Resolution No. 3073
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.1 RESOLUTION NO. 3073
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON,DELEGATIN
AUTHORITY TO THE CITYt'FREASURER OF THE CITY OF VERNON TO DEPOSIT
3 SECURITIES.
4 THE CITY. COUNCIL OF THE CITY OF VERNON RESOLVES AS FOLLOWS:
5 WHEREAS, Gov.ernment Code Section 53607 and Section
6 53608 provide that the legislative body of a local agency may
7 delegate to the treasureI' of the local agency the authority to
8 invest, or reinvest funds, or to deposit funds for safekeeping,
9 and
10 WHEREAS, the City Council of the City of Vernon has
11 determined that all .of the bodies designated in Government Code
12 Section 53601, and Section 63608, are appropriate depositaries
13 or investments where authorized by said sections,
14. NOW ,THEREFORE, BE IT RESOLVED:
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SECTION 1: That subject to the conditions set forth
16 in the hereinafter described sections, the City Council of the
17 City of Vernon does hereby delegate to the City Treasurer of the
18 Cith of Vernon the authority to invest, reinvest, or deposit
19 funds or other assets as described in said sections with any or
20 all of the depositaries set. forth in Section 53608 of said
21 GOvernment Code, or may invest the same in any or all of the
~2 authorized investments set forth in GOvernment Code Section
23 53601.
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SECTION 2: That the authority granted in Section.. 1
25 above is permissive only, and the depositor deposits as provided
26 for in Section 1, or any investments as provided for in Section
27 1 above ar~ at the discretion of the City Treasurer of the City
28 of Vernon.
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SECTION 3: That all of the requirements set forth in
30 Article 1 of Chapter 4 of Title 5 of the GOvernment Code of t.he
51 State of California, including conditions requiring reporting,
32 shall apply to all activities of the City Treasurer of the City
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.1 of Vernon.
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SECTION 4: The City Clerk of the City of Vernon shall
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3 certify to the passa$6of this resolution, and thereupon and
4 thereafter the sam~e shall be in full force and effect.
5 ADOPTEP, and APPROVED this 3rd day of February, 1970.
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City .clerk .
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1 STATE OF CALIFORNIA )
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2 COUNTY OF LOS ANGELES )
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~ I, F. A. ZIEMER, City Clerk of the City of Vernon, do
5 hereby certify that the foregoing resolution, being Resolution
6 No. 3073 , was duly adopted by the City Council of the City of
7 Vernon, and approved by the Mayor of said City, at a regular
8 meeting of the City Council held on February 3, 1970
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~City
Clerk
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