CC - Item 3E - CDC to Function as RRAn
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ROSEMEAD CITY COUNCIL
STAFF REPORT
T0: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: OLIVER CHI, INTERIM CITY MANAGER
DATE: JULY 17, 2007
SUBJECT: ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION TO
FUNCTION AS THE ROSEMEAD REDEVELOPMENT AGENCY
SUMMARY
The Rosemead Community Development Commission is authorized by Government
Code Section 53601, et seq., to invest its inactive funds in a variety of investment
instruments, as noted in its investment policy. One of those investment instruments is
the Local Agency Investment Fund (LAIF) which is managed by the State Treasurer.
On February 13, 2007, the Chairman and Commission members of the Rosemead
Community Development Commission approved Resolution No. 2007-03, which
authorized the Executive Director, the Deputy City Manager, and the Chief Financial
Officer of the Community Development Commission to make deposits and withdrawals
with LAIF.
The LAIF account was opened in the name of the Rosemead Redevelopment Agency
(RRA) with individually named authorized signers and not in the name of the Rosemead
Community Development Commission. The RRA authorized signers are no longer
employed by the City of Rosemead. LAIF will not permit the authorized signers as
approved in Commission Resolution No. 2007-03 to perform transactions with LAIF.
Staff Recommendation
Staff recommends that the City Council adopt the attached Resolution No. 2007-24,
which provides for the officers and employees of the Community Development
Commission to have the same rights, powers, privileges and immunities as the
Rosemead Redevelopment Agency. In addition the resolution authorizes LAIF to
accept Rosemead Community Development Commission Resolution No. 2007-03.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
APPROVED FOR CITY COUNCIL AGENDA:
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City Council Meeting
July 17, 2007
Page 2 of 2
Submitted by:
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Lisa Pedote
Chief Financial Officer
Attachment A: Resolution 2007-24
RCDC Resolution 2007-03
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RESOLUTION NO. 2007-24
A RESOLUTION OF THE CITY OF ROSEMEAD TO DECLARE
THE COMMUNITY DEVELOPMENT COMMISSION AS FUNCTIONING AS THE
ROSEMEAD REDEVELOPMENT AGENCY AND TO DESIGNATE CERTAIN
ROSEMEAD CITY OFFICERS TO BE AUTHORIZED USERS OF THE LOCAL
AGENCY INVESTMENT FUND
WHEREAS, on January 22, 2002, the City Council of the City of
Rosemead adopted an Ordinance of the City of Rosemead declaring the need for
a Community Development Commission and Declaring the City Council of the
City of Rosemead to be the Community Development Commission; and
WHEREAS, the City Council of the City of Rosemead declared itself to be
the Community Development Commission, and became vested with all of the
rights, powers privileges and immunities of such a Commission; and
WHEREAS, the City Council of the City of Rosemead declared the
Community Development Commission in the City of Rosemead to function with
respect to the Rosemead Redevelopment Agency; and
WHEREAS, the City Council of the City of Rosemead declared all officers
and employees of the Rosemead Redevelopment Agency are selected and
appointed to the same corresponding positions within the Community
Development Commission, and
WHEREAS, the City Council of the City of Rosemead has declared that all
agreements and contractual arrangements entered into by both the
Redevelopment Agency and the City of Rosemead are hereby adopted and
ratified on behalf of the Community Development Commission;
NOW, THEREFORE, THE CITY OF ROSEMEAD DOES HEREBY
RESOLVE AS FOLLOWS:
Section 1. The above recitals are true and correct and a substantive
part of this Resolution.
Section 2. The officers and employees of the Community Development
Commission shall have the same rights, powers, privileges and immunities as the
Rosemead Redevelopment Agency.
Section 3. The power to sign for or otherwise access funds on behalf of
the Rosemead Community Development Commission from the Local Agency
Investment Fund (LAIF) shall extend to the Executive Director. the Deputy City
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Manager, and the Chief Financial Officer of the City of Rosemead.
Section 4. The Local Agency Investment Fund shall be authorized to
accept Rosemead's Community Development Commission's Resolution No.
2007-03, attached hereto and made a part hereof.
Section 5. The Named Officers, the Executive Director, the Deputy City
Manager, and the Chief Financial Officer of the Community Development
Commission are authorized users of LAIF deposits, authorized to make deposits
and withdrawals with LAIF.
Section 6. The City Clerk shall certify to the adoption of this Resolution
and cause the same to be processed in accordance with state law.
PASSED, APPROVED and ADOPTED this 17th day of July, 2007.
John Tran
Mayor
ATTEST:
Nina Castruita
City Clerk
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RESOLUTION NO. 2007-03
RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION, CALIFORNIA AUTHORIZING INVESTMENT
OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND
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 the purposes of
investment by the State Treasurer; and
WHEREAS, The Commission does hereby find that the deposit and withdrawal
of money in the Local Agency Investment Fund in accordance with the provisions of
Section 16429.1 of the Government Code for the purpose of investment as stated therein
is in the best interests of the Rosemead Community Development Commission.
NOW THEREFORE, BE IT RESOLVED, that the Corrnnission does hereby
authorize the deposit and withdrawal of Rosemead Community Development
Commission 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
of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following Commission officers or their
successors in office shall be authorized to order the deposit or withdrawal of monies in
the Local Agency Investment Fund:
Andrew C. Lazzaretto Oliver Chi
(Print Narne) (Print Name)
Executive Director Deputy City Manager.
(Title) (Title)
(Sign ) (Signature)
(Vacant)
(Print Name)
Chief Financial Officer
(Title)
(Signature)
PASSED AND ADOPTED, by the Rosemead Community Development Commission,
County of Los Angeles, of the State of California on Februarv 007.
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ATTEST:
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(City Clerk)
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Nina Castruita, Secretary of the Rosemead Community Development
Commission, do hereby certify that the foregoing Resolution No. 2007-03 being:
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION, CALIFORNIA, AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
was duly and regularly approved and adopted by the Rosemead Community
Development Commission on the 13th of February, 2007, by the following vote to wit:
Yes: Clark, Imperial, Taylor, Tran
No: None
Absent: Nunez
Abstain: None
Nina Castruita
Secretary