HomeMy WebLinkAbout6771 RESOLUTION NO. 6771
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, AUTHORIZING INVESTMENT OF
GENERAL OBLIGATION BONDS SERIES 2011 BOND
PROCEEDS IN THE LOCAL AGENCY INVESTMENT
FUND
WHEREAS, pursuant to Chapter 730 of the statutes 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 City Council does hereby find that the deposit and withdrawal of
proceeds from bonds, notes, certificates of participation, or other forms of indebtedness
(proceeds) in the Local Agency Investment Fund in accordance with the provisions of
Government Code Section 16429.1 is in the best interest of the City of Arcadia and the
holders of the City of Arcadia's indebtedness.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby authorize the deposit and withdrawal
of General Obligation bond series 2011 proceeds in the Local Agency Investment Fund
in the State Treasury in accordance with the provisions of Government Code Section
16429.1 for the purpose of investment as stated therein, and verification by the State
Treasurer's Office of all banking information provided in that regard.
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SECTION 2. Any one or more of the following City of Arcadia officers or their
successors in office shall be authorized to order the deposit or withdrawal of monies in
the Local Agency Investment Fund:
Donald Penman, City Manager
Hue C. Quach, Administrative Services Director
P. Shannon Huang, Financial Services Manager/Treasurer
until the City of Arcadia notifies the Local Agency Investment Fund in writing of any
change with respect to the foregoing.
SECTION 3. The City Clerk shall certify as to the adoption of this Resolution.
Passed, approved and adopted on this 3rd day of May , 2011
■ • AM,
yor o 1 he City of Arcadia
ATTEST:
ty Clerk
APPROVED AS TO FORM:
g•-11(EA ().
Stephen P. Deitsch
City Attorney
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JAMES H. BARROWS, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 6771 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 3rd day of May, 2011 and that said Resolution was adopted by the
following vote, to wit:
AYES: Council Members Amundson, Chandler, Harbicht, Segal and Kovacic
NOES: None
ABSENT: None
6y Clerk of the City of Arcadia
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