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RESOLUTION NO. 86- 93 <br />A RESOLUTION OF THE CITY COUNC I L OF THE CITY <br />OF NEWPORT BEACH REQUESTING THAT THE CITY OF <br />NEWPORT BEACH BE ACCEPTED AS A MEMBER OF THE <br />LOCAL AGENCY INVESTMENT FUND <br />• <br />WHEREAS, pursuant to Chapter 730 of the Statutes of <br />1976, Section 16429.1 was added to the California Government Code <br />to create a Local Agency Investment Fund in the State Treasury <br />for the deposit of money of a local agency for purposes of <br />investment by the State Treasurer; and <br />WHEREAS, the establishment of the Local Agency <br />Investment Fund allows governmental units to deposit surplus <br />monies with the State Treasurer for the purpose of investment; <br />and <br />WHEREAS, the City Council of the City of Newport Beach <br />feels that it would be in the best interest of the citizens of <br />Newport Beach to have as diversified an investment portfolio as <br />possible. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Newport Beach as follows: <br />That the City of Newport Beach agrees to deposit or <br />withdraw monies in the Local Agency Investment Fund in the State <br />Treasury in accordance with the provisions of Section 16429.1 of <br />the Government Code, and that the Director of Finance, or persons <br />authorized by him, are hereby authorized, on behalf of the City, <br />to order deposits or withdrawals in the Local Agency Investment <br />Fund. <br />ADOPTED this 27th day of Of.- t -eker, 1986. <br />ATTEST: <br />Ci y Clerk <br />is <br />�ilN <br />