SA SR 20191106 B - SA Investment & Financial DesigneesSUCCESSOR AGENCY MEETING DATE: 11/06/2019
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA DESCRIPTION:
Consideration and possible action to adopt Resolution No. 2019-XX
RECOMMENDED COUNCIL ACTION:
1) Adopt Resolution No. 2019-XX, 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.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant
REVIEWED BY: Angelina Garcia, Interim Director of Finance
APPROVED BY: Doug Willmore, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. Resolution No. SA 2019-XX 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 (page A-1)
BACKGROUND AND DISCUSSION:
By resolution, the City Council designated certain City officials as signatories for various
cash and investment accounts with financial institutions and the State of California.
More than one resolution is necessary as certain financial institutions and the State
have specific language requirements for the format of the resolution.
Under the current Resolution, both names and titles of City officials are listed. A staff
report is submitted for the City Council’s approval when change of designated City
officials occurs, in which they are authorized to conduct financial transactions among all
financial institutions. For a smooth transition and avoiding any delay of conducting
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financial transactions, Staff recommends that the Resolution only list the City officials’
titles. The proposed titles are listed below:
City Manager or Acting/Interim City Manager as Executive Director
Director or Acting/Interim Director of Finance as Finance Officer
Deputy or Acting/Interim Deputy Director of Finance as Deputy Finance Officer
If adopted by City Council, all transactions must and will be conducted in accordance
with the provisions of California laws and the City’s annual adopted investment policy.
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RESOLUTION NO. SA 2019-XX
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, the Finance
Officer, and Deputy 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:
A-1
City Manager or Acting/Interim City Manager
Executive Director of the
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Director or Acting/Interim Director of Finance
Finance Officer of the
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Deputy or Acting/Interim Deputy Director of Finance
Deputy Finance Officer of the
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Section 2. Rescind Resolution No. SA 2015-06 and replace it with this Resolution.
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 APPROVED AND ADOPTED this 6TH DAY OF NOVEMBER 2019.
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_____________________
Jerry V. Duhovic, Chair
ATTEST:
____________________________
Secretary
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, Secretary of the Successor Agency to the Rancho Palos Verdes
Redevelopment Agency hereby certify that the above Resolution No. SA 2019-XX was
duly and regularly passed and adopted by the said Successor Agency to the
Redevelopment Agency at a regular meeting thereof held on November 6th, 2019.
_________________________
Secretary
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