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HomeMy WebLinkAbout10.A- Economic Development Agency RESOLUTION (ID# 1793) DOC ID: 1793 B CITY OF SAN BERNARDINO—REQUEST FOR COUNCIL ACTION Successor Agency Business -TrustBank Accounts From: Emil A. Marzullo M/CC Meeting Date: 05/07/2012 Prepared by: Wasana A. Chantha, (909) 663- 1044 Dept: Economic Development Agency Ward(s): N/A Subject: Resolution of the Mayor and Common Council of the City of San Bernardino Serving as the Successor Agency and Successor Entity to the Redevelopment Agency of the City of San Bernardino Confirming the Investment of Monies in the Local Agency hvestment Fund and Designating Authorized Signatories for that LAIF Account Financial Impact: None. Motion: Adopt Resolution. Synopsis of Previous Council Action: None. Background/Current Issue: As a result of the dissolution of the Redevelopment Agency of the City of San Bernardino (the "Agency") on February 1, 2012,bank and investment accounts formerly held by the Agency now must be transferred to the name of the successor agency. Citizens Business Bank and LAIF have requested transfer Resolutions in the forms attached to this Staff Report. There are four Citizen Business Bank accounts: a checking account,two trust accounts and a loan account. The balance in the checking account in unrestricted funds is $2,445,734. Citizens Business Bank holds approximately$18 million in securities in a collateral loan account(in the form of an investment management account) for the acquisition of the Carousel Mall. The second collateral loan account (in the form of a certificate of deposit) secures $850,000 for the San Bernardino Auto Mall reader board. Successor agency staff estimates there is approximately $235,000 in the LAIF account. The proposed account signatories on behalf of the successor agency are: Interim Executive Director Emil A. Marzullo, Assistant City Manager Andrea Travis-Miller, Director of Finance Jason © Simpson, Mayor Pro Tempore Chas Kelley and Mayor Patrick J. Morris. In order to access Updated:5/3/2012 by Georgeann"Gigi"Hanna B 1793 funds in these accounts, it is necessary for the City Council acting as the successor agency to adopt these Resolutions. Nothing here precludes future action regarding these accounts as part of the dissolution process. The proceeds of the accounts will be used for operational or other approved expenses of the successor agency as allowed by ABxl 26 and approved by the Oversight Board and State Department of Finance. City Attorney Review: Supporting Documents: reso 1793 (PDF) Updated: 5/3/2012 by Georgeann"Gigi"Hanna B I RESOLUTION NO. 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY 3 OF SAN BERNARDINO SERVING AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO 4 CONFIRMING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND AND DESIGNATING AUTHORIZED SIGNATORIES 5 FOR THAT LAIF ACCOUNT 6 AGENCY AGENCY 7 ADDRESS:201 North"E"Street.Suite 301 PHONE NUMBER:(909)663-1044 San Bernardino CA 92401 ¢ 8 u C d 9 AUTHORIZING INVESTMENT OF MONIES a 10 IN THE LOCAL AGENCY INVESTMENT FUND N v 11 u WHEREAS, pursuant to Chapter 730 of the statutes of 1976 Section 16429.] was added to Co 12 Co the California Government Code to create a Local Agency Investment Fund ("LAIF") in the State m 13 Treasury for the deposit of money of a local agency for purposes of investment by the State m 14 u Treasurer;and a J 15 WHEREAS, pursuant to such provisions the Redevelopment Agency of the City of San 16 17 Bernardino ("Agency") established an account with LAIF in December 15, 2003/Resolution No. CDC/2003-44; and o 18 m WHEREAS, pursuant to ABxl 26, the Agency was dissolved effective February 1, 2012; 0 19 and " m 20 WHEREAS, on January 9,2012, the City Council of the City of San Bernardino adopted its d 21 Resolution No. 2012-12 providing that it is the successor agency thereto, as provided an require d d 22 23 by ABxI 26,and as the successor agency,the City is the holder of such LAIF account; and E 24 WHEREAS, LAIF requires that this Resolution be readopted with updated signatories as a a 25 result of that dissolution and transfer to the successor agency of certain assets of the Agency; and 26 WHEREAS, the City Council as the successor agency does hereby find that the deposit and 27 withdrawal of money in the Local Agency Investment Fund in accordance with the provisions o 28 Section 16429.1 of the Government Code for the purpose of investment as stated therein as in the Qbest interests of the successor agency. CAUwiw$WMPpD04 wNT, WimieTipWnbe jwi ,t,@"nbooutlim�T M2wmWafMpxAmenW'iJA loc 10.A.a 1 NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby authorize the 2 deposit and withdrawal of successor agency monies in the Local Agency Investment Fund in the 3 State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for 4 the purpose of investment as stated therein, and verification by the State Treasurer's Office of all 5 banking information provided in that regard. 6 BE IT FURTHER RESOLVED, that the following successor agency officers or their 0 7 successors in office shall be authorized to order the deposit or withdrawal of monies in the Local a 8 Agency Investment Fund: c m 9 Patrick J. Morris Chas Kelley Andrea Travis-Miller a 10 (NAME) (NAME) (NAME) °m N 11 Mayor,City of San Bernardino Mayor Pro Tempore Assistant City Manager $ (TITLE) (TITLE) (TITLE) n 12 m 13 (SIGNATURE) (SIGNATURE) (SIGNATURE) m 14 LL © Jason P. Simpson Emil A.Marzullo C 15 (NAME) (NAME) 16 Director of Finance Interim Executive Director 17 (TITLE) (TITLE) 0 o_ 18 " 19 (SIGNATURE) (SIGNATURE) M T 20 Section 1- This Resolution shall take effect upon its adoption and execution in the manner y 21 as required by the City Charter. 22 23 24 25 26 27 28 c.w.,iuoosimUOponeLLar�Mempw�nmenwwneem..einoortruQS+ +rdmayr.1 MawmWorHnnunme M739 eoc Packet Pg. 7265 C1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO SERVING AS THE SUCCESSOR AGENCY TO THE 2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO 3 CONFIRMING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND AND DESIGNATING AUTHORIZED SIGNATORIES 4 FOR THAT LAW ACCOUNT 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 6 Common Council of the City of San Bernardino at a meeting thereof, 0 7 held on the day of .2012,by the following vote,to wit: 4 T 8 Council Members: Aves Nays Abstain Absent � d 9 MARQUEZ 10 JENKINS 0 m 11 VALDIVIA 12 SHORETT m — m 13 KELLEY v 14 JOHNSON m LL 15 MC CAMMACK M 16 17 Georgeann Hanna,City Clerk `o 18 v The foregoing Resolution is hereby approved this day of 19 g g Y PP Y 2012. M m 20 0 21 Patrick J.Moms,Mayor ` 22 City of San Bernardino d E 23 Approved as to Form: m 24 a By: 25 am F. Penman,City Attorney 26 27 © 28 C.WasYOnYwUppMU\IOUlliempNlinWTrgHenbnevEi'wtnyn®u�,u,y^u+ryulOM3.com\W�'IIB Ecc