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2008-04 RESOLUTION NO. 2008-04 A RESOLUTION OF THE BOARD OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, CALIFORNIA, AUTHORIZING SIGNERS FOR LOCAL AGENCY INVESTMENT FUND WHEREAS,the Community Redevelopment Agency (CRA) of the City of Grand Terrace is a redevelopment 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,the Community Redevelopment Agency of 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 agency; and WHEREAS, deposits may only come from and withdrawals may only be made to designated, authorized CRA and City of Grand Terrace operating and CRA and City of Grand Terrace investment accounts; and WHEREAS, Local Agency Investment Fund requires the CRA to adopt a resolution to change authorized signers on the account; and THEREFORE, THE BOARD OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE HEREBY RESOLVES THE FOLLOWING: 1) All previous resolutions of designated authorized signers with the Local Agency Investment Fund are hereby revoked. r 2)Authorized signers on the Local Agency Investment Fund account are: City Manager/Treasurer Thomas Schwab Finance Director Bernard Simon Sr.Account Technician Patricia Lundsford Account Technician Michelle Boustedt PASSED AND ADOPTED this 14th day of October, 2008. Mayor of�le City of Grand Terrace Attest: U1Q/!'l�G�©O'_ City Clerk of the City of Grand Terrace I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify that Resolution No. 2008-04 was introduced and adopted at a regular meeting of the City Council of the City of Grand Terrace held on the 14th day of October, 2008, by the following vote: AYES: Agency Members Cortes, Miller and Buchanan; Vice-Chairman Garcia and Chairman Ferre NOES: None ABSENT: None ABSTAIN: None Brenda Mesa, City Clerk Approved as to form: DWI City Attorney I I