HomeMy WebLinkAboutResolution No. 15-7593-Authorizing Bond Proceeds in the Local Agency Investment FundA RESOLUTION OF THE CITY COUNCIL OF OF
DOWN •- • r PROCEEDS •
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, • OF OF DOWNEY DOEW
RESOLVE i, i
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:
John Oskoui, Assistant City Manager/Treasurer
Anil H. Gandhy, Director of Finance
Trang T. Nguyen, Assistant Director of Finance
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 13th day of October, 2015.
a ��
RESOLUTION NO.
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 13th day of October 2015, by the following
vote, to wit:
AYES:
Council Members:
NOES:
Council Members:
ABSENT:
Council Members:'
ABSTAIN :
Council Members::
Ashton, Brossmer,
None.
None.
None.
Vasquez, Saab, Mayor Marquez