2009-10 RESOLUTION NO. 2009-10
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 Betsy M.Adams
Finance Director Bernard Simon
_ Sr.Account Technician Patricia Lundsford
Account Technician Michelle Boustedt
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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 8th day of December, 2009
Mayor fthe City o Grand Terrace
Attest:
City Clerk of the City of Grand Terrace
I
I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify
that Resolution No. 2009- to was introduced and adopted at a regular meeting of the
City Council of the City of Grand Terrace held on the 8th day of December, 2009, by the
following vote:
AYES: Agency Members Cortes, Miller and Stanckiewitz; Vice-Chairman
Garcia and Chairman Ferre
NOES: None
ABSENT: None
ABSTAIN: None
Brenda Mesa, City Clerk
Approved as to form:
i
City Attorney