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HomeMy WebLinkAboutResolution No. 6681 RESOLUTION NO. 6681 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEYAUTHORIZING INVESTMENT OF MONIES 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 money 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 monies 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 24th day of June, 2003. • RICK TREJO, Mayor ATTEST: / pS4 i'14 r/,- KATHLEEN L. MIDSTOKKE, City Clerk RESOLUTION NO. 6681 PAGE TWO 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 24th day of June, 2003 , by the following vote, to wit: _ AYES: 4 Council Members: Bayer, McCarthy, Perkins, Mayor Trejo NOES: 0 Council Members: None ABSENT: 1 Council Members: Cartozian ABSTAIN: 0 Council Members: None ZeiL KATHLEEN L. MIDSTOKKE, City Clerk