HomeMy Public PortalAbout2009.002 - LUA (03-17-09)RESOLUTION NO. 2009.002
A RESOLUTION OF THE LYNWOOD UTILITY AUTHORITY AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND AND THE
BUDGET AMENDMENTS NECESSARY RELATING TO THE ISSUANCE OF THE
LYNWOOD UTILITY AUTHORITY 2008 ENTERPRISE REVENUE BONDS
WHEREAS the City closed its $9,755,000 Lynwood Utility Authority 2008
' Enterprise Revenue Bonds, Series A on November 25, 2008; and
WHEREAS, there is a need to amend the budget relating to the issuance of the
Lynwood Utility Authority 2008 Enterprise Revenue Bonds; and
WHEREAS, the new money from the 2008 bond issue and the unspent proceeds
from the 1995 and 1999 bond issues total to approximately $8.5 million being held by
the Bond Trustee, BNY Mellon Trust; and
WHEREAS, the City will need maximum flexibility in terms of access to the
monies 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 Utility 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 monies from the
Enterprise Bonds and shall not supersede current resolutions on file with LAIF; and
NOW, THEREFORE, BE IT RESOLVED, that the Lynwood Utility Authority does
hereby find, proclaim, order and resolve as follows:
Section 1. That the Lynwood Utility Authority authorizes the following budget
amendments:
Expenditure:
6051.45.450.67601 $155,000 Principal Payment/Series 2008
6051.45.450.67605 $246,583 Interest Payment/Series 2008
6051.45.450.67610 $239,414 Cost of Issuance/Series 2008
6051.45.450.67601 -$165,000 Principal Payment/Series 1995
6051.45.450.67605 -$103,187 Interest Payment/Series 1995
Revenue:
6051.45.37135 $3,755,000 Bond Proceeds
' New fund/new account $6,000,000 Bond Proceeds
Section 2. That the Lynwood Utility Authority authorizes the deposit and
withdrawal of Enterprise 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 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 Fungi _ _
l
Sal latorre
City Treasurer
~~J ~~.2~e~-.~
Maria T. Santillan
Mayor A
Assistant Ci ariage~ -Admin. &
Community ices
Sheila Harding ~, 1 /
Depu City Treas r ~"
Roger Ha ey
City Manager
PASSED AND ADOPTED, by the Lynwood Utilit~r Authority of the City of Lynwood,
County of Los Angeles of State of California this 17 n day of March, 2009.
a~-~ c}~~~~--
Mar a T. Santillan, President
ATTEST:
Maria Quinonez, ecretary
Roger L. Hal y
Chief Administrative Officer
APPROVED AS TO FORM:
~~~~
Fred Galante, Authority Counsel
APPROVED AS TO CONTENT:
Robert . Torrez
Assistant City ager -Admin. &
Community Services
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
1
1
1
I, the undersigned, Secretary of the Lynwood Utility Authority, do hereby certify
that the foregoing Resolution was passed and adopted by the Agency at its regular
meeting held on the 17`h day of March, 2009.
AYES:
NOES:
ABSENT:
ABSTAIN
MEMBERS, CASTRO, FLORES, MORTON, RODRIGUEZ, AND
SANTILLAN
NONE
NONE
NONE
Maria Quinonez, S retary
STATE OF CALIFORNIA )
)ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Utility Authority, do hereby certify
that the above foregoing is a full, true and correct copy of Resolution No. 2009.002 on
file in my office and that said Resolution was adopted on the date and by the vote
therein stated. Dated this 17`h day of March, 2009.
Maria Quinonez, Secretary