HomeMy Public PortalAbout2011.029 (02-01-11) RESOLUTION NO. 2011.029
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD TO
EXECUTE THE DISCRETIONARY MANAGEMENT AGREEMENT WITH MAIN
STREET CAPITAL ADVISORS, LLC.
WHEREAS, the Treasurer is responsible for the City of Lynwood's cash flow
whereby funds are transferred from various accounts to meet operating obligations; and
WHEREAS, the Treasurer is also responsible for the investment of idle cash;
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 that the City's cash needs are met.
NOW, THEREFORE, THE LYNWOOD CITY COUNCIL DOES HEREBY FIND,
PROCLAIM, ORDER AND RESOLVE AS FOLLOWS:
Section 1. That the Discretionary Management Investment attached hereto as
Exhibit "A" is hereby approved, with revisions in a form subject to the approval of the
City Attorney.
Section 2. This Resolution shall go into effect immediately upon its adoption
PASSED, APPROVED and ADOPTED this 1 day of February, 2011.
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Ai e Castro, Mayor
ATTEST: APPROVED AS TO CONTENT:
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aria Quinonez, ity Clerk Roger L. ale , City Manager
APPROVED AS TO FORM:
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Fred Galante, City Attorney
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, 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 regular meeting held on the 1 day of February, 2011.
AYES: COUNCIL MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON
AND CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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�
Maria Quinonez, ity Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, 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. 2011.029 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 1 day of February,
2011.
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aria Quinonez, ity Clerk