HomeMy WebLinkAboutResolution No. 6623 RESOLUTION NO. 6 6 2 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEYAUTHORIZING BOND PROCEEDS IN THE LOCAL
AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976, Section 16429.1 was added to
the California Government Code to create a Local Agency Investment Fund in the State Treasury for
the deposit of money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council of the City of Downey does hereby find that the deposit and
withdrawal of proceeds from bonds, notes, certificates of participation, or other forms of indebtedness
(proceeds) in the Local Agency Investment Fund in accordance with the provisions of Government
Code Section 16429.1 is in the best interest of the City of Downey.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Downey does hereby authorize the deposit and
withdrawal of the City of Downey's proceeds in the Local Agency Investment Fund in the State
Treasury in accordance with the provisions of Government Code Section 16429.1 for the purpose of
investment as stated therein, and verification by the State Treasurer's Office of all banking information
provided in that regard.
SECTION 2. The following officers or their successors in office, shall be the authorized to order
the deposit or withdrawal of proceeds in the Local Agency Investment Fund:
Lee Powell John Michicoff Sung Hyun
Assistant City Manager /Treasurer Director of Finance Finance Manager
SECTION 3. The above authorizations and designations will be in effect until the City notifies
the Local Agency Investment Fund in writing of any changes.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 14th day of January , 2003.
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RICK TREJG, Mayor
ATTEST:
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KATHLEEN L. MIDSTOKK E , City Clerk
Resolution No. 6623
Page 2
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 14th day of January, 2003 , by the following vote,
to wit:
AYES: 5 Council Members: McCarthy, Cartozian, Perkins, Bayer, Trejo
NOES: 0 Council Members: None
ABSTAIN: 0 Council Members: None
ABSENT: 0 Council Members: None
"*Otei,41-4/ 2, 21.4 2 -/
KATHLEEN L . MIDSTOKKE , City Clerk