HomeMy WebLinkAboutMINUTES - 05091995 - 1.8 (2) - Contra
TO: REDEVELOPMENT AGENCY 'j� ' 'r Costa
FROM: Phil Batchelor1 County
Executive Director
DATE : May 9; 1995
r
SUBJECT: Investment of Monies in Local Agency Investment Fund
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE Resolution authorizing investment of Contra Costa County
Redevelopment Agency monies in Local Agency Investment Fund, and
AUTHORIZE the Executive Director, Assistant Executive Director, and
Deputy Executive Director to direct the deposit and withdrawal of
Agency funds from said Investment Fund.
FISCAL IMPACT
This will have no impact on the General Fund.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency currently invests significant portions of its
monies in the Local Agency Investment Fund (LAIF) , as does the
County. Since each member of the LAIF is only allowed a maximum
investment of $20 million, the County Treasurer' s Office has had to
set a limit of $100, 000 per fund for the Agency. The Agency has
fifteen (15) different funds that compete for these limits . This
Resolution will allow the Agency ,to have its own $20 million limit,
and will allow the Agency to dispense with the $100, 000 limit per
fund. This will both increase the flexibility of the investments,
increase the rate of return without increasing risk, and s ve staff
time.
CONTINUED ON ATTACHMENT: YES SIGNATURE :
RECOMMENDATION OF EXECUTIVE DIRECTOR REC DATION F AGENCY CO TTEE
APPROVE OTHER
SIGNATURE (S) :
ACTION OF AGENCY ON May 9 , 1995 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
646-4076 ATTESTED May 9 , 1995
cc: County Administrator PHIL BATCHELOR
County Counsel AGENCY SECRETARY
County Treasurer
BY 42- C , DEPUTY
JK:DS:lh
sra18/laif.bos
CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY
RESOLUTION NO. RA 95-4
A RESOLUTION OF THE GOVERNING BOARD OF THE CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY AUTHORIZING INVESTMENT OF CONTRA COSTA
COUNTY REDEVELOPMENT AGENCY MONIES IN 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 purposes of investment by the State Treasurer; and
WHEREAS, the Governing Board of the Contra Costa County Redevelopment 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 is in the best interests of the Contra Costa County Redevelopment
Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF THE
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY:
That the following Contra Costa County Redevelopment Agency officers or their successors
in office shall be authorized to order,the deposit or withdrawal of monies in the Local Agency
Investment Fund:
Phil Batchelor yignatu
E. Bragdon James Kennedy
Executive Director a utive irector Dep.Executive Director
(Signature) e i ature)
ADOPTED this 9 th day of May, 1995 by the following vote:
AYES: Commissioners Rogers , Smith, DeSau-hier, Torlakson, Bishop
NOES: None
ABSENT: None
ABSTAIN: None
hereby certi2y that f i3 trca and correct copy of
an action taken and entered on the minutes of the
Redevelopment Agency on thedateshown.
ATTESTED: L�
MOBikiC EL R,Agency Secretary
a
By440�
Deputy
RESOLUTION NO. RA 95-4
JK:DS:lh
cc: County Administrator
County Auditor
County Treasurer
sral8/laif res
CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY
RESOLUTION NO. RA 95-4
A RESOLUTION OF THE GOVERNING BOARD OF THE CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY AUTHORIZING INVESTMENT OF CONTRA COSTA
COUNTY REDEVELOPMENT AGENCY MONIES IN 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 purposes of investment by the State Treasurer; and
WHEREAS, the Governing Board of the Contra Costa County Redevelopment 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 is in the best interests of the Contra Costa County Redevelopment
Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF THE
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY:
That the following Contra Costa County Redevelopment Agency officers or their successors
in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency
Investment Fund:
Phil Batchelor Harvey . Bragdon James Kennedy
Executive Director Asst. xecutive Director Dep.Executive Director
(Signature) gnat t
e) (Si nature)
ADOPTED this 9 th day of May, 1995 by the following vote:
AYES: Commissioners Rogers, Smith, DeSaulnier, Torlakson, Bishop
NOES: None
ABSENT: None
ABSTAIN: None
1 hereby certi,y t:z�t t: a i;a to::e.rid^orrectcopy of
an action taken and entered on the rninutes of the
Redevetopm nt Agency on the date shown.
ATTESTED:
Cit. kqcf,P Hn 7,Agency Secretary
By A. Deputy
RESOLUTIONNO. RA 95-4
JK:DS:Ih
cc: County Administrator
County Auditor
County Treasurer
sra18ftif res