HomeMy Public PortalAbout87-126 (08-18-87)RESOLUTION NO. 87 -126
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING AND REQUESTING THE INVESTMENT OF EXCESS FUNDS IN
THE LOS ANGELES COUNTY TREASURY POOL
WHEREAS, Government Code Section 53684 allows local
agencies in the County of Los Angeles (the "County ") to deposit
excess funds in the Los Angeles County Treasury Pool for the
purpose of investment by the Treasurer and Tax Collector of the
County (the "Treasurer ") pursuant to Government Code Sections
53601 and 53635; and
WHEREAS, the City of Lynwood is a local agency as that
term is defined in Government Code Section 53600;
and
WHEREAS, the Board of Supervisors of the County has
made the Government Code Section 53684 operative in the County;
and
WHEREAS, the treasurer has determined that the City of
Lynwood has excess funds which are not required for immediate
use; and
WHEREAS, this City Council has determined that it would
be desirable to deposit the excess funds in the County Treasury
Pool for the purpose of investment pursuant to Government Code
Sections 53601 and 53635;
NOW, THEREFORE, the City of Lynwood does hereby find,
proclaim, order and resolve as follows:
Section 1. The City Treasurer is hereby authorized and
directed to request the Treasurer's consent to deposit in the
County Treasury Pool those funds he or she deems to be excess and
not required for immediate use, for the purpose of investment
pursuant to Government Code Section 53601 and 53605, and subject
to the terms and conditions set forth in Government Code Section
53684, and in accordance with Resolution of the Board of
Supervisors of the County of Los Angeles Authorizing the County
Treasurer and Tax Collector to invest excess funds of Local
Agencies, adopted by the Board of Supervisors of the County on
February 24, 1987.
Section 2. The City of Lynwood hereby agrees to
indemnify and hold harmless the County and all of its officers,
employees and agents and each of them, from and against any and
all loss, liability, expense and claims for damages of any nature
whatsoever resulting from or arising out of any
misrepresentations or false information provided by the City of
Lynwood or any of its officers, employees or agents; or resulting
from or arising out of any investments of the City of Lynwood's
funds made or authorized by the Treasurer in accordance with
Government Code Section 53601 or Government Code Section 53635;
or resulting from or arising out of the performance by the
Treasurer or its officers, employees or agents of their duties
with respect to City of Lynwood required by Government Code
Section 53684.
Section 3. This resolution shall go into effect
immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 18th day of
August 1987,
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ATTEST:-
DREA L. HOOPER, City vlerk
City of Lynwood
APPROVED AS TO FORM:
�- //L
City Attorney
re
PAUL ICHARDS II, Mayor
City of Lynwood
APPROVED AS TO CONTENT:
e ty y L Wright,Ciby Treasurer
o Lynwood
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
ss.
I, the undersigned, City Clerk of the City of,Lynwood,
do hereby certify that the foregoing resolution was passed and
adopted by the City Council of the City of Lynwood at a regular
meeting held on the 18th day of August ,1987.
AYES: COUNCILMEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES: NONE
ABSENT: NONE
City Clerk, City of Lynwo d 19