RESOLUTION NO. 25-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE, CALIFORNIA, AUTHORIZING DESIGNATED REPRESENTATIVES TO DEPOSIT AND WITHDRAW FUNDS AS WELL AS MAKE ACCOUNT CHANGES WITH THE STATE LOCAL AGENCY INVESTMENT FUND ON BEHALF OF THE CITY OF COMMERCE WHEREAS, The Local Agency Investment Fund is established in the State Treasury under Government Code section 16429.1 et. seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the City Council hereby finds that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with Government Code section 16429.1 et. seq. for the purpose of investment as provided therein is in the best interests of the City; NOW THEREFORE, BE IT RESOLVED, that the City Council hereby authorizes the deposit and withdrawal of City monies in the Local Agency Investment Fund in the State Treasury in accordance with Government Code section 16429.1 et. seq. for the purpose of investment as provided therein.
BE IT FURTHER RESOLVED, as follows:
Section 1. The following City officers holding the title(s) specified hereinbelow or their successors in office are each hereby authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund and may execute and deliver any and all documents necessary or advisable in order to effectuate the purposes of this resolution and the transactions contemplated hereby:
NAME TITLE SIGNATURE Ernie Hernandez City Manager __________________ Alvaro Castellon Director of Finance & City Treasurer __________________ Section 2. This resolution shall remain in full force and effect until rescinded by the City Council by resolution and a copy of the resolution rescinding this resolution is filed with the State Treasurer’s Office.
PASSED, APPROVED and ADOPTED this 13th day of May 2025.
Ivan Altamirano, Mayor
ATTEST:
Lena Shumway, City Clerk