Resolution - 2012-72RESOLUTION NO. 2012-72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY TO
THE WEST COVINA REDEVELOPMENT AGENCY 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, the West Covina City Council acting as the successor agency to the West
Covina Redevelopment Agency does hereby find that the deposit and withdrawal of money in
the Local Agency Investment Fund in accordance with the provisions of Section 16429.1 of the
Government Code for.the purpose of investment as stated therein as in the best interests of the
Agency.
. 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 alternative.
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of West
Covina, acting as the Successor Agency to the West Covina Redevelopment Agency, does
hereby resolve as follows:
SECTION 1. That the City of West Covina City Council, acting as the successor agency
to the West Covina Redevelopment Agency, hereby authorizes the establishment of an
investment account with the office of the California State Treasurer Local Agency Investment
Fund titled:
West Covina Successor Agency
1444 West Garvey Avenue
West Covina, CA 91790 .
Attn: Finance Director
SECTION 2. That the City of West Covina City Council acting as the successor agency
to the West Covina Redevelopment Agency 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, as Secretary to the Successor Agency, shall certify to .
the approval and adoption of the Resolution, and it shall thereupon take effect and be in full
force.
Resolution No..2012- 72
Page 2
APPROVED AND ADOPTED on this 215L day of August 21, 2012.
Ri ELM �
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ATTEST:
I a_` a'v
ity Clerk La rie "Cac-jCb,1_
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 st day of August 2012 by the following vote
of the City Council;
AYES: Herfert, Sanderson, Sotelo, Sykes, To hey
NOES: None
ABSENT: None
ABSTAIN: None f
City Clerk Laurie Carrie-' -;
APPROVED AS TO FORM:
lity Attorney Arnold Alvarez-Glasman