HomeMy WebLinkAboutCC Res 2638 1977-01-24
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RESOLUTION NUMBER
,2&'.3 8
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH PROVIDING FOR THE INVESTMENT OF
INACTIVE FUNDS IN THE LOCAL AGENCY INVESTMENT
FUND OF THE CALIFORNIA STATE TREASURY
The City Council of the City of Seal Beach hereby resolves
as follows:
WHEREAS, the City has money in its treasury not re-
quired for immediate needs; and
WHEREAS, it is to the best interest of the City to place
said money in approved investments yielding maximum returns;
and
WHEREAS, the California State Legislature has inacted
Assembly Bill No. 3107 creating the Local Agency Investment
Fund as a special fund in the California State Treasury; and
WHEREAS, the Local Agency Investment Fund of the California
State Treasury meets all requirements contained in the Financial
Affairs Sections of the State Code; and
WHEREAS, the pooling of funds by many California local
agencies will create a fund allowing for high rates of returns
due to the use of large denomination instruments.
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NOW, THEREFORE, the City Council of the City of Seal Beach
does hereby find. determine and resolve as follows:
Section 1: The City of Seal Beach, whose offices are
located at 211 Eighth Street, Seal Beach, California 90740
will participate in the Local Agency Investment Fund of the
California State Treasury as provided by Assembly Bill N~. 3107.
Section 2: The City of Seal Beach agrees to deposit
or withdraw money in the Local Agency Investment Fund in
the California State Treasury in accordance with the provisions
of Section 16429.1 of the Government Code for the purpose of
investment as stated therein.
Section 3: The following persons are authorized to order
the depos~t or withdrawal of money in the Local Agency Invest-
ment Fund:
D. Barry Morgan, City Treasurer
Denis Thomas, Finance Director
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PASSED,
of Sea
day of
PROVED, AND ADOPTED by the City Council of the ~tl
each, California, at a meeting thereof on the ~ t
, 1977, by the f0110Wi~vote:
Council Members~........~ ~,*"",/,p'd~
Council Memb.r'~
counc~l Members _ ~ ~
Counc~l Members
AYES:
NOES:
ABSENT:
VACANCY:
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Mayor
I HEREBY CERTIFY that the foregoing is a true and
copy of Resolution NO.2b~t3 passed and adopted by the
Council of the City Of~l Beach at a meeting thereof
on the 0?401.f day of iJ~ OL, ' 1977
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C;;t Cler
correct
City
held