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RESOLUTION(ID# 1794) DOC ID: 1794 A
CITY OF SAN BERNARDINO—REQUEST FOR COUNCIL ACTION
Successor Agency Business-Trust/Bank Accounts
From: Emil A. Marzullo M/CC Meetin g 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 Providing the Authorized Signers on Successor Agency Accounts with Citizens
Business Bank
Financial Impact:
None.
Motion: Adopt Resolution.
Synopsis of Previous Council Action:
None.
Back¢round/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 A
1794
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 ABxI 26 and approved by the
Oversight Board and State Department of Finance.
City Attorney Review:
Supporting Documents:
05-07-12 CBB Incumbency Certificate Successor Agency MCC Reso (PDF)
reso 1794 (PDF)
Updated:5/3/2012 by Georgeann"Gigi"Hanna A
�r 1 RESOLUTION NO.
2
3 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO SERVING AS THE SUCCESSOR AGENCY TO THE
4 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
5 PROVIDING THE AUTHORIZED SIGNERS ON SUCCESSOR AGENC Y m
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ACCOUNTS WITH CITIZEN S BUSINESS B A
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7 WHEREAS, pursuant to ABxI 26, effective February 1, 2012, the Redevelopment Agency `m
S of the City of San Bernardino has been dissolved;and
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9 WHEREAS, on January 9,2012, the City Council of the City of San Bernardino adopted its u
10 Resolution No. 2012-12 providing that it is the successor agency thereto, as provided and required w'
11 byABx1 26; and o
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WHEREAS, the City Council acting as the successor agency does hereby find that it is
13 necessary to confirm those as authorized signers on all former Redevelopment Agency accounts, `rn
14 specifically including the deposit accounts, certificate of deposits, and loan accounts with Citizens N
15 Business Bank,and accounts with Citizens Trust. r
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16 NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of San ••
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17 Bernardino, acting as the successor agency of the Redevelopment Agency of the City of San
18 Bernardino, does hereby designate the following successor agency officers as authorized signers for
19 deposit accounts and loan with Citizens Business Bank and accounts with Citizens Trust, effective e
20 as of February 1, 2012.
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Patrick J.Moms Chas Kelley Andrea Travis-Miller °
22 (NAME) (NAME) (NAME)
23 Mayor. City of San Bernardino Mayor Pro Temnore c
24 (TITLE) (TITLE) Assistant)
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(SIGNATURE) (SIGNATURE)
26 (SIGNATURE)
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I Jason P. Simoson Emil A.Marzullo
2 (NAME) (NAME)
3 Director of Finance Interim Executive Director
(TITLE) (TITLE)
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5 (SIGNATURE) (SIGNATURE)
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7 Section 1. This Resolution shall take effect upon its adoption and execution in the manner
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I 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 PROVIDING THE AUTHORIZED SIGNERS ON SUCCESSOR AGENCY
ACCOUNTS WITH CITIZENS BUSINESS BANK
4
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
5 �
Common Council of the City of San Bernardino at a meeting thereof, u
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held on the day of 2012, by the following vote,to wit: a
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Council Members: Ayes Nays Abstain Absent rn
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MARQUEZ `o
9 JENKINS a
10 VALDIVIA n
11 SHORETT °
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KELLEY
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13 JOHNSON
14 MC CAMMACK
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16 a'
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Georgeann Hanna City Clerk
18 The foregoing Resolution is hereby approved this day of 2012.
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21 Patrick J. Morris, Mayor
City of San Bernardino
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22 Approved as to Form:
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24 By: E
25 J s Penman, City Attorney w
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