Resolution - 2021-35RESOLUTION NO. 2021-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA, CALIFORNIA, AUTHORIZING THE
INVESTMENT OF EXCESS FUNDS IN THE LOS ANGELES
COUNTY TREASURY POOL AND AUTHORIZING THE
EXECUTION OF A MEMORANDUM OF
UNDERSTANDING RELATING 'THERETO
WHEREAS, California Government Code ("Government Code') Section 53684 allows
local agencies to deposit excess funds in the Los Angeles County Treasury Pool for the purpose
of investment by the Treasurer and Tax Collector of the County of Los Angeles (the "County
Treasurer'); and
WHEREAS, the City Council of the City of West Covina (the "City"), has determined or
may determine from time to time, that the City has excess fields which are not required for immediate
use; and
WHEREAS, the City is a "local agency" as that term is defined in Government Code Section
53600; and
WHEREAS, the Board of Supervisors (the "County Board') of the County of Los Angeles
(the "County') made Government Code Section 53684operative in the County on February 24,1987,
as amended by said County Board on May 31, 1988; and
WHEREAS, with the consent of the County Treasurer, the County Treasurer may accept for
investment, deposits of the City, upon the adoption by the City of a resolution authorizing the
investment of excess funds by the County Treasurer pursuant to Government Code Section 53684;
and
WHEREAS, the City Council of the City of West Covina has determined that it would be
desirable to deposit the excess funds in the County Treasury Pool for the purpose of investment
pursuant to Government Code Sections 53601 and 53635.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA,
CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby fords that $ may, from time to time, be
advantageous to make deposits for purposes of investment with the County Treasurer in the
County Treasury Pool.
SECTION 2. The City Council hereby finds that excess funds of the City are not required
for immediate use and that the investment of such funds in the County Treasury Pool is an
appropriate investment of its moneys.
SECTION 3. The City Council hereby authorizes the deposit of moneys of the City into
the County Treasury Pool for purposes of investment by the County Treasurer in accordance with
the provisions of Section 53684 of the California Government Code and the "Memorandum of
Understanding for the Deposit and Investment of Excess Funds in the Los Angeles County
Treasury Pool" (the Agreement'), which has been presented to the City Council and which is
approved substantially in the form presented and in such final form as approved by the City
Attorney.
SECTION 4. The City Council hereby authorizes the following City officers holding the
title(s) specified hereinbelow or their successors in office to commit City fiords to be invested by
the County Treasurer, to request the County Treasurer's consent to deposit in the County Treasury
Pool those finds deemed to be excess and not required for immediate use for the purpose of
investment pursuant to Government Code Sections 53601 and 53635, and subject to the terms and
conditions set forth in Government Code Sections 53684 and 27136, and to execute and deliver
any and all documents necessary or advisable in order to effectuate the purposes of this resolution
and the transactions contemplated hereby:
David N. Carmany Robbeyn Bird Stephanie Sikkema
City Manager Finance Director Assistant Finance Director
SECTION 5. The City Clerk shall certify to the passage and adoption of this resolution
and enter it into the book of original resolutions.
SECTION 6. The City Clerk shall provide a certified copy of this resolution to the County
Treasurer.
APPROVED AND ADOPTED by the City Council of West Covina on this 4th day of
May, 2021.
0� �M1 7Mayor
APPROVEDA TO FORM ATTEST
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Thomas P. D e Lisa#,tttty
City Attorney AssClerk
I, LISA SHERRICK, ASSISTANT CITY CLERK of the City of West Covina, California,
do hereby certify that the foregoing Resolution No. 2021-35 was duly adopted by the City Council
of the City of West Covina, California, at a regular meeting thereof held on the 4th day of May,
2021, by the following vote of the City Council:
AYES: Castellanos, Diaz, Lopez-Viado, Tabatabai, Wu
NOES: None
ABSENT: None
ABSTAIN: None
LisaShqqick
AssistaM City Clerk