HomeMy WebLinkAboutCC 4 INVEST SURPLUS 12-20-82OATE:
FROH:
SUBJECT:
December 15, 1982
CONSENT CALENDAR
12-20-82
Inter-Corn
Bill Huston, City Manager
Ron Nault,~Direotor
Authorization to Invest Surplus Monies in the States' Local Agency
Investment Funds.
RECOMMENDATION
It is recommended that the City Council adopt Resolution No. 82-91, authorizing
the Finance Director or the Finance coordinator and/or their successors to order
deposits or withdrawals in the Local Agency Investment F~nd.
BACI~GROUND
At this time only the previous City Administrator and the previous Finance
Director are authorized to invest monies in the Local Agency Investment Fund.
This Resolution will authorize, by title, individuals that may transact business
with the State, updating the current situation and providing for future
transitions.
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RESOLUTION NO. 82-91
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CHANGING AUTHORIZATION FOR DEPOSITS OR WITHDRAWALS ON
BEHALF OF THE CITY IN THE LOCAL AGENCY INVESTMENT FUND.
WHEREAS, Section 16429.1 of the Government Code establishes the Local Agency
Investment Fund within.the Office of the State Treasurer; and
WHEREAS, the establishment of the Local Agency Investment Fund allows
governmental units to deposit surplus monies with the State Treasurer for the
purpose of investment; and
WHEREAS, the City Council of the City of Tustin feels that it would be in the
best interest of the citizens of Tustin to have as diversified an investment
portfolio as possible;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUSTIN DOES RESOLVE that the
City of Tustin agrees to deposit or withdraw monies in the Local Agency
Investment Fund in the State Treasury, in accordance with the provision of
Section 16429.1 of the Government Code, and that the Director of Finance
Ronald A. Nault, Finance Coordinator Loni Hamblin, and/or their successors are
hereby authorized, on behalf of the City to order deposits or withdrawals in
the Local Agency Investment Fund.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Tustin on the day of , 1982.
Richard B. Edgar
Mayor
ATTEST:
Mary E. Wynn
City Clerk
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