HomeMy WebLinkAboutReso - CC - 004-1977RESOLUTION NO. 4- 77
RESOLUTION AUTHORIZING CITY TREASURER
TO DEPOSIT FUNDS IN THE
LOCAL AGENCY INVESTMENT FUND
RESOLVED by the CITY COUNCIL of the City of Burlingame, as follows
WHEREAS, Chapter 730 of the Statutes of the State of California
of 1976 established the LOCAL AGENCY INVESTMENT FUND whereby local agencies
may deposit funds with the State of California, which funds will be invested
on behalf of such local agencies and the interest upon such funds shall be
credited to local agencies; and
WHEREAS, it may be necessary and desirable from time to time that
funds of the City of Burlingame be deposited as hereinabove set forth; and
WHEREAS, it is the intention of this Council to authorize the
Citv Treasurer of the City of Burlingame to make such deposits;
NOW, THEREFORE, it is hereby ORDERED AND DETERMINED that the City
Treasurer of the City of Burlingame is authorized to remit money in the City
Treasury of the City of Burlingame not required for immediate needs in such
amounts as he may deem advisable for deposit in the LOCAL AGENCY INVESTMENT
FUND for the purposes as set forth in Section 16429.1, et seq., of the
Government Code as adopted by Chapter 730 of the the Statutes of 1976.
gayor
I, EVELYN H. HILL, 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 17th day of January, 1977, and was adopted thereafter
by the following vote:
AYES: COUNCILMEN: Amstrup-Crosby-Harrison-Mangini-Plartin
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
Ci y Clerk
-C,hr Titji of 8 rliapme
SAN MATEO COUNTY
CITY HALL- 501 PRIMROSE ROAD
HERBERT L. SOMMER BURLINGAME, CALIFORNIA 94010 TEL:(415) 342-8931
CITY TREASURER
To: City Council
From: Herbert L. Sommer, Treasurer
Subject: Resolution Authorizing the City Treasurer to Deposit
Funds in the Local Agency Investment Fund.
AB3107 filed September 7, 1976 establishes a Special
Fund in the State Treasury for the purpose of Investment
of Local Agencies, and permits Local Agencies, at their
own volition, to participate in this fund for any part
or all of their surplus funds. The Criteria as to types
of investments authorized for this fund are slightly
more extensive than those under which we are restricted
under the Government Code for Local Agencies.
While I do not consider that under present conditions
it would be advantageous to invest a substantial part
of our funds in the new "Local Agency Investment Fund",
I believe that it may be opportune for certain investments,
particluarly for short term periods.
Before any deposits can be accepted by this Fund, the
law requires a resolution, authorizing deposits in the
above Fund, by the Local Government Agency to be filed
with the State Treasurer, Therefore, I am requesting
passage of such a resolution at this �time.
Herbert L. Sommer
City Treasurer