2015-17 RESOLUTION NO. 2015-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE, CALIFORNIA, AUTHORIZING SIGNERS
FOR THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, the City of Grand Terrace (City) 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 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 G. Harold Duffey
Finance Director Cynthia A. Fortune
Principal Accountant Domilena R. Gonzales
SECTION 3. One of the individuals named as an authorized signer acting on behalf of the
City 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 City or paid by written demand to the City.
RESOLUTION NO. 2015-17 PAGE 1 OF 2 JUNE 9, 2015
SECTION 5. 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 9th day of June, 2015.
*cNaayor
arcyo
ATTEST:
Pat Jacquez 7es, ity CCity of Gr Te
I, Pat Jacquez-Nares, City Clerk of the City of Grand Terrace, do hereby certify that
Resolution No. 2015-17 was introduced and adopted at a regular meeting of the City Council of
the City of Grand Terrace held on the 91h day of June, 2015,by the following vote:
AYES: Council Members Mitchell, Hussey, Wilson, Mayor Pro Tern Robles,
Mayor McNaboe
NOES: None
ABSENT: None
ABSTAIN: None
Pat Jacque - ity C r
Approved as to form:
Richard L. Adams, City Attorney
RESOLUTION NO. 2015-17 PAGE 2 OF 2 JUNE 9, 2015