Terrace
ATTEST:
A jG1
City Cler of the City of G d Terrace
I, TRACEY MARTINEZ, City Clerk of the City of Grand Terrace, do hereby certify
that Resolution No. 2013-07 SA was introduced and adopted at a regular meeting of
the City Council of the City of Grand Terrace held on the 8th day of January, 2013, by
the following vote:
AYES: Councilmembers McNaboe, Mitchell and Robles; Mayor Pro Tem Sandoval
and Mayor Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
Tracey R. Wrtine , City-Cler.
Approved as to form:
City Attorney