2012-57 ` RESOLUTION NO. 2012- 57 SA
�1► A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE AS THE SUCCESSOR AGENCY OF THE FORMER GRAND
TERRACE COMMUNITY 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 January 30, 2012 the City Council elected, by Resolution 2012-
08, to authorize the City of Grand Terrace as Successor Agency to the former Grand
Terrace Community Redevelopment 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 to the former Grand Terrace Community
Redevelopment 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 City; 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.
SECTION 2. The following officers or their successors in office shall be
Ikw authorized signers on the Local Agency Investment Fund account:
Position Individual Name
City Manager Betsy Adams
Interim Finance Director Steve Elam
City Clerk Tracey R. Martinez
SECTION 3. One of the individuals named as authorized signers on behalf of the
City of Grand Terrace as the Successor Agency to the former Grand Terrace
Community Redevelopment Agency is authorized to execute documents on behalf of
the City.
SECTION 4. One of the individuals named as authorized signers acting on
behalf of the City of Grand Terrace as the Successor Agency to the former Grand
Terrace Community Redevelopment Agency is authorized to initiate transactions on
behalf of the City.
SECTION 5. Interest payments, withdrawals and matured investments may only
be transferred to an account of the City of Grand Terrace as the Successor Agency to
the former Community Redevelopment Agency or paid by written demand payable to
the City of Grand Terrace as the Successor Agency to the former Grand Terrace
Community Redevelopment Agency.
SECTION 3. 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 13t" day of November, 2012.
ATTEST: rM6yo of the City of Grand Terrace
City Clerk the City of Gr� Terrace
I, TRACEY R. MARTINEZ, CITY CLERK of the City of Grand Terrace, do hereby
certify that the foregoing Resolution was introduced and adopted at a regular meeting of
the City Council of the City of Grand Terrace held on the 13`" day of November, 2012,
by the following vote:
AYES: Councilmembers Hays, McNaboe and Sandoval; Mayor Pro Tem Garcia
and Mayor Stanckiewitz
NOES: None
ABSENT: None
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ABSTAIN: None
Tracey RWartnez, City rk
APPROVED AS TO FORM:
ty Attorney
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