RES-SAORA-001 Monies Investment AuthorizationRESOLUTION NO. SAORA -001
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY AUTHORIZING THE
INVESTMENT OF MONIES IN THE LOCAL
AGENCY INVESTMENT FUND OF THE STATE OF
CALIFORNIA AND TAKING CERTAIN ACTIONS
IN CONNECTION THEREWITH.
WHEREAS, AB X1 26 and AB X1 27 were signed by the Governor of California on
June 29, 2011, making certain changes to the Community Redevelopment Law (Part 1
commencing with Section 33000) of Division 24 of the California Health and Safety Code)
the "Redevelopment Law "), including adding Part 1.8 (commencing with Section 34161)
Part 1.8 ") and Part 1.85 (commencing with Section 34170) ( "Part 1.85 "); and
WHEREAS, the California Redevelopment Association and League of California
Cities filed a lawsuit in the Supreme Court of California (California Redevelopment
Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that AB X1 26 and AB
X1 27 are unconstitutional. On December 29, 2011, the Supreme Court issued its opinion in
the Matosantos case largely upholding AB X1 26, invalidating AB X1 27, and holding that
AB X1 26 may be severed from AB X1 27 and enforced independently; and
WHEREAS, the Supreme Court generally revised the effective dates and deadlines
for performance of obligations in Part 1.85 arising before May 1, 2012, to take effect four
months later; and
WHEREAS, as a result of the Supreme Court's decision, the Orange Redevelopment
Agency (the "Redevelopment Agency "), a redevelopment agency in the City of Orange (the
City "), created pursuant to the Redevelopment Law, was dissolved pursuant to Part 1.85 on
February 1, 2012; and
WHEREAS, by its Resolution No. 10625, adopted on January 10, 2012, the City
Council of the City made an election to serve as the successor agency to the Redevelopment
Agency under Part 1.85 (the "Successor Agency "); and
WHEREAS, pursuant to Chapter 730 of the statutes of 1976, Section 16429.1 was
added to the California Government Code to create the Local Agency Investment Fund
LAIF ") in the State Treasury for the deposit of monies of local agencies for investment by
the State Treasurer; and
WHEREAS, the Redevelopment Agency invested its money in LAIF and other
investment instruments in accordance with the provisions of Section 16429.1 of the
California Government Code; and
WHEREAS, pursuant to Part 1.85, all assets and properties of the Redevelopment
Agency are transferred to the control of the Successor Agency as of February 1, 2012; and
WHEREAS, in response to a request of the State Treasurer's Office, the Board
wishes to adopt this resolution authorizing the investment of Successor Agency monies in
LAIF and authorizing certain officers of the Successor Agency to order the deposit or
withdrawal of monies in LAIF on behalf of the Successor Agency; and
WHEREAS, the Board of Directors of the Successor Agency to the Orange
Redevelopment Agency herby finds and determines that the foregoing recitals are true and
correct.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY
AS FOLLOWS:
1. The Board hereby finds that it is in the best interest of the Successor Agency
to deposit and withdraw monies in LAIF from time to time in accordance with the provisions
of Section 16429.1 of the California Government Code for the purpose of investment as
stated therein.
2. The deposit and withdrawal of the Successor Agency's monies in LAIF in
accordance with the provisions of Section 16429.1 of the California Government Code from
time to time for the purpose of investment as stated therein, and verification by the State
Treasurer's Office of all banking information provided in that regard, are hereby authorized.
3. The City Treasurer, Finance Director or his designee, and
Investment /Revenue Officer of the Successor Agency, whose signature specimens are set
forth in Exhibit A to this Resolution, or their successors in such offices, are hereby
authorized to order the deposit or withdrawal of monies in LAIF on behalf of the Successor
Agency for any account of the Successor Agency (including accounts maintained by the
Redevelopment Agency which are now accounts of the Successor Agency).
4. The officers of the Successor Agency are hereby authorized and directed,
jointly and severally, to do any and all things, to execute and deliver any additional
instruments which they may deem necessary or advisable in order to effectuate the purposes
of this Resolution and any such actions previously taken by such officers are hereby ratified
and confirmed.
5. This Resolution shall take effect immediately upon its adoption.
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ADOPTED this 14 day of February, 2012.
ATTEST:
Mary . urph , Agency Clerk
Carol . C ecche, Cha' an
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Board of Directors of the Successor Agency to the Orange Redevelopment Agency at a
regular meeting thereof held on the 14 day of February, 2012, by the following vote:
AYES:DIRECTORS:Whitaker, Smith, Cavecche, Dumitru, Bilodeau
NOES:DIRECTORS:None
ABSENT:DIRECTORS:None
ABSTAIN:DIRECTORS:None
C,-
Mary E. , Agency Cl
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