2012-08 iliw
RESOLUTION NO, 2012-08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, AUTHORIZING THE CITY OF GRAND
TERRACE AS SUCCESSOR AGENCY TO THE GRAND TERRACE
COMMUNITY REDEVELOPMENT AGENCY TO INVEST IN THE LOCAL
AGENCY INVESTMENT FUND
WHEREAS, the City of Grand Terrace is a municipal corporation established
under the laws of the State of California; and
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 purposes of
investment by the State Treasurer; and
WHEREAS, the Local Agency Investment Fund is an authorized investment
under the investment policy of the city and under government code section 53600; and
WHEREAS, the Agency previously authorized, by resolution, the deposit and
withdrawal of Grand Terrace Community Redevelopment Agency monies in the Local
Agency Investment Fund in the State Treasury in accordance with 16429.1 of the
government code; and
WHEREAS, California redevelopment agencies will dissolve on February 1, 2012
under the intensions of AB X1 26;
WHEREAS, on January 10, 2012 the City Council elected, by Resolution No.
2012-01, to serve as the Successor Agency to the former Grand Terrace Community
Redevelopment Agency; and
WHEREAS, on January 24, 2012 the City Council passed Resolution No. 2012-
04, establishing a Redevelopment Obligation Retirement Fund pursuant to Health &
Safety Code Section 34170.5(A), and
WHEREAS, the City Council acting as governing board of the Successor Agency
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 as in the best
interests of the City of Grand Terrace as Successor Agency; and
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND
` TERRACE HEREBY RESOLVES THE FOLLOWING,
That the City Council acting as the City of Grand Terrace as Successor Agency does
hereby authorize and account in the name of City of Grand Terrace as Successor
Agency for the deposit and withdrawal of monies of the former Grand Terrace
Community Redevelopment Agency
BE IT FURTHER RESOLVED, that the following officers or their successors in
office shall be authorized to order the deposit or withdrawal of monies in the Local
Agency Investment Fund:
Betsy M. Adams, City Manager
Tracey R. Martinez, City Clerk
Bernard Simon, Finance Director
Patricia Lunsford, Sr. Accounting Technician
PASSED APPROVED AND ADOPTED this 30th day of January, 2012 by the following
vote:
AYES: Councilmembers McNaboe, Sandoval and Nays; Mayor Pro Ten Garcia
and Mayor Stanckievitz
NOES: None
`, ABSENT: None
ABSTAIN: None
Walt Stanc aewtiz, Mayor
ATTEST:
Tracey R.,Vartirlez, City Cle"
APPROVED AS TO FORM:
Richard L. Adams, City Attorney
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State of California )
County of San Bernardino )ss.
State of California )
I, Tracey R. Martinez, hereby certify that I am the duly appointed City Clerk of the
City of Grand Terrace and the Agency Secretary of the Community Redevelopment
Agency of the City of Grand Terrace and that the foregoing resolution was duly adopted
at a special meeting of the City Council and the Community Redevelopment Agency of
the City of Grand Terrace held on the 30" day of January, 2012.
�A,c n A�
Tracey R.Vartihez, City CI
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