2021-11 SA RESOLUTION NO. 2021-11
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR, AGENCY TO THE CITY OF GRAND TERRACE
COMMUNITY REDEVELOPMENT AGENCY, AUTHORIZING SIGNERS
FOR THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, the Successor Agency to the Grand Terrace Community
Redevelopment Agency ("Successor 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-
08, 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, BE IT RESOLVED by the Board of Directors of the
Successor Agency to the Grand Terrace Community Redevelopment Agency, 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:
SA Reso No. 2021-11 Page 1 of 2 August 10, 2021
Position Individual Name
Successor Agency Interim Executive Director G. Michael Milhiser
Successor Agency Interim Finance Director Terry Shea
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. This Resolution shall take effect immediately upon its adoption and
the Successor 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 by the Board of Directors of the
Successor Agency to the Grand Terrace Community Redevelopment Agency at its
regular meeting held on the 10th day of August 2021.
i
Dar&Y McN
Chair o e Board of the Successor
Agency
ATTEST:
ebra L. Thomas
Successor Agency Secretary
APPROVED AS TO FORM:
,2,1, /4
Adrian Guerra
Successor Agency Counsel
SA Reso No. 2021-11 Page 2 of 2 August 10, 2021
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF GRAND TERRACE )
I Debra L. Thomas, Successor Agency Secretary of the CITY OF .GRAND
TERRACE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being
Resolution No. 2021'-11 was duly passed, approved and adopted by the Successor
Agency to the Community Redevelopment Agency, approved and signed by the Chair,
and attested by the City Clerk, at the regular meeting of said Successor Agency to the
Community Redevelopment Agency held on the 10th day of August 2021, and that the
same was passed and adopted by the following vote:
AYES: Board Members Allen, Wilson, Robles; Chair McNaboe
NOES: None.
ABSENT: Vice-Chair Hussey
ABSTAIN: None.
Executed this 12th day of August 2021, at Grand Terrace, California.
ebra L. Thomas -
Successor Agency Secretary;.