HomeMy Public PortalAbout2009.004 - LPFA (07-21-09)RESOLUTION NO. 2009.004
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCING AUTHORITY
AUTHORIZING INVESTMENT OF MONIES FROM THE AUTHORITY'S LEASE
REVENUE BONDS, SERIES 2003A&B, IN THE STATE'S LOCAL AGENCY
INVESTMENT FUND
WHEREAS, the City closed its $8,630,000 Lynwood Public Financing
Authority Lease Revenue Bonds; Series 2003A and Series 20036 on August 23,
2003; and
WHEREAS, there is approximately a total of $1,355,000 of unspent bond
proceeds 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 bond proceeds and earn a higher rate of return as compared to a money
market fund; 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 Financing Authority does hereby find that
the deposit and withdrawal of money in the Local Agency Investment Fund in
accordance vyith 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 Financing Authority Lease Revenue Bonds,
Series 2003A and Series 20036 and shall not supersede current Resolutions on
file with LAIF.
NOW, THEREFORE, BE IT RESOLVED, that the Lynwood Public
Financing Authority does hereby authorize the. deposit and withdrawal of City of
Lynwood's bond proceeds 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 all banking information provided in that regard.
BE IT FURTHER RESOLVED, that an~ two of the following City of
Lynwood officers or their successors in office shall be authorized to order the
deposit and withdrawal of bond proceeds in the Local Agency Investment Fund:
/,~--
Salvador Alatorre
City Treasurer
~~
Maria T. Santillan
Mayor
~~ _
Robert S. Torrez
Assistant City Manager -Admin.
& Community Services
Sheila Harding
Deputy City Treasurer
Roger a
City Manager
PASSED AND ADOPTED, by the Lynwood Public Financing Authority of the City
of Lynwood, County of Los Angeles of State of California this 2151 day of July,
2009.
M is T. Santillan
President
ATTEST:
~ ~
Maria Quinonez
Secretary
Roger .
Chief Administrative Officer
APPROVED AS TO FORM:
Fred Galante
Authority Counsel
APPROVED AS TO CONTENT:
Robert .Torrez/'~"
Assistant City Hager -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 held on the 215` day of July, 2009.
i
AYES: MEMBERS, CASTRO, FLORES, MORTON, RODRIGUEZ, AND
SANTILLAN
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
i ~
Maria Quinonez, 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. 2009.004 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 215` day of July,
2009.
Maria Quinonez, Secretary