HomeMy WebLinkAboutR05-RDA Item
Redevelopment Agency . City of San Bernardino
300 North "D" Stree~ Fourth Floor. San Bernardino. California 92418
(714) 384-5081 FAX (714) 888-9413
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MARCH 23, 1990
AUTHORIZE THE INVESTMENT OF SURPLUS FUNDS AND AUTHORIZE
THE EXECUTIVE DIRECTOR TO MAKE DEPOSITS IN ACCORDANCE
WITH PROVISIONS OF THE GOVERNMENT CODE
Synopsis of Previous Commission/Council/Committee Action:
05-16-88 Community Development Commission action taken by motion requlrlng
all investment transactions by Agency staff to be subject to written
approval by the City Treasurer.
12-05-88 Community Development Commission action rescinding the action taken
on May 16, 1988, and allowing the Executive Director to supervise
and implement the Agency's investment transactions.
01-22-90 Community Development Commission adopted the Annual Statement of
Investment Policy for the 1990 calendar year.
Recommended Motion:
(COMMUNITY DEVELOPMENT COMMISSION)
Move to adopt the RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE INVESTMENT
OF SURPLUS FUNDS, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO MAKE
DEPOSITS IN ACCORDANCE WITH THE PROVISIONS OF THE GOVERNMENT CODE OF
THE STATE OF CALIFORNIA.
Respectfully Submitted,
Supporting data attached: Yes
Funding requirements: NA
Ward: All
Project: All
Commission Notes:
1230A
Agenda of:
Item No.:
April 51990
^
Redevelopment Agency
S T A F F R E P 0 R T
On May 16, 1988 the Community Development Commission took action requiring all
Investment transactions by the Agency staff to be subject to written approval
by the City Treasurer. On December 5, 1988 the Commission rescinded, by
motion, the action of May 16, 1988 and allowed the E~ecutive Director to
supervise and implement the Agency's investment transactions.
On January 22, 1990 the Community Development Commission adopted the Annual
Statement of Investment Policy for the calendar year 1990.
The Agency's attorney felt it was prudent for the Agency to have an adopted
Resolution authorizing the E~ecutive Director, or his designee, to invest
surplus funds of the Agency, sell or e~change securities and to make deposits
in accordance with the provisions of the Government Code of the State of
California and the adopted Annual Investment Policy. This Resolution is
similar to the Resolution adopted on June 2, 1981 by the Mayor and Common
Council authorizing the City Treasurer, or his designee, to invest surplus
funds and make deposits on behalf of the City of San Bernardino.
1
2 RESOLUTION NO.
3 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE INVESTMENT OF SURPLUS
4 FUNDS, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO MAKE DEPOSITS IN
ACCORDANCE WITH THE PROVISIONS OF THE GOVERNMENT CODE OF THE
5 STATE OF CALIFORNIA.
6
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
7 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
8
SECTION 1.
The Executive Director of the Redevelopment
9 Agency of the City of San Bernardino, or his or her designee, is
10 authorized to invest and reinvest surplus funds of the
11 Redevelopment Agency of the City of San Bernardino, and to sell
12 or exchange securities, in accordance with Sections 53600 through
13 53609 of the Government Code of the State of California and the
14 annually adopted investment pOlicy of the Agency.
15
SECTION 2.
The Executive Director or his or her designee
16 is authorized to deposit any of the instruments described in
17 Section 53608 of the Government Code in any of the depositaries
18 described in that section.
19
SECTION 3.
Any depositary selected by the Executive
20 Director or his or her designee is entitled to accept for
21 deposit any of the instruments described in Section 53608 of the
22 Government Code, and to comply with any written order relating to
23 such deposit which is executed by the Executive Director or his
24 or her designee, subject to any applicable statutory or
25 regulatory limitations.
26
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DAB/ses/deposits.res
March 13, 1990
1
2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE INVESTMENT OF SURPLUS
3 FUNDS, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO MAKE DEPOSITS IN
ACCORDANCE WITH THE PROVISIONS OF THE GOVERNMENT CODE OF THE
4 STATE OF CALIFORNIA.
5 I HEREBY CERTIFY that the foregoing resolution was duly
6 adopted by the Community Development Commission of the City of
7
8
San Bernardino at a
meeting thereof, held on
the
day of
, 1990, by the following vote, to
9 wit:
10
Commission Members:
AYES
NAYS
ABSTAIN
11 ESTRADA
12 REILLY
13 FLORES
14 MAUDSLEY
15 MINOR
16 POPE-LUDLAM
17 MILLER
18
19
20
21
22
23
24
25
26
27
28
Secretary
The foregoing resolution is hereby approved this
day
of
, 1990.
Approved as to
form and legal content:
W. R. Holcomb, Chairman
Community Development Commission
of the City of San Bernardino
~~~A,. )
Agenc ounsel
DAB/ses/deposits.res
March 13, 1990