HomeMy Public PortalAbout2021.048 - (05-18-21) RESOLUTION NO. 2021.048
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
TO INVEST AN ADDITIONAL FIVE MILLION WITH FHN FINANCIAL
MAIN STREET ADVISORS TO THE ACHIEVE AN HIGHER RATE OF
RETURN
WHEREAS, the Treasurer is responsiblefor the City of Lynwood's cash flow
whereby funds are transferred for various accounts to meet operating obligations; and
WHEREAS, the Treasurer has prepared guidelines for a prudent investment
policy; and
WHEREAS, the policy contains certain investment criteria; and
WHEREAS, the basic premise of the investments is to increase the City's cash
flow to assure the City's cash needs are met.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, PROCLAIM, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Lynwood hereby approve the
Treasure's request to invest an additional Five Million Dollars ($5,000,000) with the
City's current Investment Management Advisors FHN Financial Main Street Advisors;
and
Section 2. The City Clerk shall certify to the adoption of this resolution and
hereafter the same shall be in full force and effect.
PASSED, APPROVED and ADOPTED this 18th day of May, 2021.
Mar se : antan.,, Ma ,0r
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ATTEST: APPROVED AS TO FORM:
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Marra Quinonez, Ernie Hem z,
City Clerk City Manager
APPROVED AS TO CONTENT:
Noel Tapia,
City Attorney
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STATE OF CALIFORNIA )
) §
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
above and foregoing resolution was duly adopted by the City Council of said City at its
special meeting thereof held in the City Hall of the City on the 18th day of May, 2021
and passed by the following vote:
AYES: COUNCIL MEMBERS FLORES, SOLACHE, SOTO, MAYOR PRO TEM
CASANOVA AND MAYOR SANTANA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
V(ania,,(QW.A/tik.C4 .7
Maria Quinonez,
City Clerk
STATE OF CALIFORNIA )
) §
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and Clerk of the City
Council of said City, do hereby certify that the above and foregoing is a full, true and
correct copy of Resolution No. 2021.048 on file in my office and that said resolution
was adopted on the date and by the vote therein stated. Dated this 18th day of May,
2021.
Cijiatetd--
Maria Quinonez,
City Clerk d
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