2022-05 RESOLUTION NO. 2022-05
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, 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
City Manager Konrad Bolowich
Interim Finance Director Terry Shea
CC Reso No. 2022-05 Page 1 of 2 January 11, 2022
Page 2
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. 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 11th day of January 2022.
D c oe
Mayor
EST:
ebra L. Thomas
City Clerk
APPROVED AS ORM:
e%2 /
. -
Adrian Guerra
City Attorney
CC Reso No. 2022-05 Page 2 of 2 January 11, 2022
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. 2022-05
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 11 th day of January 2022, and that the same was passed and adopted by
the following vote:
AYES: Council Members Allen, Wilson, Robles; Mayor Pro Tern Hussey,
Mayor McNaboe
NOES: None.
ABSENT: None.
ABSTAIN: None.
Executed this 12th day of January 2022, at Grand Terrace, California.
Debra L. Thomas
City Clerk