2021-32 RESOLUTION NO. 2021-32
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 City's account.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Grand
Terrace, 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
Interim City Manager G. Michael Milhiser
Interim Finance Director Terry Shea
CC Reso No. 2021-32 Page 1 of 2 August 10, 2021
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.
Section 5. This Resolution shall be effective immediately upon its adoption and
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 by the City Council of the City of Grand
Terrace, California, at its regular meeting held on the 10th day of August 2021.
D cy McN
Mayo
ATTEST:
ebra L. : homas
City Clerk
APPROVED AS FORM:
'&
. 2---- -
Adrian Guerra
City Attorney
CC Reso No. 2021-32 Page 2 of 2 August 10, 2021
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF GRAND TERRACE )
I Debra L. Thomas, City Clerk of the CITY OF GRAND TERRACE, CALIFORNIA,
DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2021-32
was duly passed, approved and adopted by the City Council, approved and signed by
the Mayor, and attested by the City Clerk, at the regular meeting of said City Council
held on the loth day of August 2021, and that the same was passed and adopted by the
following vote:
AYES: Council Members Allen, Wilson, Robles; Mayor McNaboe
NOES: None.
ABSENT: Mayor Pro Tern Hussey
ABSTAIN: None.
Executed this 12th day of August 2021, at Grand Terrace, California.
ebra L. Thomas
City Clerk