HomeMy WebLinkAbout86-93 - Local Agency Investment FundRESOLUTION NO. 86- 93
A RESOLUTION OF THE CITY COUNC I L OF THE CITY
OF NEWPORT BEACH REQUESTING THAT THE CITY OF
NEWPORT BEACH BE ACCEPTED AS A MEMBER OF THE
LOCAL AGENCY INVESTMENT FUND
•
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 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 Newport Beach
feels that it would be in the best interest of the citizens of
Newport Beach to have as diversified an investment portfolio as
possible.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach as follows:
That the City of Newport Beach agrees to deposit or
withdraw monies in the Local Agency Investment Fund in the State
Treasury in accordance with the provisions of Section 16429.1 of
the Government Code, and that the Director of Finance, or persons
authorized by him, are hereby authorized, on behalf of the City,
to order deposits or withdrawals in the Local Agency Investment
Fund.
ADOPTED this 27th day of Of.- t -eker, 1986.
ATTEST:
Ci y Clerk
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