SA SR 20150804 B - Local Agency Investment Fund AuthorizationCITY OF thNOIRANCHO 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: DEBORAH CULLEN, FINANCE OFFICER4 b
DATE: AUGUST 4, 2015
SUBJECT: LOCAL AGENCY INVESTMENT FUND AUTHORIZATION
REVIEWED: DOUGLAS WILLMORE, EXECUTIVE DIRECTOR
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 MONIES 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 3, 2015, the Successor Agency Board adopted Resolution No. SA 2015-02
authorizing the Executive Director and the Finance Officer of the Successor Agency to
order the deposit or withdrawal of moneys in LAIF on behalf of the Successor Agency.
Resolution No. SA 2015-02 included Exhibit A specifically naming those Officials.
The attached resolution is a supplement to Resolution No. SA 2015-02 to reflect the
change in the individuals who serve as these Officials, specifically naming Douglas
Willmore and Deborah Cullen in their respective roles.
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LOCAL AGENCY INVESTMENT FUND AUTHORIZATION
August 4, 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 MONIES IN THE LOCAL AGENCY
INVESTMENT FUND OF THE STATE OF CALIFORNIA AND TAKING CERTAIN
ACTIONS IN CONNECTION THEREWITH (page 3)
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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
MONIES IN THE LOCAL AGENCY INVESTMENT FUND OF THE STATE
OF CALIFORNIA AND TAKING CERTAIN ACTIONS IN CONNECTION
THEREWITH
RECITALS:
WHEREAS, the Local Agency Investment Fund is established in the State
Treasury under Government Code section 16429.1 et. seq. for the deposit of money of
a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the Board of Directors hereby finds that the deposit and withdrawal
of money in the Local Agency Investment Fund in accordance with Government Code
section 16429.1 et. seq. for the purpose of investment as provided therein is in the best
interests of the Successor Agency to the Rancho Palos Verdes Redevelopment
Agency.
WHEREAS, In response to a request of the State Treasurer's Office, the Board
adopted Resolution No. 2015-02 on February 3, 2015, 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.
WHEREAS, Pursuant to a request of the State Treasurer's Office, the Board
wishes to adopt this Resolution to supplement Resolution No. 2015-02 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, BE IT RESOLVED, that the Board of Directors hereby
authorizes the deposit and withdrawal of Successor Agency to the Rancho Palos
Verdes Redevelopment Agency monies in the Local Agency Investment Fund in the
State Treasury in accordance with Government Code section 16429.1 et. seq. for the
purpose of investment as provided therein.
BE IT FURTHER RESOLVED, as follows:
Section 1. The following Successor Agency to the Rancho Palos Verdes
Redevelopment Agency officers holding the title(s) specified herein or their successors
in office are each hereby authorized to order the deposit or withdrawal of monies in the
Local Agency Investment Fund and may execute and deliver any and all documents
necessary or advisable in order to effectuate the purposes of this resolution and the
transactions contemplated hereby:
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Douglas Willmore
Executive Director of the
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Deborah Cullen
Finance Officer of the
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Section 2. This resolution shall remain in full force and effect until rescinded
by the Board of Directors by resolution and a copy of the resolution rescinding this
resolution is filed with the State Treasurer's Office.
Section 3. 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 4. 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 4t" day of August, 2015.
Chair
ATTEST:
Secretary
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