HomeMy WebLinkAboutResolution No. 85270 6
RESOLUTION NO. 8527
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA AUTHORIZING AN ADVANCE FROM
ITS OPERATING FUNDS FOR PURPOSES OF
INVESTMENT IN THE LOCAL AGENCY INVESTMENT
FUND OF THE STATE OF CALIFORNIA
WHEREAS, the Industrial Development Authority of
the City of Azusa, a public body corporate and politic, has
passed Resolution No. 14 authorizing it to invest funds in
the Local Agency Investment Fund of the State of California;
and
WHEREAS, the City of Azusa will make an advance to
the Industrial Development Authority in an amount of up to
$5,000,000 for the purpose of investing the City's funds in
the Local Agency Investment Fund due to its safety and
liquidity; and
WHEREAS, the City of Azusa is authorized, pursuant
to authority provided by State law to make a loan to the
Industrial Development Authority from the operating funds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
AZUSA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Pursuant to its authority provided by
State law, the City Council hereby authorizes a loan of up
to $5,000,000 to the Industrial Development Authority of the
City of Azusa from the operating funds of the City for
investment in the Local Agency Investment Fund.
Section 2. The Industrial Development Authority of
the City of Azusa shall accept and administer all funds
advanced to it pursuant to this resolution in accordance
with applicable State law.
Section 3. The Industrial Development Authority of
the City of Azusa shall remit to the City of Azusa all
interest earned on the loan in the exact percentage and
amount that is paid by the Local Agency Investment Fund,
less its usual and customary administration fee. Within two
days of demand for repayment by the City of Azusa for all or
any part of this loan, the Industrial Development Authority
shall remit the sum and any interest accrued to the City of
Azusa. The City Treasurer, who is also the Treasurer of the
Industrial Development Authority, shall be permitted to
transfer funds at will between the City's accounts and the
Industrial Development Authority's accounts, so as to
facilitate the City's cash flow while maximizing investment
earnings.
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ADOPTED AND APPROVED this 24th day of
October , 1988.
RMYA&
MAYOR
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the City Council of the City of Azusa at a
regular meeting thereof, held on the 24th day of
October , 1988 by the following vote of the Council:
AYES: COUNCILMEMBERS AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: COUNCILMEMBERS NONE
ABSENT: COUNCILMEMBERS NE
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CI CLERK '
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