HomeMy WebLinkAbout2012-02-14 Successor Agency Item No. 5 CITY OF
LAIKE OLSINOU
DREAM EXTREME.
l O r
REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
FROM: ROBERT A. BRADY
CITY MANAGER
DATE: FEBRUARY 14, 2012
SUBJECT: RESOLUTION AUTHORIZING THE CITY OF LAKE ELSINORE AS
SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE TO OPEN AN INVESTMENT ACCOUNT
WITH THE CALIFORNIA STATE TREASURER'S LOCAL AGENCY
INVESTMENT FUND
Background
The State of California has eliminated all redevelopment agencies in the State effective
February 1, 2012. Upon dissolution of all redevelopment agencies, "successor
agencies" are required to administer the enforceable obligations of the redevelopment
agencies and otherwise wind up the affairs of the agency.
By its adoption of Resolution No. 2012 -001 on January 10, 2012, the City Council
elected to have the City of Lake Elsinore serve as the "successor agency" of the
Redevelopment Agency of the City of Lake Elsinore.
Discussion
In order to fully account for and maintain the segregation of funds administered by the
newly created "successor agency" from general City funds, the City's Director of
Administrative Services seeks to establish a separate investment account with the State
Treasurer's Office Local Agency Investment Fund. Adoption of the attached Resolution
is required by the State Treasurer in order to allow the City to deposit and withdraw
money in its treasury not required for immediate needs for and on behalf of the City of
Lake Elsinore, as the successor of the Redevelopment Agency of the City of Lake
Elsinore.
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RESOLUTION AUTHORIZING INVESTMENT ACCOUNT
February 14, 2012
Page 2
Fiscal Impact
There is no impact to the City General Fund.
Recommendation
Adopt the Resolution authorizing the City of Lake Elsinore as successor agency of the
Redevelopment Agency of the City of Lake Elsinore to establish an investment account
with the California State Treasurer's Local Agency Investment Fund.
Prepared by: James Rile '_ �
Director of Ad istrative Services
Barbara Leibo d
City Attorney /Agency Counsel
Approved by: Robert A. Brady( it
City Manager
Attachment:
1. Resolution
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RESOLUTION NO. SA 2012 -001
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
AS THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE, AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, pursuant to Section 16429.1 of the California Government Code, the State
Legislature created the Local Agency Investment Fund in the State Treasury for the deposit of
money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, by the adoption of its Resolution No. 2012 -001 on January 10, 2012 and
pursuant to Section 34173 of the California Health and Safety Code, the City Council of the
City of Lake Elsinore elected to have the City of Lake Elsinore serve as the "successor
agency" of the Redevelopment Agency of the City of Lake Elsinore ( "Agency ") under Part 1.85
for the purpose of administering the enforceable obligations of the Agency and to otherwise
wind up the affairs of the Agency; and
WHEREAS, the City Council of the City of Lake Elsinore, in its capacity as the
governing board of the successor agency to the Agency, does hereby find that the deposit and
withdrawal of the money in the Local Agency Investment Fund in accordance with the
provisions of Section 16429.1 of the California Government Code for the purpose of
investment as stated therein is in the best interest of the City of Lake Elsinore as the successor
agency of the Redevelopment Agency of the City of Lake Elsinore.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, AS SUCCESSOR AGENCY DOES HEREBY RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
SECTION 1. The City Council of the City of Lake Elsinore, in its capacity as the
governing board to the successor agency of the Redevelopment Agency of the City of Lake
Elsinore, does hereby authorize the deposit and withdrawal of money in its treasury for and on
behalf of the "City of Lake Elsinore, a municipal corporation, as the successor agency of the
Redevelopment Agency of the City of Lake Elsinore ", which are not required for immediate
needs, with the Local Agency Investment Fund in the State Treasury in accordance with the
provisions of Section 16429.1 of the California Government Code 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 2. The following City of Lake Elsinore officers or their successors in office
are authorized to order the deposit or withdrawal of monies in the Local Agency Investment
Fund for and on behalf of the "City of Lake Elsinore, a municipal corporation, as the successor
agency of the Redevelopment Agency of the City of Lake Elsinore ", and to do any and all
things necessary or advisable in order to effectuate the purposes of this Resolution:
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CITY COUNCIL RESOLUTION NO. SA 2011 -001
Page2of3
Robert A. Brady James R. Riley Nancy Lassey
City Manager Director of Administrative Accounting Supervisor
Services
(signature) (signature) (signature)
SECTION 3. This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of Lake Elsinore, California, this 14 day of February, 2012.
BRIAN TISDALE, MAYOR
CITY OF LAKE ELSINORE
Attest:
VIRGINIA BLOOM
CITY CLERK
APPROVED AS TO FORM:
BARBARA ZEID LEIBOLD
CITY ATTORNEY
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE }SS
I, VIRGINIA BLOOM, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No.. SA 2012- 001 was adopted by the City Council of the City of
Lake Elsinore, California, at a regular meeting held on the 14th day of February 2012,
and that the same was adopted by the following. vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
VIRGINIA BLOOM
CITY CLERK
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