HomeMy WebLinkAboutItem No. 18 - SA Update to LAIF Resolution
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REPORT TO SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
To:Honorable Agency Chair and Members of the Successor Agency
From:Jason Simpson, Executive Director
Prepared by:Shannon Buckley, Assistant Executive Director
Date:June 27, 2023
Subject:SA Update to LAIF Resolution
Recommendation
Adopt A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
Discussion
The State of California’s Local Agency Investment Fund (LAIF) requires a resolution that identifies
Official positions authorized signers to order the deposit or withdrawal of monies held by the
State’s LAIF. Since our last resolution in 2012, Successor Agency Staff and positions have
changed and do not accurately reflect current authorized staff or positions to manage this fund.
With the 2012 resolution, the allowable authorized signers were the Executive Director and Acting
Director of Administrative Services positions. The updated LAIF resolution will remove the
“Acting” Director and replace it with the Director of Administrative Services. The Assistant
Executive Director and Assistant Administrative Services Director will also be added. This is more
reflective of those authorized and provides ample coverage.
Fiscal Impact
No Fiscal Impact
Attachments
Attachment 1- Updated LAIF Resolution
Attachment 1
RESOLUTION NO. SA 2023-___
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
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 Successor Agency 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 Agency.
NOW, THEREFORE, THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, DOES HEREBY RESOLVE, DETERMINE, AND
ORDER AS FOLLOWS:
Section 1. The Successor Agency hereby authorizes the deposit and withdrawal of
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.
Section 2. The following Agency officers specified hereinbelow 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:
Executive Director – Jason Simpson, or successor
Assistant Executive Director – Shannon Buckley, or successor
Director of Administrative Services– Vacant, or successor
Assistant Director of – Brendan Rafferty, or successor
Section 3. This resolution shall remain in full force and effect until rescinded by the
Successor Agency by Resolution and a copy of the Resolution rescinding this Resolution is filed
with the State Treasurer’s Office.
Section 4. This Resolution shall take effect immediately upon its adoption.
Section 5. The Secretary shall certify to the adoption of this Resolution and enter it into
the book of original Resolutions.
Passed and Adopted at a regular meeting of the Successor Agency of the City of Lake
Elsinore, California, this ____ day of _____________ 20___.
Natasha Johnson
Chair
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SA Reso No. 2023-___
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Attest:
Candice Alvarez, MMC
Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, Secretary of the Successor Agency to the Redevelopment Agency of
City of Lake Elsinore, California, do hereby certify that Resolution No. 2023-____ was adopted
by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of
___________ __, 2021 and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Candice Alvarez, MMC
Secretary