HomeMy Public PortalAbout2022.117 (07-05-22) RESOLUTION NO. 2022.117
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD TO
AUTHORIZE THE TRANSFER OF THE IDLE CASH FROM THE GENERAL
ACCOUNT IN THE AMOUNT OF TWENTY MILLION TO FHN MAIN STREET
FINANCIAL SERVICES. TO GENERATE PROFIT IN THE FORM OF
INVESTMENTS
WHEREAS, the City strives to maintain the level of investment of all idle funds as near
to 100% as possible through the optimum operation of its cash and the City has determined that
its investment goals are safety, liquidity and yield in that order; and
WHEREAS, the City Treasurer is responsible for the City of Lynwood's cash flow
whereby funds are transferred for various accounts to meet operating obligations; and
WHEREAS, the City Treasurer has prepared guidelines for a prudent investment policy;
and
WHEREAS, the City's Investment 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 finds and declares that
the foregoing recitals are true and correct, and incorporates them herein as findings and as a
substantive part of this Resolution.
Section 2. The City Council of the City of Lynwood has delegated by resolution, the
authority to invest to the City Treasurer, hereby approves the Treasurer's request to increase
the investment amount with the City's current Investment Management Advisors.
Section 3. Authorize the Mayor to execute the Resolution for and on behalf of the
City of Lynwood.
Section 4. This Resolution shall take full force and effect immediately upon adoption
by the City Council.
PASSED, APPROVED and ADOPTED this 511 day of July 2022.
Jorge Calp
a, Mayor
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ATTEST: APPROVED AS TO CONTENT
VIA'&
aria Quinonez, City Clerk Noel Tapia, City Attor ey
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, Maria Quinonez, 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 meeting held on the 05t" day of JULY, 2022.
AYES: COUNCIL MEMBERS FLORES, SANTANA, SOTO, MAYOR PRO TEM
SOLACHE AND MAYOR CASANOVA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
aria Quinonez,
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the
Clerk of the City Council of said City, do hereby certify that the above foregoing is a full,
true and correct copy of Resolution No. 2022.117 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 05th day
of JULY, 2022.
Maria Quinonez,
City Clerk
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