2012-04 RESOLUTION NO. 2012-04
A RESOLUTION OF THE GRAND TERRACE COMMUNITY
REDEVELOPMENT AGENCY, CALIFORNIA, TRANSFERRING LOCAL
AGENCY INVESTMENT FUNDS HELD IN NAME OF GRAND TERRACE
COMMUNITY REDEVLOPMENT FUND TO CITY OF GRAND
TERRACE, AS SUCCESSOR AGENCY PURSUANT TO HEALTH &
SAFETY CODE SECTION 34173(B)
WHEREAS, the Grand Terrace Community Redevelopment Agency, Grand
Terrace, California ("Agency") was formed for the purpose of revitalizing areas within
the City of Grand Terrace pursuant to Health and Safety Code Section 33000, et. seq.;
and
WHEREAS, AB X1 26 required the dissolution of all redevelopment agencies in
the state, including prohibitions on certain actions by these agencies and requiring
certain actions to be taken; and
WHEREAS; AB X1 27 provided that redevelopment agencies ("Agency") could
enter into a Voluntary Alternative Redevelopment Program ("VARP"); and
WHEREAS, In California Redevelopment Association v. Matosantos, the
California Supreme Court upheld AB X1 26 allowing for the dissolution of city
Y` redevelopment agencies and overturning AB X1 27 thus precluding redevelopment
agencies continued existence as a VARP; 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 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 intentions 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).
NOW THEREFORE, THE GRAND TERRACE REDEVELOPMENT AGENCY
DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS:
SECTION 1. The Agency finds that the above recitations are true and correct
and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. Grand Terrace Community Redevelopment Agency hereby
transfers any and all funds, including accrued interest, to the City of Grand Terrace, as
successor agency.
SECTION 3. The City Manager acting on behalf of the successor agency, is
hereby authorized to execute any and all Local Agency Investment Fund documents to
close, transfer all monies of the former Grand Terrace Community Redevelopment
Agency to the City of Grand Terrace as successor agency.
SECTION 4. The Agency Secretary shall certify to the adoption of this
Resolution.
PASSED APPROVED AND ADOPTED this 30th day of January, 2012 by the following
vote:
AYES: Agency Members McNaboe, Sandoval and Hays; Vice-Chairman Garcia
and Chairman Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
Walt Stancl iewtiz, Chairman
ATTEST:
01
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Tracey R.)�lartinkz, Agency cretary
APPROVED AS TO FORM:
Richard L. Adams, City Attorney
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 30th day of January, 2012.
AA
Tracey R. Martink, Agenc cretary