HomeMy WebLinkAboutResolution No. 85490 0
RESOLUTION NO 8549
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF AZUSA AUTHORIZING AND REQUESTING THE
INVESTMENT OF EXCESS FUNDS IN THE LOS ANGELES
COUNTY TREASURY POOL
WHEREAS, California Government Code ("Government Code")
Section 53684 allows local agencies in the County of Los Angeles
(the "County") to deposit excess funds in the Los Angeles County
Treasury Pool for the purpose of investment by the Treasurer and
Tax Collector of the County (the "Treasurer") pursuant to
Government Code Sections 53601 and 53635; and
WHEREAS, Government Code Section 6502 allows public
agencies, even if outside the County to enter into joint powers
agreements with the County, under which excess funds may be
deposited in the County Treasury Pool; and
WHEREAS, the City of Azusa is a local Agency as that
term is defined in Government Code Section 53600 and/or a public
agency as that term is defined in Government Code Section 6500;
and
WHEREAS, the Board of Supervisors of the County has
made the Government Code Section 53684 operative in the County
and has authorized such joint powers agreements; and
WHEREAS, the City Treasurer has determined that the
City of Azusa has excess funds which are not required for
immediate use; and
WHEREAS, the City Council of the City of Azusa has
determined that it would be desirable to deposit the excess funds
in the County Treasury Pool for the purpose of investment
pursuant to Government Code Sections 53601 and 53635;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Treasurer is hereby authorized and
directed to request the Treasurer's consent to deposit in the
County Treasury Pool those funds he deems to be excess and not
required for immediate use, for the purpose of investment
pursuant to Government Code Section 53601 and 53605, and subject
to the terms and conditions set forth in Government Code Section
53684, and in accordance with the resolutions entitled
"Resolution of the Board of Supervisors of the County of Los
Angeles Authorizing the County Treasurer and Tax Collector to
Invest Excess Funds of Local Agencies", and "Resolution of Board
of Supervisors of the County of Los Angeles Authorizing the
County Treasurer and Tax Collector to Invest Excess Funds of
Public Agencies" adopted by the Board of Supervisors of the
County on February 24, 1987, and on May 31, 1988, respectively.
Section 2. This resolution, upon due adoption by the
City Council of the City of Azusa and with the consent of the
Treasurer as evidenced by her signature or that of her designated
representative below, constitutes a joint powers agreement
between the City of Azusa and the County.
Section 3. The City of Azusa hereby agrees to
indemnify and hold harmless the County and all of its officers,
employees and agents and each of them, from and against any and
all loss, liability, expense and claims for damages of any nature
whatsoever resulting from or arising out of any
misrepresentations or false information provided by the City of
Azusa or any of its officers, employees or agents; or resulting
from or arising out of any investments of the City of Azusa funds
made or authorized by the Treasurer in accordance with Government
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Code Section 53601 or Government Code Section 53635; or
resulting from or arising out of the performance by the Treasurer
or its officers, employees or agents of their duties with respect
to the City of Azusa required by Government Code Section 53684 or
by this joint powers agreement.
MT.
ADOPTED AND APPROVED this 19th day of December,
�MAYOR �7
I HEREBY CERTIFY that the foregoing Resolution No.
was duly adopted by the City Council of the City of Azusa at a
regular meeting thereof, held on the 19th day of December,
1988 by the following vote of the Council:
AYES: COUNCILMEMBERS AVILA, STEPIRICH, NARANJO, LATTA, 110SES
NOES: COUNCILMEMBERS NONE
ABSENT: COUNCILMEMBERS NONE
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CITY CLERK
AGREED AND ACCEPTED on this 19th day of December,
TREASURER AND TAX COLLECTOR OF
THE COUNTY OF LOS ANGELES