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REDEVELOPMENT AGENCY AGENDA ITEM NO. 3

Meeting Date: March 22, 2005

Subject/Title: Approve a resolution establishing authorization for designated Agency officials, executives and employees to act on behalf of the Redevelopment Agency with regard to the Agency’s accounts with Local Agency Investment Fund (LAIF)

Prepared by: Denise Davies, Finance Operations Manager

Submitted by: Pamela Ehler, Agency Treasurer

RECOMMENDATION
Approve a resolution establishing authorization for designated Agency officials, executives and employees to act on behalf of the Redevelopment Agency with regard to the Agency’s accounts with Local Agency Investment Fund (LAIF).

PREVIOUS ACTION
On July 22, 2003, the Redevelopment Agency passed Resolution No. RA-72 authorizing the investment of the Brentwood Redevelopment Agency monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures.

Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts is on the City Council Agenda for adoption March 22, 2005.

BACKGROUND
The City of Brentwood Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts designates which City officials, executives or employees are authorized to manage investments and make transfers involving the City’s investment/trust accounts. The Redevelopment Agency currently has an investment account at Local Agency Investment Fund (LAIF).

The resolution establishes that individuals authorized to manage investments and make transfers with regard to the Agency’s accounts with Local Agency Investment Fund (LAIF) are designated to be the Agency equivalent positions as listed in City Policy No. 10-11. For example, the City’s Director of Finance and Information Systems is the equivalent to the Agency’s Treasurer.

FISCAL IMPACT
None

Attachment:
Resolution

RESOLUTION NO. RDA-

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD ESTABLISHING AUTHORIZATION FOR DESIGNATED AGENCY OFFICIALS, EXECUTIVES AND EMPLOYEES TO ACT ON BEHALF OF THE REDEVELOPMENT AGENCY WITH REGARD TO THE AGENCY’S ACCOUNTS WITH LOCAL AGENCY INVESTMENT FUND (LAIF)

WHEREAS, on July 22, 2003, the Redevelopment Agency passed Resolution No. RA-72 authorizing the investment of the Brentwood Redevelopment Agency monies in Local Agency Investment Fund (LAIF) and amending the authorized signatures; and

WHEREAS, Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts is on the City Council Agenda for adoption March 22, 2005; and

WHEREAS, the City of Brentwood Policy No. 10-11 Authorized City Officials, Executives, and Employees Regarding Warrants, Banking, Trust and Investment Accounts designates which City officials, executives or employees are authorized to manage investments and make transfers involving the City’s investment/trust accounts; and

WHEREAS, the Redevelopment Agency has an investment account at Local Agency Investment Fund (LAIF).

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood establishes that individuals authorized to manage investments and make transfers with regard to the Agency’s accounts with Local Agency Investment Fund (LAIF) are designated to be the Agency equivalent positions as listed in City Policy No. 10-11. For example, the City’s Director of Finance and Information Systems is the equivalent to the Agency’s Treasurer.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on the 22nd day of March 2005 by the following vote:

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