HomeMy WebLinkAboutSA-RDA 005RESOLUTION NO. SA -RDA 005
RESOLUTION NO. SA -RDA 005
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT
AGENCY AUTHORIZING THE INVESTMENT OF MONIES IN THE
LOCAL AGENCY INVESTMENT FUND OF THE STATE OF
CALIFORNIA AND TAKING CERTAIN ACTIONS IN CONNECTION
THEREWITH
RECITALS:
A. AB X1 26 and AB X1 27 were signed by the Governor of California on
June 29, 2011, making certain changes to the Community Redevelopment Law (Part 1
(commencing with Section 33000) of Division 24 of the California Health and Safety
Code) (the "Redevelopment Law"), including adding Part 1.8 (commencing with Section
34161) ("Part 1.8") and Part 1.85 (commencing with Section 34170) ("Part 1.85").
B. The California Redevelopment Association and League of California Cities
filed a lawsuit in the Supreme Court of California (California Redevelopment
Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that AB X1 26 and
AB X1 27 are unconstitutional. On December 29, 2011, the Supreme Court issued its
opinion in the Matosantos case largely upholding AB X1 26, invalidating AB X1 27, and
holding that AB X1 26 may be severed from AB X1 27 and enforced independently.
C. The Supreme Court generally revised the effective dates and deadlines for
performance of obligations in Part 1.85 arising before May 1, 2012, to take effect four
months later.
D. As a result of the Supreme Court's decision, the Palm Desert
Redevelopment Agency (the "Redevelopment Agency"), a redevelopment agency in the
City of Palm Desert (the "City"), created pursuant to the Redevelopment Law, was
dissolved pursuant to Part 1.85 on February 1, 2012.
E. By its Resolution No. 2011-76, adopted on August 25, 2011, the City
Council of the City made an election to serve as the successor agency to the
Redevelopment Agency under Part 1.85 (the "Successor Agency").
F. By its Resolution No. 2011-76, adopted on August 25, 2011, the City
Council, acting as the governing board for the Successor Agency, established rules and
regulations applicable to the governance and operation of the Successor Agency, and
pursuant to such resolution provided that the Successor Agency will be governed by a
Board of Directors (the "Board") consisting of the members of the City Council of the
City.
RESOLUTION NO. SA -RDA 005
G. Pursuant to Chapter 730 of the statutes of 1976, Section 16429.1 was
added to the California Government Code to create the Local Agency Investment Fund
("LAIF") in the State Treasury for the deposit of monies of local agencies for investment
by the State Treasurer.
H. The Redevelopment Agency from time to time invested its money in LAIF
in accordance with the provisions of Section 16429.1 of the California Government
Code.
Pursuant to Part 1.85, all assets and properties of the Redevelopment
Agency are transferred to the control of the Successor Agency as of February 1, 2012.
J. In response to a request of the State Treasurer's Office, the Board wishes
to adopt this resolution authorizing the investment of Successor Agency monies in LAIF
and authorizing certain officers of the Successor Agency to order the deposit or
withdrawal of monies in LAIF on behalf of the Successor Agency.
NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY, HEREBY FINDS, DETERMINES, RESOLVES, AND
ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2. The Board hereby finds that it is in the best interest of the
Successor Agency to deposit and withdraw monies in LAIF from time to time in
accordance with the provisions of Section 16429.1 of the California Government Code
for the purpose of investment as stated therein.
Section 3. The deposit and withdrawal of the Successor Agency's monies in
LAIF in accordance with the provisions of Section 16429.1 of the California Government
Code from time to time for the purpose of investment as stated therein, and verification
by the State Treasurer's Office of all banking information provided in that regard, are
hereby authorized.
Section 4. The [Executive Director]. the [Treasurer], the [Deputy
Treasurer], and the [Assistant Finance Director] of the Successor Agency, whose
signature specimens are set forth in Exhibit "A" to this Resolution, or their successors in
such offices, are hereby authorized to order the deposit or withdrawal of monies in LAIF
on behalf of the Successor Agency for any account of the Successor Agency (including
accounts maintained by the Redevelopment Agency which are now accounts of the
Successor Agency).
Section 5. The officers of the Successor Agency are hereby authorized and
directed, jointly and severally. to do any and all things, to execute and deliver any
additional instruments which they may deem necessary or advisable in order to
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RESOLUTION NO. SA -RDA 005
effectuate the purposes of this Resolution and any such actions previously taken by
such officers are hereby ratified and confirmed.
Section 6. The Secretary of the Successor Agency is hereby authorized and
directed to submit a certified copy of this Resolution and such forms as may be required
to the Office of the State Treasurer to effectuate the purposes of this Resolution.
AYES:
NOES:
PASSED AND ADOPTED this 8th day of March, 2012.
BENSON, FINERTY, HARNIR, RROONEN, and SPIEGEL
NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
ROBERT A. SPIEGEL, HA
RA HELLE D. KLASSEN, ECRETARY
SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY
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RESOLUTION NO. SA -RDA 005
EXHIBIT "A"
Name Office
John M. Wohlmuth [Executive Director]
of Successor Agency to the Palm
Desert Redevelopment Agency
Paul S. Gibson [Treasurer]
of Successor Agency to the Palm
Desert Redevelopment Agency
Thomas W. Jeffrey [Deputy Treasurer]
of Successor Agency to the Palm
Desert Redevelopment Agency
Jose Luis Espinoza [Assistant Finance Director]
of Successor Agency to the Palm
Desert Redevelopment Agency
),LC
giimea jeh
Exhibit A