Resolution - 8809RESOLUTION NO. 8809
. RESOLUTION OF THE CITY OF WEST COVINA
AUTHORIZING AND REQUESTING THE INVESTMENT OF
EXCESS FUNDS IN THE LOS ANGELES COUNTY
TREASURY POOL.
• WHEREAS, California Government Code Section 53684 allows local
agencies in the County of Los Angeles (the "County") 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 (the "Treasurer") pursuant to Government Code Sections 53601
and 53635; and
WHEREAS, the City of West Covina is a local agency as that
term is defined in Government Code Section 53600; and
WHEREAS, the Board of Supervisors of the County has made the
Government code Section 53684 operative in the County; and
WHEREAS, the City Controller and Finance Officer have
determined that the City of West Covina has excess funds which are
not required for immediate use; and
WHEREAS, this Council 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, IT IS RESOLVED as follows:
1. The Finance Officer is hereby authorized and directed to
deposit in the County Treasury Pool those funds he deems to be
excess and not required for immediate use,, for the purpose of
investment pursuant to Government Code Section 53601 and 53605, and
subject to the terms and conditions set forth in Government Code
Section 53684, and in accordance with the Resolution of the Board
of Supervisors of the County of Los Angeles Authorizing the County
Treasurer and Tax Collector to Invest Excess Funds of Local
Agencies adopted by the Board of Supervisors of the County on
February 24, 1987 and any and all other applicable County
regulations and policies.
2. The City hereby agrees to inform the Treasurer if and to
the extent any of the City's funds deposited in the County Treasury
Pool pursuant to this Resolution are proceeds of the issuance of
bonds, certificates of participation, notes or other evidences of
indebtedness ("Bond Proceeds"). If the Bond Proceeds are restricted
by a certificate of the City relating to compliance with federal
tax requirement ("Nonarbitrage Certificate"), the City agrees to
provide the Nonarbitrage Certificate to the Treasurer so that the
Treasurer can provide the market value of the Bond Proceeds as of
the rebate calculation dates as provided in the Nonarbitrage
Certificate. Notwithstanding the foregoing, the County takes no
responsibility and the City is solely responsible for compliance
with the terms and conditions of the Nonarbitrage Certificates and
of any federal tax requirements that may apply to the Bond
issuance. The City will review bond documents to determine if
funds can be deposited into the County Treasury Pool.
3. The City hereby agrees to indemnify and hold harmless the
County and all of its officers, employees and agents and each of
them, from and against any and .all loss, liability, expense and
claims for damages of any nature whatsoever resulting from or
arising out of any misrepresentations or false information provided
by the City or any of its officers, employees or agents; or
resulting from or arising out of any investments of only the City's
funds made or authorized by the Treasurer in accordance with
Government Code Section 53601 or Government Code Section 53635; or
resulting from or arising out of the performance by the Treasurer
or its officers, employees or agents of their duties with respect
to only the City required by Government Code Section 53684 or by
this Resolution, and except as set out in paragraph 5 herein.
4. That County may not by law and will not offset against
these funds.
5. That County will hold harmless, protect, defend, indemnify
City, its officers, agents and employees and each of them from and
• against any and all loss, liability, expense, claims or damages of
any nature whatsoever resulting or arising or alleged to arise from
intentional misuse of funds, or grossly negligent failure to comply
with statutory investment requirements, or County investment
policies applicable to the pool.
The foregoing Resolution was this 7th day of April, 1992,
adopted by the Council of the City of West Covina.
Agreed and accepted this
date of , 1992.
TreasurW and Tax Collector
of the County of Los Angeles
I HEREBY CERTIFY that the foregoing resolution was duly adopted by
the City Council of the City of West Covina, California, at a
regular meeting thereof held on the 7th day of April, 1992, by the
following vote of the Council, to wit:
AYES: Councilmembers: Jennings, Herfert, Manners, McFadden
NOES: Councilmembers: None
ABSENT: Councilmembers: None
City Clerrl
APPROVED AS TO FORM:
City Attorney
LACTP.RES