HomeMy Public PortalAbout2009.002 - LPFA (03-17-09)RESOLUTION NO. 2009.002
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY
AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY
INVESTMENT FUND
WHEREAS the City closed its $1,500,000 Lynwood Public Financing
Authority Lease Revenue Bonds, Series 1996 on September 25, 1996; and
WHEREAS, there is approximately $776,000 unspent monies in the
~' Project Fund being held by the Bond Trustee, US Bank; and
~ WHEREAS, the City will need maximum flexibility in terms of access to
the moneys and earn a higher rate of return as compared to a money market
account; and
WHEREAS, Pursuant to Chapter 730 of the statues 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 Lynwood Public Finance Authority does hereby find that
the deposit and withdrawal of money in the Local Agency investment Fund in
accordance with the provisions of Section 16429.1 of the Government Code for
the purpose on investment as stated therein as in the best interest of the City of
Lynwood; and
WHEREAS, this resolution authorizes the investment of remaining monies
from the Lynwood Public Finance Authority Lease Revenue Bonds, Series 1996
and shall not supersede current resolutions on file with LAIF; and
~ NOW, THEREFORE, BE IT RESOLVED, that the Lynwood Public
Finance Authority does hereby authorize the deposit and withdrawal of City of
~ Lynwood's monies in the Local Agency Investment Fund in the State Treasury in
accordance with the provisions of Section 16429.1 of the Government Code for
the purpose of investment as stated therein, verification by the State Treasurer's
Office of ail banking information provide in that regard.
BE IT FURTHER RESOLVED, that any two of the following City of
Lynwood officers or their successors in office shall be authorized to order the
deposit and withdrawal of monies in the Local Agency Investment Fund:
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Sal a or e
City Treasurer
`~'~~lc.~ C~z%^-~,`.c.er~>
Maria' T. Santillan
Mayor
~
Robert S. Torr
Assistant City Manager - Admin. &
Community Services
Sheila Harding
Deputy City Treasurer
Roger ley
City Manager
PASSED AND ADOPTED, by the Lynwood Pubiic Finance Authorfty of the City
of Lynwood, County of Los Angeles of State of California this 17th day of March,
2009.
`~~~~,ti~~~
Ma ia T. Santillan. President
ATTEST:
' ~
I
Maria Quinonez, Se etary /~~ Roger L. Haley ~'
/ Administrative Officer ~
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
G~~~~~ l ,~ ~ , .
,
Fred Galante Robert S. Torrez
Authority Counsel Assistant City Manager - Admin.
& Community Services
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of Lynwood Public Finance Authority, do ,~
hereby certify that the foregoing Resolution was passed and adopted by the ~
Agency at its regular meeting heid on the 17~h day of March, 2009. ~
AYES: MEMBERS, CASTRO, FLORES, MORTON, RODRIGUEZ, AND
SANTILLAN
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
~ ~
ari~~~~nonez, Secretary
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
~
I, the undersigned, Secretary of the Lynwood Public Finance Authority, do
hereby certify that the above foregoing is a full, true and correct copy of ,
Resolution No. 2009.002 on file in my o~ce and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 17th day of
March, 2009.
~
~ '
Maria Quinonez, Secretary