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HomeMy WebLinkAboutReso - CC - 027-2007RESOLUTION NO. 27-2007 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME AUTHORIZING INVESTMENT OF PROCEEDS OF THE 2007 WATER AND WASTEWATER REVENUE BONDS IN THE STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF) RESOLVED, by the City Council of the City of Burlingame: WHEREAS, the California Government Code creates a Local Agency Investment Fund (LAIF) in the State of California Treasury for the deposit of money of local agencies for purposes of investment by the State Treasurer; and WHEREAS, the City Council has determined in Resolution No. 17-2003 that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with the provisions of the Government Code and the City's Investment Policy are in the best interests of the City of Burlingame; and WHEREAS, the City Council does hereby find that the deposit and withdrawal of proceeds from bonds, notes, certificates of participation, or other forms of indebtedness (proceeds) in the Local Agency Investment Fund in accordance with the provisions of Government Code section 16429.1 is also in the best interests of the City of Burlingame and the holders of City of Burlingame and Burlingame Financing Authority indebtedness, NOW, THEREFORE, IT IS ORDERED AS FOLLOWS: 1. The City of Burlingame does hereby authorize the deposit and withdrawal of City of Burlingame proceeds in the Local Agency Investment fund in the State Treasury in accordance with the provisions of Government Code section 16429.1 for the purpose of investment as stated therein, and verification by the State Treasurer's Office of all banking information provided in that regard. 2. The following trustee of the City of Burlingame is hereby authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund: Bank of New York until such time as the City of Burlingame notifies the Local Agency Investment Fund of any change in the trustee or the trustee's authority. 0 MAYOR I, DORIS MORTENSEN, City Clerk of the City of Burlingame, do hereby certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 2ndday of April 2007, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: AAYLOCK, COHEN, NAGEL, O'MAHONY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: KEIGHRAN CITY CLERK 2