HomeMy WebLinkAboutA200 CDC LAIF (Finance)CITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: February 7, 2012
AGENDA ITEM NO.
ITEM TITLE:
City of National City the Successor Agency of Community Development Commission LAIF account
holder.
PREPARED BY: Tina Norrdin, FSO DEPARTMENT: Financ
PHONE: 619-336-430 APPROVED BY:
EXPLANATION:
BACKGROUND
As a result of AB xl 26 and the recent Supreme Court decision, redevelopment agencies will no longer
exist as of January 31, 2012. The Community Development Commission of the City of National City
maintains an account with the Local Agency Investment Fund (LAIF), managed by the State Treasurer's
Office.
The State Treasurer's Office policies require that no transactions can be processed in LAIF accounts
without evidence that the individual requesting the transaction is authorized by the agency on whose
behalf the request is made.
Specifically, the State Treasurer's Office requires a resolution, bank and authorization form.
FINANCIAL STATEMENT:
ACCOUNT NO.
N/A
ENVIRONMENTAL REVIEW:
NIA
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
APPROVED: ttI Finance
APPROVED: / MIS
STAFF RECOMMENDATION:
Adopt the resolution and new authorization document
BOARD I COMMISSION RECOMMENDATION:
N/A
ATTACHMENTS: