HomeMy WebLinkAboutResolution No. 3390 RESOLUTION NO. 3390
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
AUTHORIZING THE USE OF THE LOCAL AGENCY INVESTMENT FUND
UNDER THE OFFICE OF THE CALIFORNIA STATE TREASURER AS
AN INVESTMENT MEDIA ALTERNATIVE
WHEREAS, Article II (commencing with Section 16429.1) has been
added to Chapter 2 of Part 2 of Division 4 of Title 2 of the Government
Code; and
WHEREAS, this Government Code addition provides for the creation
of the Local Agency Investment Fund under the office of the California
State Treasurer and the establishment of the local Investment Advisory
Board and prescribes various duties for the Board; and
WHEREAS, it is deemed wise and prudent to establish an account with
the office of the California State Treasurer for the purpose of using the
Local Agency Investment Fund as an investment media alternative.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. That the City Council of the City of Downey hereby
authorizes the establishment of an investment account with the office
of the California State Treasurer Local Agency Investment Fund titled:
City of Downey
8425 Second Street
Downey, California 90241
Attention: Director of Finance
SECTION 2. That the City Council of the City of Downey agrees
to investments or withdrawal of money in the Local Agency Investment Fund
in the State Treasury in accordance with the provisions of Section 16429.1
of the Government Code for the purpose of investment as stated therein.
SECTION 3. That the City Council of the City of Downey authorizes
the following named officials to order the investment or withdrawal of
money in the Local Agency Investment Fund:
DIRECTOR OF FINANCE
MANAGER OF REVENUE
SECTION 4. The City Clerk shall certify to the adoption of this
Resolution and shall provide for appropriate distribution thereof.
APPROVED AND ADOPTED this 22nd day of March, 1977.
A %/ 2
azel N. Scotto, Mayor
ATTEST:
V ✓ 3
City 61 elk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF DOWNEY )
�., I HEREBY CERTIFY that the foregoing Resolution was adopted at a
regular meeting of the City Council of the City of Downey, held on the
22nd day of March, 1977, by the following vote, to wit:
AYES: 5 Council Members: Greene, Jennings, Miller,Jackman, Scotto
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
City Clerk