SA RES 2012-004 RESOLUTION NO. SA 2012-04
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE RANCHO PALOS VERDES
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 Rancho Palos Verdes
Redevelopment Agency (the "Redevelopment Agency"), a redevelopment agency in the
City of Rancho Palos Verdes (the "City"), created pursuant to the Redevelopment Law,
was dissolved pursuant to Part 1.85 on February 1, 2012.
E. By its Resolution No. 2011-66, adopted on September 6, 2011, 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. SA 2012-01, adopted on February 21, 2011, 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 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 RANCHO PALOS VERDES 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. The Executive Director and the Finance Officer 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.
Resolution No. SA 2012-04
Page 2 of 3
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 this 21st da of February, 2012.
Wir2-ejtA-‘'
C air
ATTEST:
&AA / //
Secretary
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carla Morreale, Secretary of the Successor Agency to the Rancho Palos
Verdes Redevelopment Agency hereby certify that the above Resolution No. SA 2012-
04 was duly and regularly passed and adopted by the said Successor Agency at a
special meeting thereof held on February 21, 2012.
%Ackedie---
Secretary
Resolution No. SA 2012-04
Page 3 of 3
Exhibit A
Name Office Signature
Carolyn Lehr Executive Director l l.1- Af4A
of Successor Agency to the Rancho
Palos Verdes Redevelopment
Agency
Dennis McLean Finance Officer .,,,�1��
of Successor Agency to the Rancho
Palos Verdes Redevelopment
Agency
Resolution No. SA 2012-04
Exhibit A
Page 1 of 1