HomeMy WebLinkAboutCC AG PKT 2012-09-24 #I (joint item)DATE: September 24, 2012
TO: Honorable Mayor/Chair and City Council/Agency Board
THRU: Jill R. Ingram, City Manager/Executive Director
FROM: Victoria L. Beatley, Director of Finance/City Treasurer
SUBJECT: OFFICERS AUTHORIZED TO TRANSACT WITH
LOCAL AGENCY INVESTMENT FUND
That the City Council rescind Resolution Ro. 6172 and adopt Resolution No.
6316 and the Successor Agency rescind Resolution No. 12-02 and adopt
Resolution No. SA12-14 updating the officers authorized to transact with the
Local Agency Investment Fund
BACKGROUND AND ANALYSIS:
The City has invested monies with the Local Agency Investment Fund since
1977. The last update provided to LAIF was on August 8, 2012. Due to recent
City staff and title changes, it is necessary to update the list of City and
Successor Agency personnel authorized to transact with LAIF on behalf of the
City.
There is no Environmental Impact related to this item.
III
No legal analysis is required for this item.
There is no Financial Impact.
Agenda Item
RECOMMENDATION:
That the City Council adopt Resolution No. 6316 and Successor Agency adopt
Resolution No. SA12-14 updating the list of officers authorized to transact with
LAIF on behalf of the City of Seal Beach and Successor Agency to the former
Redevelopment Agency.
Attachment:
A. City Council Resolution No. 6316
B. Successor Agency Resolution No. SM 2-14
Page 2
A RESOLUTION OF THE SEAL BEACH CRY COUNCIL
AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL
AGENCY INVESTMENT FUND AND SUPERSEDING
RESOLUTION NUMBER 6172
WHEREAS, Pursuant to Chapter 730 of the statutes of1976 Section 104291
was added to the California Government Code to npamhe o Local Agency
Investment Fund in the State Treasury for the deposit uf money ofo local agency
for purposes of investment by the State Treasury for the deposit of money ufa
local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council of the City nf Seal Beach does hereby find that the
deposit and wid/dcewm| of money in the Local Agency Investment Fund in
accordance with the provisions of Section 16429.1 of the Government Code for
the purpose for investment as stated therein as in the best interests of the City of
Seal Beach.
NOW THEREFORE, BE|T RESOLVED, that the Seal Beach City Council does
hereby authorize the deposit and withdrawal of the City ofSeal Beach 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 tbena|n, and verification by the 8huhy Treasurer's Office of
all banking information provided |n that regard.
BE|T FURTHER RESOLVED, that the following City uf Seal Beach officers or
their successors in office shall be authorized to order the deposit or withdrawal of
monies in the Local Agency Investment Fund:
Victoria L. Baa8ey A|aynoHonng Jill R. Ingram
Director ofFinance/ Finance Manager City Manager
City Treasurer
PASSED. APPROVED and ADOPTED by the Seal Beach City Council at
regular meeting held onthe 24th_ day of September . 2012 by the following vote:
AYES: Council Members
NOES: Council Members
ABSENT: Council Members
ABSTAIN: Council Members
Mayor
City Clerk
Resolution Number H31G
STATE OF CALIFORNIA )
COUNTY OFORANGE } SS
CITY OF SEAL BEACH }
|. Linda Devine, City Clerk of the City of Seal Beaoh, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 6316 on file in
the office of the City C|*rk, paaoad, appnoved, and adopted by the Seal Beach
City Council mta regular meeting held on the _24th_ day of September .2O12.
City Clerk
RESOLUTION NUMBER SA12-14
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE SEAL BEACH
REDEVELOPMENT AGENCY AMENDING RESOLUTION
NUMBER SA 12-02 REGARDING THE INVESTMENT OF
MONEYS IN THE LOCAL AGENCY INVESTMENT FUND OF THE
STATE OF CALIFORNIA TO DESIGNATE VICTORIA L.
@EATLEY AS A PERSON AUTHORIZED TO ORDER THE
DEPOSIT OR WITHDRAWAL OF MONEYS
A. Pursuant to Chapter 730 of the statutes of 1070. Section 18420.1
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.
B. The Seal Beach Redevelopment Agency from time to time invested
its money in LA|F in accordance with the provisions of Section 16429.1 of the
California Government Code.
C. Pursuant to Part 1.85, all assets and properties of the Seal Beach
Redevelopment Agency were transferred to the control of the Successor Agency
aoof February 1.2D12.
D. |n response hza request of the State Treasurer's Office, the Board
adopted Resolution NumberSA12-D2 authorizing the investment ofSuccessor
Agency moneys in LA|F and authorizing Executive Director Jill R. Ingram and
Interim Dinaokzr of Finance Shelly Lin of the Successor Agency to order the
deposit or withdrawal of moneys inLA|Fon behalf nf the Successor Agency.
E. Interim Director of Finance Sha||y Lin has been nop|uued by
Director ofFinance Victoria L BeoUey, and the Board desires to substitute K8e.
BeoUeyfor yWm. Lin as a person authorized to order the deposit or withdrawal of
moneys inLA|Fon behalf of the Successor Agency.
NOW, THEREFQRE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY HEREBY
F|ND8, DETERK8|NES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2^ Executive Director Jill R. Ingram and Director of Finance Victoria L
BeaUey of the Successor Agency, whose signature specimens are set forth in
Exhibit A to this Reoo|uUon, or their nu000nsure in such offices, are hereby
authorized to order the deposit or withdrawal of monies in LA|F on behalf ofthe
Successor Agency for any account of the Successor Agency (including accounts
formerly maintained by the Redevelopment Agency which are now accounts uf
the Successor Aganoy).
Section 3. ShoUy Lin is hereby removed from the list mfpersons authorized to
order the deposit urwithdrawal of moneys in LA|F on behalf ofthe Successor
Agency.
Section 4. Except ea otherwise amended herein, Resolution Number SA12-O2
aho|{ have full force and effect.
Section i The Secretary of the Successor Agency in hereby authorized and
directed to submit certified copy ofthis Resolution and such forms as may be
Resolution Number SA1244
required to the Office of the State Treasurer to effectuate the purposes ofthis
PASSED, APPROVED and ADOPTED by the Successor Agency ho the Seal
Beach Redevelopment Agency ata special meeting held on the ay
of September , 2012 by the following vote:
AYES: Board Members
NOES: Board Members
ABSENT: Board Members
ABSTAIN: Board Members
Mayor/Chair
Seoetary/CityClerk
STATE 0FCALIFORNIA }
COUNTY OF ORANGE }SS
CITY OF SEAL BEACH }
|. Linda Uevne, Secretary/City Clerk of the City of Seal Beech, do hereby certify
that the foregoing resolution is the original copy of Resolution Number SA12-14
on file in the office of the City Clerk, possad, opproved, and adopted by the
Successor Agency to the Seal Beach Redevelopment Agency at a special
meeting held on the 24jh day of September 2012.
SecuetoryK]tyCler
Name Office Signature
Jill R. Ingram Executive Director
of Successor Agency tothe
Seal Beach Redevelopment
Agency
Victoria L. Beatley Director of Finance to the
Successor Agency ho the Seal
Beach Redevelopment
Agency