HomeMy WebLinkAboutRDA 2 LOCAL AG INV FD 05-05-03AGENDA REPORT
RDA NO 2
Agenda Item
Reviewed:
City Manager /~
Finance Director ~-
MEETING DATE: MAY 5, 2003
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
RONALD A. NAULT, FINANCE DIRECTOR
RESOLUTION NO. RDA 03-04 AUTHORIZING INVESTMENT
OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
SUMMARY:
The Local Agency Investment Fund (LAIF) was created by Section 16429.1 of the Government
Code in 1977 as an investment alternative for California local governments and special districts.
The City of Tustin and the Tustin Community Redevelopment Agency have been authorized to
make deposits to LAIF since 1978. LAIF has asked the City and the Agency to provide current
Resolutions authorizing certain personnel/positions to make deposits and withdrawals on behalf of
the City/Agency.
RECOMMENDATION:
Adopt Resolution No. RDA 03-04 authorizing investment of monies in the Local Agency
Investment Fund.
FISCAL IMPACT:
None.
DISCUSSION:
The City of Tustin and the Tustin Community Redevelopment Agency have been investing in the
Local Agency Investment Fund almost since its inception. LAIF requires participating agencies to
designate by Resolution who may transfer monies in and out of LAIF on behalf of the agency. The
City and the Redevelopment Agency have not updated their authorizations since 1982.
Ronaid'~. 'Nault '~
Finance Director
Attachment
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RESOLUTION RDA NO. 03-04
A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
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 the purposes of investment by
the State Treasurer; and
WHEREAS, the Board of Directors of the Tustin Community Redevelopment Agency
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 is in the best interests of the Tustin Community
Redevelopment Agency;
NOW, THEREFORE, BE IT RESOLVED that the Tustin Community Redevelopment
Agency does hereby authorize the deposit and withdrawal of 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.
BE IT FURTHER RESOLVED that the following Tustin Community Redevelopment
Agency officers or their successors in office shall be authorized to order the deposit or
withdrawal of monies in the Local Agency Investment Fund: G. W. Jeffries/City Treasurer,
William A. Huston/City Manager, and Ronald A. Nault/Finance Director.
PASSED AND ADOPTED at a regular meeting of the Tustin Community
Redevelopment Agency held on the 5th day of May, 2003.
Tracy Wills Worley
Chairperson
ATTEST:
Pamela Stoker
Recording Secretary
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TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF TUSTIN )
RESOLUTION NO. RDA 03-04
Pamela Stoker, Recording Secretary and ex-officio Secretary of the Community
Redevelopment Agency of the City of Tustin, California, does hereby certify that the
whole number of the members of the Tustin Community Redevelopment Agency is five;
that the above and foregoing Resolution was duly and regularly passed and adopted at
a regular meeting of the Tustin Community Redevelopment Agency held on the 5th day
of May, 2003, by the following vote:
AGENCY MEMBER AYES:
AGENCY MEMBER NOES:
AGENCY MEMBER ABSTAINED:
AGENCY MEMBER ABSENT:
Pamela Stoker
Recording Secretary
RES: ResolutionNoRDA03-04LocalAgencylnvestment Fund.doc