HomeMy WebLinkAboutMINUTES - 08042009 - C.106RECOMMENDATION(S):
AUTHORIZE the deposit and withdrawal of funds of the Contra Costa County
Redevelopment Agency in the Local Agency Investment Fund of 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 the verification by the State Treasurer's Office of all
banking information provided in that regard; and
AUTHORIZE the following officers or their successors to order the deposit or withdrawal
of Agency funds in the Local Agency Investment Fund:
David Twa, Executive Director __________________________________________ (s)
Catherine O. Kutsuris, Assistant Executive Director
__________________________________________ (s)
James Kennedy, Deputy Executive Director
__________________________________________ (s)
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 08/04/2009 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Susan A. Bonilla, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Jim Kennedy,
335-7225
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: August 4, 2009
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: Katherine Sinclair, Deputy
cc:
C.106
To:
From:Jim Kennedy, County Redevelopment Director
Date:August 4, 2009
Contra
Costa
County
Subject:Investment of Funds in the Local Agency Investment Fund
FISCAL IMPACT:
None. The recommended action does not involve general funds. This continues previous
practice of the redevelopment Agency to invest some of its funds in the Local Agency
Investment Fund.
Recent actions of the State Legislature have brought into question whether funds invested in
the Local Agency Investment Funds can be diverted to resolve the state's budgetary
problems. According to a posting on the website of the California State Treasurer the
answer is no. California Government Code Section 16429.3 states that monies placed with
the Treasurer for deposit in the Local Agency Investment Fund by cities, counties, special
districts, nonprofit corporations, or qualified quasi-governmental agencies shall not be
subject to either of the following:
(a) Transfer or loan pursuant to Sections 16310, 16312, or 16313.
(b) Impoundment or seizure by any state official or state agency
Furthermore, California Government Code 16429.4 which was added to the Local Agency
Investment Fund's enabling legislation during the 2002 session states that the right of a city,
county, city and county, special district, nonprofit corporation, or qualified
quasi-governmental agency, to withdraw its deposited money from the LAIF upon demand
may not be altered, impaired, or denied in any way by any state official or state agency
based upon the States failure to adopt a State Budget by July 1 of each new fiscal year.
BACKGROUND:
A portion of the Redevelopment Agency's funds are invested in the Local Agency
Investment Fund. This investment vehicle is managed by the California State Treasurer.
This program offers local agencies the opportunity to participate in a major portfolio, which
invests hundreds of millions of dollars, using the investment expertise of the Treasurer's
Office investment staff at no additional cost to the taxpayer. This in-house management
team is comprised of civil servants who have each worked for the State Treasurer's Office
for an average of 20 years. The Redevelopment Agency has been utilizing the Local Agency
Investment Fund for a portion of its investments since its inception.
With the recent changes in staff for the County the authorized officers of the
Redevelopment Agency authorized to direct activity related to the Local Agency Investment
fund needs to be updated. The following officers of the Agency are to be authorized to direct
investment activity:
David Twa, Executive Director
Catherine O. Kutsuris, Assistant Executive Director
James Kennedy, Deputy Executive Director