AgdaPkt 2012-04-09 - Laserfiche WebLink

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6.4. B. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er April 9, 2012 SUBJECT Resolution Authorizing the Opening of an Investment Account in the State of California Treasurer's Local Agency Investment Fund (Redevelopment Agency) RECOMMENDATION Adopt a resolution authorizing the Successor Agency to the City of Redwood City Redevelopment Agency to invest funds in the State of California Treasurer's Local Agency Investment Fund. BACKGROUND This matter was previously presented to Council at the February 27, 2012 Council Meeting during which the resolution was approved. Due to a staff oversight, the attached resolution had to be amended to include the signatures of two City officers authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund. The resolution approved by Council at the February 27, 2012 Council Meeting did not include the names or signatures of the two City officers, Brian Ponty, Director of Finance/ Treasurer, and Sylvia B. Peters, Administrative Assistant/ Deputy Treasurer. In the future, should staff change, the resolution provides authorization for the successors of the above named City officers to order the deposit or withdrawal of monies in the Local Agency Investment Fund. ANALYSIS Opening an account at LAIF on behalf of the Successor Agency will provide the City with a valuable investment alternative for investing funds that the Successor Agency expects to receive later this fiscal year ALTERNATIVES Not adopting this resolution will require staff to identify an alternative investment vehicle for funds received by the Successor Agency. Given the need for liquid funds it is most likely that staff would place these funds in a money market fund. Due to the low interest rate environment money market funds currently pay little or no interest while LAIF is presently paying about 0.37% interest.