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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;.