HomeMy WebLinkAboutSA 02 RESOLUTION 12-05MEETING DATE: MAY 1, 2012
TO: JEFFREY C. PARKER, CITY MANAGER
SUBJECT: ADOPT RESOLUTION NO. 12 -05 AUTHORIZING INVESTMENT OF
MONIES IN THE LOCAL AGENCY INVESTMENT FUND (LAIF)
SUMMARY:
With the dissolution of Redevelopment Agencies with the passage of AB 26, monies
held with the project funds for the Tustin Community Redevelopment Agency were
transferred to the Successor Agency to the Tustin Community Redevelopment Agency.
Resolution No.12 -05 authorizes investment of those monies in the Local Agency
Investment Fund (LAIF).
RECOMMENDATION:
It is recommended that the City Council adopt Resolution No. 12 -05 authorizing the
investment of monies into LAIF and appoint the City Treasurer, the Finance Director
and the Finance Manager as the individuals authorized to deposit or withdraw the
monies invested in LAIF.
FISCAL IMPACT:
Monies invested with LAIF earn interest paid on a quarterly basis. The interest rates
fluctuate on a monthly basis.
BACKGROUND:
A checking account was established with Bank of America for the monies transferred from
the Tustin Community Redevelopment Agency. The balance of the monies transferred
exceeds $60 million which includes the low moderate housing funds and the 2010 MCAS
Tax Allocation Bond proceeds; therefore, at least $50 million will be invested with LAIF
which is the maximum amount that can be invested in a LAIF account. LAIF is an
approved investment instrument with the City's Investment Policy.
Pamela Arends -King
Finance Director
Attachment Resolution No. 12 -05
SUCCESSOR AGENCY
TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION NO. 12 -05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA ACTING AS SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING INVESTMENT
OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND (LAIF)
The City of Tustin acting as Successor Agency to the Tustin Community
Redevelopment Agency ( "Successor Agency ") does hereby resolve as follows:
WHEREAS, pursuant to Chapter 730 of the statutes of 1976 Section 16429.1
was added to the California Government Code to create a Local Agency Investment
Fund in the State Treasury for the deposit of money of a local agency for purposes of
investment by the State Treasurer;
WHEREAS, the Board of Directors does hereby find that the deposit and
withdrawal of money in the Local Agency Investment Fund in accordance with the
provisions of Section 16429.1 of the Government code for the purpose of investment as
stated therein as in the best interests of the Successor Agency;
NOW, THEREFORE, BE IT RESOLVED BY THE TUSTIN CITY COUNCIL
SERVING AS THE SUCCESSOR AGENCY:
SECTION 1: The Board of Directors does hereby authorize the deposit and
withdrawal of the Successor Agency monies in the Local Agency Investment Fund in
the State Treasury in accordance with the provisions of Section 16429.1 of the
Government Code for the purpose of investment as stated therein, and verification by
the State Treasurer's Office of all banking information provided in that regard.
SECTION 2: The following City officers or their successors in office shall be
authorized to order the deposit or withdrawal of monies in the Local Agency Investment
Fund:
George Jeffries, Pamela Arends -King, Jennifer Leisz,
City Treasurer Finance Director Finance Manager
Signature Signature Signature
APPROVED AND ADOPTED this 1 St day of May 2012.
Successor Agency Resolution No. 12-05
Page 2
CITY OF TUSTIN SERVING
AS SUCCESSOR AGENCY
John Nielsen
Mayor on behalf of the Successor
Agency
PAMELA STOKER
City Clerk on behalf of the Successor Agency
STATE OF CALIFORNIA )
COUNTY OF ORANGE SS
CITY OF TUSTIN
1, Pamela Stoker, City Clerk of the City of Tustin, acting as the Successor Agency
for the Tustin Community Redevelopment Agency, hereby certify that the foregoing
resolution was duly adopted by the City of Tustin, acting as the Successor Agency to
the Tustin Community Redevelopment Agency at its regular meeting held on the 1 day
of May 2012, and that it was so adopted by the following vote:
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PAMELA STOKER
City Clerk on behalf of the Successor Agency