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REDEVELOPMENT AGENCY AGENDA ITEM NO. 4

Meeting Date: July 22, 2003

Subject/Title: Approve a resolution authorizing the investment of the Brentwood Redevelopment Agency monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures.

Submitted by: Pamela Ehler, Agency Treasurer

Approved by: John Stevenson, Executive Director

RECOMMENDATION
Approve a resolution authorizing the investment of Redevelopment Agency monies in Local Agency Investment Fund and amending the authorized signatures.

PREVIOUS ACTION
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 purposes of investment by the State Treasurer.

The City Council finds the deposit and withdrawal of Redevelopment 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 herein.

BACKGROUND
The City of Brentwood last amended their signatures for authorization of deposits and withdrawals in November 1980. Since the Downtown Redevelopment Agency was formed in 1982 and the North Brentwood Redevelopment Agency was formed in 1991, authorization for deposits and withdrawals into LAIF were approved under the City of Brentwood’s signature umbrella. As the Redevelopment Agency is now considered to be a separate entity, the following Redevelopment Agency officials or their successors have been authorized to order the deposit of withdrawal of monies in the Local Agency Investment Fund:

Brian Swisher, Chairman
Annette Beckstrand, Vice-Chairman
Dennis Beougher, Attorney
John Stevenson, Executive Director
Pamela Ehler, Agency Treasurer
Karen Diaz, Agency Secretary
Denise Davies, Finance Operations Manager

FISCAL IMPACT
None

Attachments: Resolution

RESOLUTION NO.

A RESOLUTION AUTHORIZING THE INVESTMENT OF THE BRENTWOOD REDEVELOPMENT AGENCY MONIES IN LOCAL AGENCY INVESTMENT FUND AND AMENDING THE AUTHORIZED SIGNATURES.

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 purposes of investment by the State Treasurer; and

WHEREAS, .the City Council does hereby find that the deposit and withdrawal of Redevelopment 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 herein; and

WHEREAS, The City of Brentwood last amended their signatures for authorization of deposits and withdrawals in November 1980. Since the Downtown Redevelopment Agency was formed in 1982 and the North Brentwood Redevelopment Agency was formed in 1991, authorization for deposits and withdrawals into LAIF were approved under the City of Brentwood’s signature umbrella.

NOW, THEREFORE BE IT RESOLVED that the City Council does hereby authorize the deposit and withdrawal of Redevelopment Agency of Brentwood 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, and verification by the State Treasurer’s office; and

BE IT FURTHER RESOLVED, that as the Redevelopment Agency is now considered to be a separate entity, the following Redevelopment Agency officials or their successors have been authorized to order the deposit of withdrawal of monies in the Local Agency Investment Fund:

Brian Swisher, Chairman
Annette Beckstrand, Vice-Chairman
Dennis Beougher, Attorney
John Stevenson, Executive Director
Pamela Ehler, Agency Treasurer
Karen Diaz, Agency Secretary
Denise Davies, Finance Operations Manager

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency Council of the Redevelopment Agency of Brentwood at a regular meeting held on the 22 day of July, 2003 by the following vote:

AYES:
NOES:
ABSENT:
_____________________________
Brian Swisher, Chairman
ATTEST:

__________________________________
Karen Diaz, CMC
Agency Secretary

City Administration
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov