HomeMy Public PortalAboutA2009-03-17LPFAThis Agenda contains a brief- general description of each item to be considered. Copies of the Staff
reports or other written documentation relating to each item of business referred to on the Agenda are on
file in the Office of the City Clerk and are available for public inspection. A person who has a question
concerning any of the agenda items may call the City Manager at (310) 603-0220, ext. 200.
Procedures for Addressinq the Council
IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO
ADDRESS THE COUNCIL FILL OUT A FORM PROVIDED AT THE DOOR, AND TO TURN IT IN TO
THE CITY CLERK PRIOR TO THE START OF THE MEETING. FAILURE TO FILL OUT SUCH A FORM
WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN THE ABSENCE OF THE UNANIMOUS
CONSENT OF THE COUNCIL. -
AGENDA ITEMS ON FILE FOR CONSIDERATION
AT THE REGULAR MEETING OF
THE LYNWOOD PUBLIC FINANCE AUTHORITY
TO BE HELD ON MARCH 17, 2009
5:00 P.M.
COUNCIL CHAMBERS
11330 BULLIS ROAD, LYNWOOD, CA 90262
MARIA TERESA SANTILLAN
PRESIDENT
AIDE CASTRO
VICE PRESIDENT
JIM MORTON
MEMBER
CHIEF ADMINISTRATIVE OFFICER
ROGER L. HALEY
SECRETARY
MARIA QUINONEZ
CALL TO ORDER
2. ROLL CALL OF.MEMBERS
Aide Castro
Alfredo Flores
Jim Morton
Ramon Rodriguez
Maria T. Santillan
REG4EivED
MAR 12 2009
CITY OF LYNWOOD
CITY CLERKS OFFICE
ALFREDO FLORES
MEMBER
RAMON RODRIGUEZ
MEMBER
ASSISTANT CITY MANAGER-
ADMINISTRATIVE & COMMUNITY SERVICES
ROBERT S. TORREZ
AUTHORITY COUNSEL
FRED GALANTE
OPENING CEREMONIES
CITY TREASURER
SALVADOR ALATORRE
3. CERTIFICATION OF AGENDA POSTING BY SECRETARY
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
PUBLIC ORAL COMMUNICATIONS
IF AN ITEM IS NOT ON THE AGENDA, THERE SHOULD BE NO SUBSTANTIAL DISCUSSION
,OF THE ISSUE BY THE LYNWOOD PUBLIC FINANCE AUTHORITY, BUT LYNWOOD PUBLIC
FINANCE AUTHORITY MEMBERS MAY REFER THE MATTER TO THE STAFF OR SCHEDULE
SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING.
(The Ralph M. Brown Act, Government Code Section 54954.2 (a).)
CONSENT CALENDAR
All matters listed under the Consent Calendar will be acted upon by one motion affirming the action
recommended on the agenda. There will be no separate discussion on these items prior to voting
unless members of the Authority or staff request specific items be removed from the Consent
Calendar for separate action.
4. LOCAL AGENCY INVESTMENT FUND
Comments:
On September 25, 1996, the City closed on its $1,500,000 Lynwood Public Financing Authority Lease
2 Revenue Bonds, Series 1996. The bond proceeds are to be spent on various improvements and
renovations to City Hall. Currently, there is approximately $776,000 of unspent monies in the Project
Fund being held by the Bond Trustee, US Bank. US Bank is seeking to return the unspent monies to
the City since its services contract for the 1996 Bonds has expired. US Bank can also keep the funds
for the City with an annual maintenance fee of $2,000.
Recommendation:
Staff respectfully recommends that the Lynwood Public Finance Authority adopt the attached
resolution entitled: "A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY
AUTHORIZING THE INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND".
ADJOURNMENT
THE LYNWOOD PUBLIC FINANCE AUTHORITY MEETINGS WILL BE POSTED AS NEEDED. THE NEXT
MEETING WILL BE HELD IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, CITY OF
LYNWOOD, CALIFORNIA.
DATE:
TO:
APPROVED BY
AGENDA STAFF REPORT
March 17, 2009
Honorable President and Members of the Lynwood Public
Finance Authority
Roger L. Haley, Chief Administrative Officer
`?
PREPARED BY: Robert S. Torrez, Assistant City Manager - Admin. &
Community Services
SUBJECT: Local Agency Investment Fund
Recommendation:
Staff respectfully recommends that the Lynwood Public Finance Authority adopt
the attached resolution entitled: "A RESOLUTION OF THE LYNWOOD PUBLIC
FINANCE AUTHORITY AUTHORIZING THE INVESTMENT OF MONIES IN
THE LOCAL AGENCY INVESTMENT FUND".
Background:
On September 25, 1996, the City closed on its $1,500,000 Lynwood Public
Financing Authority Lease Revenue Bonds, Series 1996. The bond proceeds are
to be spent on various improvements and renovations to City Hall. Currently,
there is approximately $776,000 of unspent monies in the Project Fund being
held by the Bond Trustee, US Bank. US Bank is seeking to return the unspent
monies to the City since its services contract for the 1996 Bonds has expired. US
Bank can also keep the funds for the, City with an annual maintenance fee of
$2,000.
Discussion & Analysis:
While the City decides whether to spend the money as originally designated or
apply it to retire a portion of the 1999 Bonds, the City will need maximum
flexibility in terms of access to the monies and earn a higher rate of return as
compared to a money market account. The City would be best served if the
money is invested in LAIF. Earnings on monies invested in LAIF for the quarter
ending December 2008 was 2.54%.
/AGENDA
n'E.M
The Treasurer's office has communicated with LAIF the City's desire to invest the
monies in LAIF. According to LAIF, the Lynwood Public Finance Authority has to
adopt a resolution authorizing the investment. The attached resolution will not
supersede current resolutions on file with LAIF, the purpose of which is to allow
the investment of the unspent monies from the LPFA Lease Revenue Bonds,
Series 1996.
Fiscal Impact:
By investing the monies in LAIF, the City does not have to pay the $2,000 annual
maintenance fee to US Bank and the money will yield higher interest earnings
than a money market account.
Coordinated With: City Treasurer's Office
RESOLUTION NO.
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY
AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL AGENCY
INVESTMENT FUND
WHEREAS the City closed its $1,500,000 Lynwood Public Financing
Authority Lease Revenue Bonds, Series 1996 on September 25, 1996; and
WHEREAS, there is approximately $776,000 unspent monies in the
Project Fund being held by the Bond Trustee, US Bank; and
WHEREAS, the City will need maximum flexibility in terms of access to
the moneys and earn a higher rate of return as compared to a money market
account; and
WHEREAS, Pursuant to Chapter 730 of the statues 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 Lynwood Public Finance Authority 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 on investment as stated therein as in the best interest of the City of
Lynwood; and
WHEREAS, this resolution authorizes the investment of remaining monies
from the Lynwood Public Finance Authority Lease Revenue Bonds, Series 1996
and shall not supersede current resolutions on file with LAIF; and
NOW, THEREFORE, BE IT RESOLVED, that the Lynwood Public
Finance Authority does hereby authorize the deposit and withdrawal of City of
Lynwood's monies in the Local Agency Investment Fund in the State Treasury in
accordance with the provisions of Section 16429.1 of the Government Code for
the purpose of investment as stated therein, verification by the State Treasurer's
Office of all banking information provide in that regard.
BE IT FURTHER RESOLVED, that any two of the following City of
Lynwood officers or their successors in office shall be authorized to order the
deposit and withdrawal of monies in the Local Agency Investment Fund:
Sal Alatorre
City Treasurer
Sheila Harding
Deputy City Treasurer
Maria T. Santillan Roger Haley
Mayor City Manager
Robert S. Torrez
Assistant City Manager - Admin. &
Community Services
PASSED AND ADOPTED, by the Lynwood Public Finance Authority of the City
of Lynwood, County of Los Angeles of State of California this day of
, 2009.
Maria T. Santillan, President
ATTEST:
Maria Quinonez, Secretary
Roger L. Haley
Administrative Officer
APPROVED AS TO FORM:
Fred Galante
Authority Counsel
APPROVED AS TO CONTENT:
Robert S. Torrez
Assistant City Manager - Admin.
& Community Services