HomeMy WebLinkAbout6/20/2012 - STAFF REPORTS - 2.K. Ginny Foat
From: Jay Thompson
Sent: Tuesday,June 19, 2012 5:38 PM
To: 'Stephen Pougnet'; Ginny Foat, 'Rick Hutcheson'; 'Paul Lewin';
'ChrisM @ prestvu ksicarchitects.com'
Cc: David Ready; Douglas C. Holland; Geoffrey Kiehl;Jennifer Nelson; Bette OCamb
Subject: Added Item 2012-06-20 Agenda
Attachments: 2864_OOl.pdf
Mayor and Members of the City Council,
Attached is a proposed resolution that City Staff will request you add to your meeting agenda regarding signature
authority for the remaining RDA funds in LAIR The City has less than $6,000 RDA in funds in LAIF, mainly accrued
interest. As you may recall City Staff recommended, and the City Council approved, moving the funds from LAIF back in
January, 2012 at a Special Meeting, as LAIF is completely controlled by the State.
LAIF is indicating that City Staff cannot transfer the remaining funds, as the City Council has not adopted such a
resolution for funds as the Successor Agency. While we tried to argue that the City Council adopted a resolution to be the
Successor Agency, along with all requisite approvals under AB 1X26, and the City Council has adopted the "like"
resolution as the Agency and the City Council, they are requiring yet another resolution.
This is precisely why City Staff recommended the change last January, as not to be held hostage by any further
action the State may potentially take with funds invested in LAIF by member agencies.
Since City Staff needs to make this transfer prior to the end of the fiscal year, we will request the City Council find
that the Item came to the attention of the City after the posting of the Agenda, and there is an immediate need to hear
and/or take action on the Item, and add the proposed resolution to the Consent Calendar. To add the Item to the Agenda
requires a 4/5ths vote.
The materials will be printed and in your yellow folders for reference at the meeting. Just a reminder do not reply
all to this message, please contact staff directly should you have any questions or concerns. Jay
James Thompson, City Clerk
City of Palm Springs, California
TEL(760)323-8204
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1FORN`P CITY COUNCIL STAFF REPORT
DATE: June 20, 2012 CONSENT CALENDAR
SUBJECT: APPROVE A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, ACTING SOLEY IN ITS CAPACITY
AS SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY AUTHORIZING THE INVESTMENT,
DEPOSIT, AND WITHDRAWAL OF CITY OF PALM SPRINGS
SUCCESSOR AGENCY MONIES IN THE LOCAL AGENCY
INVESTMENT FUND.
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
Prior to the elimination of redevelopment agencies on January $1, 2012, the Council
authorized the Director of Finance and Treasurer to move Agency funds out of the State
of California's Local Agency Investment Fund (LAIF). On January 26, 2012,
approximately $19.5 million in funds were transferred out of LAIF. At the time we knew
that we would eventually be receiving a small amount of interest for the month of
January 2012. We have been notified by LAIF that in order to transfer this final interest
income payment of $5,038.28 into CalTRUST, the City's new investment pool, the
Council must approve a revised authorized signers list under the name of the City as
the Successor Agency to the Palm Springs Redevelopment Agency.
RECOMMENDATION:
1. Adopt Resolution No. "A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM SPRINGS, CALIFORNIA, ACTING SOLEY IN ITS
CAPACITY AS SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE
INVESTMENT, DEPOSIT, AND WITHDRAWAL OF CITY OF PALM
SPRINGS SUCCESSOR AGENCY MONIES IN THE LOCAL AGENCY
INVESTMENT FUND."
2. Authorize the City Manager to execute all appropriate documents related to
the administration of funds in the LAIF investment pool.
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City Council Staff Report
June 20, 2012 -- Page 2
Authorize the Investment of Successor Agency Funds in LAIF
FISCAL IMPACT:
The $5,038.28 will be deposited into the CalTRUST investment pool and will be
recorded in the appropriation funds of the successor to the redevelopment agency
awaiting disposition by the State of California.
GeoffreyS. Kiehl David H. Ready, City ge
Director of Finance and Treasurer
— 44�eli'
Dougl s Holland
City Attorney
Attachments:
Resolution Authorizing the Administration of Funds with LAIF
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, ACTING SOLEY IN ITS
CAPACITY AS SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY AUTHORIZING THE INVESTMENT, DEPOSIT,
AND WITHDRAWAL OF CITY OF PALM SPRINGS
SUCCESSOR AGENCY MONIES IN THE LOCAL
AGENCY INVESTMENT FUND.
WHEREAS, pursuant to Chapter 730 of the Statutes of 1976, Section 16429.1
was added to the California Government Code to create a Local, Agency Investment
Fund in the State Treasury for the deposit of money of a local agency for the purposes
of investment by the State Treasurer; and
WHEREAS, the City of Palm Springs does hereby find that the deposit and
withdrawal of monies in the Local Agency Investment Fund, in accordance with the
provisions of Section 16429.1 of the Government Code, for the purposes of investment
as stated therein, to be in the best interests of the the Successor Agency to the Palm
Springs Community Redevelopment Agency.
NOW THEREFORE THE CITY COUNCIL DETERMINES, RESOLVES AND
APPROVES AS FOLLOWS:
SECTION 1. The deposit and withdrawal of City of Palm Springs Successor
Agency monies in the Local Agency Investment Fund in the State Treasury in
accordance with the provisions of Section 16429.1 of the Government Code for the
purpose of investment, as stated therein, is hereby authorized.
SECTION 2. The following City of Palm Springs officers or their successors in
office shall be authorized to order the deposit or withdrawal of monies in the Local
Agency Investment Fund as the Successor Agency to the Palm Springs Community
Redevelopment Agency:
Geoffrey S. Kiehl - Director of Finance and Treasurer
James Thompson - City Clerk
Nancy Klukan - Assistant Director of Finance
Robert Burkholder - Accountant (Deputy Treasurer)
SECTION 3. In retaining the responsibilities of the Palm Springs Community
Redevelopment Agency as provided in California Health and Safety Code §§ 34173 and
34176, the City Council expressly determines, recognizes, reaffirms, and ratifies the
statutory limitation on the City and the City Council's liability in retaining the
responsibilities of the Palm Springs Community Redevelopment Agency pursuant to
AB 1X26. Nothing in this Resolution shall be construed as a commitment, obligation, or
debt of the City or any resources, funds, or assets of the City to fund the City's service
Resolution No.
Page 2
as the successor agency to the Palm Springs Community Redevelopment Agency as
provided in this Resolution.
PASSED, APPROVED AND ADOPTED BY THE PALM SPRINGS CITY
COUNCIL THIS 20TH DAY OF JUNE, 2012.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on June 20, 2012, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California