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Home My WebLink About2011-06-21; Housing & Redevelopment Commission; 430; AMEND RESO 185 TRANSFER OF FUNDS LOCAL AGENCYHOUSING AND REDEVELOPMENT COMMISSION - AGEND 430 6/21/11 TRS AMEND RESOLUTION 185 OF THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION TO ADD AUTHORIZED POSITIONS WITHIN THE CITY TO MAKE TRANSFERS OF FUNDS TO OR FROM THE LOCAL AGENCY INVESTMENT FUND DEPT. DIRECTOR GENCOUNSBL EXEC DIR. RECOMMENDED ACTION: Adopt Resolution No.507 approving the addition of authorized positions within the City of Carlsbad allowed to make transfers of funds to or from the Local Agency Investment Fund. ITEM EXPLANATION: LAIF is an investment alternative for California's local governments and special districts. It was created by statute in 1977 and is managed by the State Treasurer's office. The City Treasurer invests all of the inactive cash for the City and its agencies. One short-term investment alternative available to the City Treasurer is the Local Agency Investment Fund (LAIF). The City Treasurer currently uses five LAIF accounts for short-term investments. Each LAIF account is limited to a maximum of $50 million. The staff at LAIF has been reviewing and updating their records. The authorized position titles on the original resolutions no longer match the titles of the current personnel authorized to make transfers to and from the LAIF accounts. LAIF has asked that our resolutions be updated to reflect the changes within the City and the Redevelopment Commission. FISCAL IMPACT: The addition of or title changes of personnel authorized to make transfers of funds to or from LAIF will have no fiscal impact on the Carlsbad Redevelopment Commission or the City ENVIRONMENTAL IMPACT: Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. DEPARTMENT CONTACT: N Sullivan 760-602-2473 nancy.sullivan@ carlsbadca.gov FOR CITY CLERK'S USE ONLY. COMMISSION APPROVED ACTION: DENIED WITHDRAWN AMENDED D D D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D BOARD RECEIVED THE D REPORT/PRESENTATION OTHER-SEE MINUTES D Page 2 EXHIBITS: 1. Resolution No. 507 approving the addition of positions within the City authorized to make transfers of funds to or from the Local Agency Investment Fund for the Carlsbad Housing and Redevelopment Commission of the Carlsbad Redevelopment Agency. 2. Copy Resolution No. 185. b< f I RESOLUTION NO. 507 RESOLUTION OF THE CARLSBAD HOUSING AND REDEVELOPMENT 2 COMMISSION, CARLSBAD CALIFORNIA, AMENDING RESOLUTION No. 185, ADOPTED MARCH 19, 1991, WHICH AUTHORIZED THE 3 ESTABLISHMENT AND INVESTMENT OF CARLSBAD REDEVELOPMENT AGENCY MONIES IN THE LOCAL AGENCY 4 INVESTMENT FUND 5 6 WHEREAS, the Carlsbad Housing and Redevelopment Commission does from time 7 to time invest monies in the Local Agency Investment Fund as authorized by Resolution No. 185 adopted on 19th of March, 1991; and g WHEREAS, the City Treasurer desires to occasionally delegate the duties of making transfers of funds to or from the Local Agency Investment Fund in addition to the officers listed in Resolution No. 185. 11 NOW, THEREFORE, BE IT RESOLVED that 12 1. The above recitations are true and correct. 13 2. Resolution No. 185 is amended to authorize the following positions within the City of 14 Carlsbad to make deposits or withdrawals of monies in the Local Agency Investment 15 Fund for the Carlsbad Housing and Redevelopment Commission: City Treasurer, Deputy City Manager, Deputy City Treasurer, and Assistant to the City Treasurer,16 Finance Director and Assistant Finance Director. 17 3. This authorization supersedes and replaces any previous authorizations. 18 19 // 20 // 21 // 22 " II 23 24 // 25 // 26 // 27 // 28 II 1 PASSED, APPROVED AND ADOPTED at a Regular Meeting of the Housing and 2 Redevelopment Commission of the City of Carlsbad on the 21st day of June 2011, by •3 the following vote, to wit: 4 5 AYES: Commission Members Hall, Kulchin, Blackburn, Douglas, Packard. 6 NOES: None. 7 ABSENT: None.8 9 10 11 MATT HALL, Chairman 12 „ ATTEST:13 14 LfSA HILDABRAND, Secretary 16 (SEAL) 17 18 \\.. i-970 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 185 1 2 4 5 C was added to the California Government Code to create a Local Agency Investment 7 : Fund in the State Treasury for the deposit of money of a local agency for purposes 8 of investment by the State Treasurer; and 9 WHEREAS, the Carlsbad Housing and Redevelopment Commission does10 11 12 18 19 20 24 25 26 27 28 EXHIBIT 2 A RESOLUTION OF THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION OFTHE CARLSBAD REDEVELOPM1 OF AJN ACCOUNT WITH THE LOCAL AGENCY INVESTMENT FUND WHEREAS, pursuant to Chapter 730 of the statutes of 1976 Section 16429.1 Government Code for the purpose of investment as stated therein is in the best 14 interests of the .Carlsbad Redevelopment Agency; and 15 WHEREAS, the Carlsbad Housing and Redevelopment Commission is the 16 governing body of the Carlsbad Redevelopment Agency. hereby find that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with the provisions of Section 16429.1 of the NOW, THEREFORE, BE IT RESOLVED as follows by the Carlsbad Housing and Redevelopment Commission of the Carlsbad Redevelopment Agency. 1. That the above recitations are true and correct. 21 2. That the Carlsbad Housing and Redevelopment Commission does hereby 22 authorize the deposit and withdrawal of Carlsbad Redevelopment Agency monies 23 in the Local Agency Investment Fund in the State Treasury in an account in the name of the Carlsbad Redevelopment Agenc^ in accordance with the provisions of Section 16429-1 of the Government Code for the purpose of investment as stated therein. ;•,<•; •, •;•'•- •••'• 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 21 2£ 23 24 25 26 27 28 3. That the following officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund: NAME TITLE ^-> SIGNATl James M. Stanton City Treasurer #?. Frank Mannen Assistant City Manager/ Deputy City Treasurer James F. Elliott Financial Management Directo PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad Housing and Redevelopment Commission of the Carlsbad Redevelopment Agency on the 19th day of March , 1991, by the following vote, to wit: AYES: Commissioners Lewis, Kulchin, Larson, Nygaard and Stanton NOES: None ABSENT:None CLAUDE A. LEWIS, Chairperson RAYT^pND R. PATCHETT, Secretary (SEAL) RECEIVED MAR 2 8 1991 STATE TREASURER'S OffK.t INVESTMENT DIVISION