HomeMy Public PortalAbout2011.010 - LRA (02-01-11) RESOLUTION NO. 2011.010
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY AUTHORIZING
THE INVESTMENT OF BOND PROCEEDS IN THE LOCAL AGENCY INVESTMENT
FUND
WHEREAS, the Agency is a public body, corporate and politic, duly established
and authorized to transact business and exercise powers under and pursuant to the
provisions of the Community Redevelopment Law of the State of California, constituting
Part 1 of Division 24 of the California Health and Safety Code (the "Law"), including the
power to issue bonds for any of its corporate purposes; and
WHEREAS, redevelopment plans for the Agency's Project Area A and Alameda
Project Area (collectively, the "Redevelopment Projects") has been adopted in
compliance with all requirements of the Law; and
WHEREAS, the Agency has determined that, due to prevailing financial market
conditions, it is in the best interests of the Agency at this time to generate new money to
finance redevelopment and low and moderate income housing activities within or of
benefit to the Redevelopment Projects (the "2011 Projects"); and
WHEREAS, to provide moneys to finance the 2011 Projects, the Agency has
determined to issue its Lynwood Redevelopment Agency Tax Allocation Bonds (Project
Area A—Subordinate Lien), 2011 Series A, in the aggregate principal amount of not to
exceed $25,000,000, and its Lynwood Redevelopment Agency Taxable Tax Allocation
Bonds (Housing Projects—Subordinate Lien), 2011 Series B, in the aggregate principal
amount of not to exceed $8,750,000 (collectively, the "Bonds"), under the provisions of
Part 1 of Division 24 of the California Health and Safety Code, commencing with section
33640 of said Code; and
WHEREAS, the Agency will need maximum flexibility in terms of access to the
proceeds of the Bonds and earn a higher rate of return as compared to a money market
account; 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 in the State Treasury for the deposit of moneys of a local agency for purposes of
investment by the State Treasurer; and
WHEREAS, the Agency has determined that the deposit and withdrawal of
money in the Local Agency Investment Fund in accordance with the provisions of
section 16429.1 of the California Government Code for the purpose of investment as
stated therein is in the best interest of the Agency; and
WHEREAS, this Resolution authorizes the investment of proceeds of the Bonds
and shall not supersede current resolutions on file with the Local Agency Investment
Fund.
NOW, THEREFORE, THE LYNWOOD REDEVLOPMENT AGENCY DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The Agency does hereby authorize the deposit and withdrawal of
proceeds of the Bonds in the Local Agency Investment Fund in the State Treasury in
accordance with the provisions of section 16429.1 of the California Government Code
for the purpose of investment as stated therein, verification by the State Treasurer's
Office of all banking information provided in that regard. The Chair, the Vice Chair, the
Executive Director or the City of Lynwood Assistant City Manager and Finance Director,
or their designees, shall be authorized to order the deposit or withdrawal of moneys in
the Local Agency Investment Fund.
Section 2. Effect This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED this 1 day of February, 2011.
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Aide Castro, Chair
ATTEST:
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Maria Quinonez, ecretary Roger L. Haley xecutive Director
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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Fred G�ilante, Agency Counsel Robert S. or , As ' t City Manager
and Finance irector
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
regular meeting held on the 1 day of February, 2011.
AYES: MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON AND
CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Maria Quinonez, ecretary
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.010 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 1 day of February, 2011.
/
Maria Quinonez, ecretary