Loading...
2009-08 1 RESOLUTION NO. 2009-08 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY.OF THE CITY OF GRAND TERRACE, CALIFORNIA,AUTHORIZING SIGNERS FOR LOCAL AGENCY INVESTMENT FUND WHEREAS,the Community Redevelopment Agency of the City of Grand Terrace (CRA) is a redevelopment 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 CRA and under government code section 53600; and WHEREAS,the CRA of 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 CRA; and WHEREAS, deposits may only come from and withdrawals may only be made to designated, authorized CRA and City operating and City investment accounts; and WHEREAS,Local.Agency Investment Fund requires the CRA to adopt a resolution to change authorized signers on the account; and THEREFORE, THE AGENCY BOARD OF THE COMMUNITY REDEVELOPMENT AGENCY 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: Position Individual Name City Manager (Vacant) Acting City Manager Steve Berry 2 f � Finance Director Bernard Simon Sr.Account Technician Patricia Lundsford Account Technician Michelle Boustedt -3) One of the individuals named as authorized signers acting on behalf of the CRA of the City of Grand Terrace is authorized to execute documents on behalf of the agency. 4) One of the individuals named as authorized signers acting on behalf of the CRA of the City of Grand Terrace is authorized to initiate transactions on behalf of the agency. 5)_Interest payments, withdrawals and matured investments may only be transferred to an account of the CRA or City of Grand Terrace or paid by a written demand payable to the Community Redevelopment Agency of the City of Grand Terrace. APPROVED AND ADOPTED this 14th day of July, 2009 Ayes: Councilmember.s Cortes, Miller & Stanckiewitz; Mayor-�Tro Tem Garcia & y Mayor Ferre Noes: None Abstain: None Absent: None Chairvolhan ATTEST: City Clerk