HomeMy WebLinkAboutSA Res SA12-02 2012-02-13RESOLUTION NUMBER SAl2 -02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE SEAL BEACH
REDEVELOPMENT AGENCY AUTHORIZING THE INVESTMENT
OF MONEYS IN THE LOCAL AGENCY INVESTMENT FUND OF
THE STATE OF CALIFORNIA AND TAKING CERTAIN ACTIONS
IN CONNECTION THEREWITH
RECITALS:
A. AB X1 26 and AB X1 27 were signed by the Governor of California
on June 29, 2011, making certain changes to the Community Redevelopment
Law (Part 1 (commencing with Section 33000) of Division 24 of the California
Health and Safety Code) (the "Redevelopment Law "), including adding Part 1.8
(commencing with Section 34161) ( "Part 1.8 ") and Part 1.85 (commencing with
Section 34170) ( "Part 1.85 ").
B. The California Redevelopment Association and League of
California Cities filed a lawsuit in the Supreme Court of California (California
Redevelopment Association, et al. v. Matosantos, et al. (Case No. S194861))
alleging that AB X1 26 and AB X1 27 are unconstitutional. On December 29,
2011, the Supreme Court issued its opinion in the Matosantos case largely
upholding AB X1 26, invalidating AB X1 27, and holding that AB X1 26 may be
severed from AB X1 27 and enforced independently.
C. The Supreme Court generally revised the effective dates and
deadlines for performance of obligations in Part 1.85 arising before May 1, 2012,
to take effect four months later.
D. As a result of the Supreme Court's decision, the Seal Beach
Redevelopment Agency ( "Redevelopment Agency "), a redevelopment agency in
the City of Seal Beach (the "City "), created pursuant to the Redevelopment Law,
was dissolved pursuant to Part 1.85 on February 1, 2012.
E. By its Resolution No. 6211 adopted on January 9, 2012, the City
Council of the City made an election to serve as the successor agency to the
Redevelopment Agency under Part 1.85 (the "Successor Agency ").
F. By its Resolution No. 6222, adopted on February 13, 2012, the City
Council, acting as the governing board for the Successor Agency, established
rules and regulations applicable to the governance and operation of the
Successor Agency, and pursuant to such resolution provided that the Successor
Agency will be governed by a Board of Directors (the "Board ") consisting of the
members of the City Council of the City.
G. Pursuant to Chapter 730 of the statutes of 1976, Section 16429.1
was added to the California Government Code to create the Local Agency
Investment Fund ( "LAIF ") in the State Treasury for the deposit of moneys of local
agencies for investment by the State Treasurer.
H. The Redevelopment Agency from time to time invested its money in
LAIF in accordance with the provisions of Section 16429.1 of the California
Government Code.
I. Pursuant to Part 1.85, all assets and properties of the
Redevelopment Agency are transferred to the control of the Successor Agency
as of February 1, 2012.
J. In response to a request of the State Treasurer's Office, the Board
wishes to adopt this resolution authorizing the investment of Successor Agency
Resolution Number SAl2 -02
moneys in LAIF and authorizing certain officers of the Successor Agency to order
the deposit or withdrawal of moneys in LAIF on behalf of the Successor Agency.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY HEREBY
FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a
substantive part of this Resolution.
Section 2 The Board hereby finds that it is in the best interest of the
Successor Agency to deposit and withdraw moneys in LAIF from time to time in
accordance with the provisions of Section 16429.1 of the California Government
Code for the purpose of investment as stated therein.
Section 3 The deposit and withdrawal of the Successor Agency's
monies in LAIF in accordance with the provisions of Section 16429.1 of the
California Government Code from time to time for the purpose of investment as
stated therein, and verification by the State Treasurer's Office of all banking
information provided in that regard, are hereby authorized.
Section 4 Executive Director Jill R. Ingram and Interim Director of
Finance Shally Lin of the Successor Agency, whose signature specimens are set
forth in Exhibit A to this Resolution, or their successors in such offices, are
hereby authorized to order the deposit or withdrawal of monies in LAIF on behalf
of the Successor Agency for any account of the Successor Agency (including
accounts maintained by the Redevelopment Agency which are now accounts of
the Successor Agency).
Section 5 The officers of the Successor Agency are hereby authorized
and directed, jointly and severally, to do any and all things, to execute and deliver
any additional instruments which they may deem necessary or advisable in order
to effectuate the purposes of this Resolution and any such actions previously
taken by such officers are hereby ratified and confirmed.
Section 6 The Secretary of the Successor Agency is hereby authorized
and directed to submit a certified copy of this Resolution and such forms as may
be required to the Office of the State Treasurer to effectuate the purposes of this
Resolution.
PASSED, APPROVED and ADOPTED by the Successor Agency to the Seal
Beach Redevelopment Agency at a special meeting held on the 13th day
of February , 2012 by the following vote:
AYES: Board Members
NOES: Board Members
ABSENT: Board Members
ABSTAIN: Board Members
ATTEST:
Se retary/City Clerk
TO
1
• Mayor /Chair
1
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, Secretary/City Clerk of the City of Seal Beach, do hereby certify
that the foregoing resolution is the original copy of Resolution Number SAl2 -02
on file in the office of the City Clerk, passed, approved, and adopted by the
Successor Agency to the Seal Beach Redevelopment Agency at a special
meeting held on the 13th day of February , 2012.
Name
Jill R. Ingram
Shally Lin
Exhibit "A"
Executive Director
of Successor Agency to the
Seal Beach Redevelopment
Agency
Interim Director of Finance to
the Successor Agency to the?
Seal Beach Redevelopment
Agency
Resolution Number SAl2 -02
Office Signature