HomeMy WebLinkAbout2012-01-30 CC MINUTES - Special Meeting CITY COUNCIL
COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
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SPECIAL MEETING MINUTES
MONDAY, JANUARY 30, 2012
CITY COUNCIL CHAMBER
CALL TO ORDER: Mayor Pougnet called the meeting to order at 1:35 p.m.
ROLL CALL:
PRESENT: Councilmember Lewin, Councilmember Mills, Mayor Pro Tern Foat,
and Mayor Pougnet.
ABSENT: Councilmember Hutcheson.
ALSO PRESENT: City Manager Ready and City Clerk Thompson.
PUBLIC COMMENT: None.
NEW BUSINESS:
1. JOINT ITEM OF THE CITY COUNCIL AND THE COMMUNITY
REDEVELOPMENT AGENCY TAKING CERTAIN ACTIONS REGARDING
FUNDS WITHIN TWO ACCOUNTS HELD AT THE STATE OF CALIFORNIA
LOCAL AGENCY INVESTMENT FUND (LAIF) AT THE REQUEST OF THE
CITY OF PALM SPRINGS AND THE COMMUNITY REDEVELOPMENT
AGENCY IN ACCORDANCE WITH THE ADOPTED INVESTMENT POLICY:
City, Manager Ready and City Treasurer Kiehl, provided background information
as outlined in the proposed resolutions.
The City Council discussed and/or commented on the following with respect to
the transfers: questioned what other cities are doing with respect to RDA funds
in LAIF, the amount of interest that may be lost, advantages investing in LAIF as
opposed to regular institutions, funds guaranteed by FDIC, if the League of
California Cities has made a recommendation, and status of the Oversight
Commission.
ACTION: [CITY COUNCIL] Adopt Resolution No. 23079, "A RESOLUTION OF
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA,
RATIFYING, CONFIRMING, AND APPROVING THE WITHDRAWAL OF CITY
FUNDS FROM THE LOCAL AGENCY INVESTMENT FUND AND THE
REINVESTMENT OF SUCH FUNDS IN A MANNER CONSISTENT WITH THE
CITY INVESTMENT POLICY." [REDEVELOPMENT AGENCY] Adopt Resolution
No. 1432, "A RESOLUTION OF THE AGENCY BOARD OF THE CITY OF PALM
SPRINGS COMMUNITY REDEVELOPMENT AGENCY RATIFYING,
Special Meeting Minutes
January 30,2012
Page 2
CONFIRMING, AND APPROVING THE WITHDRAWAL OF CITY FUNDS FROM
THE LOCAL AGENCY INVESTMENT FUND AND THE REINVESTMENT OF
SUCH FUNDS IN A MANNER CONSISTENT WITH THE CITY INVESTMENT
POLICY." Motion Mayor Pro Tern Foat, seconded by Councilmember Mills,
and unanimously carried (4-0), noting the absence of Councilmember
Hutcheson.
ADJOURNMENT: The City Council adjourned at 1:56 p.m. to the next Regular Meeting,
Wednesday, February 1, 2012, at 6:00 P.M. Council Chamber, City Hall, preceded by a
Closed Session, at 4:30 P.M., in the Small Conference Room, City Hall, 3200 East
Tahquitz Canyon Way, Palm Springs.
APPROVED BY A MOTION OF THE PALM SPRINGS CITY COUNCIL THIS
15TH DAY OF FEBRUARY, 2012.
STEPHSN P. POUGNET, AYOR
ATTEST:
MES THOMPSON, CITY CLERK