CC RES 1977-010 RESOLUTION NO. 77-10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES PROVIDING FOR THE INVESTMENT
OF INACTIVE FUNDS IN THE LOCAL AGENCY INVESTMENT
FUND OF THE CALIFORNIA STATE TREASURY
The City Council of the City of Rancho Palos Verdes hereby re-
solves as follows :
WHEREAS, the City has money in its treasury not required
for immediate needs; and
WHEREAS, it is to the best interest of the City to place
said money in approved investments yielding maximum returns; and
WHEREAS, the California State Legislature has inacted
Assembly Bill No. 3107 creating the Local Agency Investment Fund
as a special fund in the California State Treasury; and
WHEREAS, the Local Agency Investment Fund of the California
State Treasury meets all requirements contained in the Financial
Affairs Sections of the State Code; and
WHEREAS, the pooling of funds by many California local
agencies will create a fund allowing for high rates of returns
due to the use of large denomination instruments.
NOW, THEREFORE, the City Council of the City of Rancho
Palos Verdes does hereby find, determine and resolve as follows:
Section 1 : The City of Rancho Palos Verdes, whose offices
are located at 30940 Hawthorne Boulevard, Rancho Palos Verdes,
will participate in the Local Agency Investment Fund of the
California State Treasury as provided by Assembly Bill No. 3107.
Section 2 : The City of Rancho Palos Verdes agrees to de-
posit or withdraw money in the Local Agency Investment Fund in
the California State Treasury in accordance with the provisions
of Section 16429.1 of the Government Code for the purpose of
investment as stated therein.
Section 3: The following persons are authorized to order
the deposit or withdrawal of money in the Local Agency Investment
Fund:
Leonard Wood, City Manager/Treasurer
Patricia Eby, Administrative Assistant/Deputy Treasurer
George Wunderlin, Administrative Services Officer
APPROVED AND ADOPTED this 1st day of February
1977 .
MAYOR
ATTEST:
1
di. . 4.4 gitin..1.4.4
of •I Y ,CLERK
I HEREBY CERTIFY that the foregoing is a true and correct
copy of Resolution No. 77-/L) passed and adopted by the City
Council of the City of Ranc o Palos Verdes at a meeting thereof
held on the / day of , 1977 .
( ITY ? ERK te