Resolution - 2012-67RESOLUTION NO.2012- 67
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, AUTHORIZING THE USE OF THE LOCAL
AGENCY INVESTMENT FUND UNDER THE OFFICE OF THE
CALIFORNIA STATE TREASURER AS AN INVESTMENT
ALTERNATIVE
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, this Government Code addition provides for the creation of the' Local
Agency Investment Fund under the office of the California State Treasurer and the establishment
of the Local Investment Advisory Board and prescribes various duties for the Board; and
WHEREAS, it is deemed wise and prudent to establish an account with the office of the
California State Treasurer for the purpose of using the Local Agency Investment Fund as an
investment media alternative.
NOW, THEREFORE, the City Council of the City of West Covina does hereby
resolve as follows:
m
SECTION I. That the City of West Covina City Council hereby authorizes the
establishment of an investment account with the office of the California State Treasurer Local
Agency Investment Fund titled:
City of West Covina
1444 West Garvey Avenue
West Covina, CA 91790
Attn: Finance Director
SECTION 2. That the City of West Covina City Council agrees to deposit or withdraw
money in the Local Agency Investment Fund in the State Treasury in accordance with the
provisions of Section 16429.1 of the Government Code for the purpose of investment as stated
herein.
SECTION 3. That the West Covina City Council authorizes the following named local
officials to order the deposit or withdrawal of money in the Local Agency Investment Fund:
Thomas Bachman, Assistant City Manager,
Clara Wong, (Interim) Finance Director,
Dennis Swink, City Controller,
and their successors.
SECTION 4. That the City Clerk shall certify to the approval and adoption of this
Resolution, and it shall thereupon take effect and be in full force.
Resolution No. 2012- 67
Page 2
APPROVED AND ADOPTED on this 2 1 " day of August 2012.
/WOAA",� - &"e,
May r M—i c h a-e r Touhey
ATTEST:
I
City Clerk Laurie Carrico
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting held thereof on the 21 S' day of August 2012 by the following vote
of the City Council:
AYES: Herfert, Sanderson, Sotelo, Sykes, Touhey
NOES: None
ABSENT: None
ABSTAIN: None
ty Clerk Laurie _Carrico;' ^�
APPROVED AS TO FORM:
y Attorne Arnold Alvarez-Glasman