HomeMy WebLinkAboutRDA AG PKT 2008-01-14 #2
AGENDA REPORT
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DATE:
January 14,2008
TO:
Chairperson and Members of the Redevelopment Agency
lHRU:
David Cannany, Executive Director
FROM:
Robbeyn Bird, Director of Administrative Services!rreasurer
SUBJECT:
AUTHORIZATION TO OPEN NEW ACCOUNT FOR
THE INVESTMENT OF MONIES IN THE LOCAL
AGENCY INVESTMENT FUND
SUMMARY OF REQUEST:
Adopt Resolution , authorizing staff to open a new account to invest idle cash of
the Redevelopment Agency with the State Local Agency Investment Fund (LAIF).
BACKGROUND:
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The City currently has one account with the Local Agency Investment Fund for the
deposit and withdrawal of idle cash for both the City and the Redevelopment Agency.
The maximum cap for the account is $40 million. The City account, which includes
investments of redevelopment funds, is approaching the maximum cap of $40 million.
Pursuant to Chapter 730 of the statutes of 1976 Section 16429.1, LAIF allows separate
accounts for the City and the Redevelopment Agency, which are separate legal entities.
FISCAL IMPACT:
None
RECOMMENDATION:
Adopt Resolution , a Resolution of the Redevelopment Agency of the City
of Seal Beach Authorizing the Director of Administrative Services!rreasurer to open a
new account for the deposit and withdrawal of monies in the Local Agency Investment
Fund.
NOTED AND APPROVED:
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~1kJ
Robbeyn Bir ,CPA
Director of Administrative Services!rreasurer
o -/~~
David Carmany ~
Executive Director
Agenda Item RM-.2.
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RESOLUTION NUMBER
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH AumORIZlNG INVESTMENT OF
MONIES IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Secbon 16429.1 was
added to the Cabforma Government Code to create a Local Agency lnvesbnent Fund ID
the Stste Treasury for the depOSIt of money of a local agency for purposes of invesbnent
by the Stale Treasurer; and
WHEREAS, the Seal Beach Redevelopment Agency Board does hereby find that
the depoSIt and WIthdrawal of money lD the Local Agency lnvesbnent Fund ID
accordance WIth the provIsions of Secbon 16429.1 of the Government Code for the
purpose of lDvesbnent as stated therein as ID the best lDterest of the Agency.
NOW mEREFORE, BE IT RESOLVED, that the members of the Seal Beach
Redevelopment Agency does hereby authonze the depoSIt and WIthdrawal of Agency
monIes ID the Local Agency lovesbnent Fund lD the State Treasury In accordance WIth
the proviSIonS of Secbon 16429 I of the Government Code for the purpose of mvestment
as stated thClCin, and venficabOD by the State Treasurer's Office of all banking
lDformation provided m that regard.
BE IT FURmER RESOL YED, that the followmg Redevelopment Agency
officers or their successors In office shall be authonzed to order the deposit or wIthdrawal
of momes m the Local Agency lnvesbnent Fund:
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Robbeyo BIrd
D,rector of Adrmmstrabve
ServlcesITreasurer
Teresa Gonzalez
Adrmmstrabve ServICes
Manager
David N. Carmany
Execubve Director
PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the CIty of
Seal Beach thIS 14th day of Januarv , 200S by the followlDg vote.
A YES: Agency Members
NOES: AgencyMembers
ABSENT: Agency Members
ABSTAJN: Agency MelDbers
Chamnan
ATrEST:
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Agency Secretary
Resolution Number
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STATEOFCALlFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Lmda DeVIne, Agenoy Secretary of the Redevelopment Agency of the CIty of Seal
Beach, CalIfornia, do hereby certlfy that the foregomg Resolul1on IS the ongmal of
Resolulton Number , on file in the oft'tce of the City Clerk, passed, approved,
and adopted by the Redevelopment Agency of the City of Seal Beach at a meebng
thereof held on the 14th day of Januarv .2008.
Agency Secretary
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