SA SR 20150203 C Local Agency Investment AuthorizationCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO: HONORABLE CHAIR AND MEMBERS OF THE BOARD OF DIRECTORS
OF THE SUCCESSOR AGENCY TO THE RANCHO PALOS VERDES
REDEVELOMENT AGENCY
FROM: KATHRYN DOWNS, ACTING FINANCE OFFICER
DATE: FEBRUARY 3, 2015
SUBJECT: LOCAL AGENCY INVESTMENT FUND AUTHORIZATION
REVIEWED: CAROLYNN PETRU, ACTING EXECUTIVE DIRECTO
RECOMMENDATION:
Adopt Resolution No. SA 2015- , 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.
BACKGROUND AND DISCUSSION:
By Resolution, the Successor Agency Board designates certain Officials as signatories
for various cash and investment accounts with financial institutions. The Successor
Agency has a separate account with the state Local Agency Investment Fund (LAIF). On
February 21, 2012, the Successor Agency Board adopted Resolution No. SA 2012-04
authorizing the investment of Successor Agency moneys in LAIF and authorizing the
Executive Director and the Finance Officer of the Successor Agency, or their successors
in such offices, to order the deposit or withdrawal of moneys in LAIF on behalf of the
Successor Agency. Resolution No. SA 2012-04 included Exhibit A specifically naming
those Officials.
The attached resolution is a supplement to Resolution No. SA 2012-04 to reflect the
change in the individuals who serve as these Officials, specifically naming Carolynn Petru
and Kathryn Downs in their respective acting roles. Once permanent appointments are
made, Staff will present an updated resolution to the Successor Agency Board for
consideration.
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LOCAL AGENCY INVESTMENT FUND AUTHORIZATION
February 3, 2015
Page 2 of 2
Attachment
Resolution No. SA 2015-, 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
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RESOLUTION NO. SA 2015-
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. 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.
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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
adopted Resolution No. 2012-04 on February 21, 2012, authorizing the investment of
Successor Agency moneys in LAIF and authorizing the Executive Director and the
Finance Officer of the Successor Agency, or their successors in such offices, to order
the deposit or withdrawal of moneys in LAIF on behalf of the Successor Agency. Such
Resolution No. 2012-04 has attached as Exhibit A thereto signature specimens of the
individuals serving as the Executive Director and the Finance Officer at the time of
adoption of Resolution No. 2012-04.
K. Pursuant to a request of the State Treasurer's Office, the Board wishes to
adopt this Resolution to supplement Resolution No. 2012-04 on account of there being
a change in the individuals who serve as the Executive Director and the Finance Officer
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 confirms its finding set forth in Resolution No.
2012-04 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 Board hereby confirms its authorization set forth in Resolution
No. 2012-04 for 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.
Section 4. As of the effective date of this Resolution, the Acting Executive
Director and the Acting Finance Officer of the Successor Agency, whose signature
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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 AND ADOPTED this 3rd day of February, 2015.
Chair
ATTEST:
Secretary
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Name
Office
021171%1
Carolynn Petru Acting Executive Director
of the Successor Agency to the
Rancho
Palos Verdes Redevelopment
Agency
Kathryn Downs Acting Finance Officer
of the Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Signature
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