2012-58 RESOLUTION NO. 2012- 58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, AUTHORIZING SIGNERS FOR 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, 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 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 OF THE CITY OF GRAND
TERRACE, CALIFORNIA, 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
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 is authorized to execute documents on behalf of the City.
SECTION 4. One of the individuals named as authorized signers acting on
ibr behalf of the City of Grand Terrace 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 or paid by written demand
payable to the City of Grand Terrace.
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 13'" day of November, 2012.
II
ATTEST: Mayor of the City of Grand Terrace
City Clerk b7 the City of Gra 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
Mayor Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
r°
Tracey R. arti ez, City Cle
APPROVED RM:
City Attorney
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