REPORT TO REDEVELOPMENT SUCCESSOR AGENCY
SUBJECT
Title
Adopt a Resolution authorizing Investment of Monies in Local Agency Investment Fund
Report
BACKGROUND
In 2011, the State of California adopted legislation to dissolve redevelopment agencies. All redevelopment agencies, including the Sunnyvale Redevelopment Agency (RDA), were legally dissolved on February 1, 2012. As a result, the City elected to serve as the Successor Agency to the former RDA (Successor Agency), overseeing the wind down process.
As part of the former RDA's overall investment strategy, the RDA invested in the State's Local Agency Investment Fund (LAIF). LAIF is a voluntary program created by statute that began in 1977 as an investment alternative for California's local governments and special districts. With the dissolution of the RDA, the State has requested that a new resolution be adopted by the Successor Agency's governing board to verify account information and to request account changes.
EXISTING POLICY
Council Policy 7.1.2 - Investment and Cash Management:
The investment of the City's Redevelopment Successor Agency temporarily idle monies in LAIF has been an authorized investment in the City's existing investment policy. The Redevelopment Successor Agency invests in LAIF to maintain liquidity in order to meet operating requirements.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" with the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378 (b) (4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.
DISCUSSION
LAIF maintains information on all agencies that invest in their investment pool. This information, which is adopted by resolution, lists all individuals that are authorized to act on behalf of the agency to initiate investment transactions. As a result of the dis...
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