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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 30, 2012 <br />TITLE: <br />CLERK OF COUNCIL USE ONLY: <br />RESOLUTION AUTHORIZING THE CITY OF SANTA <br />ANA AS SUCCESSOR AGENCY FOR THE FORMER <br />COMMUNITY REDEVELOPMENT AGENCY TO <br />INVEST IN THE LOCAL AGENCY INVESTMENT FUND <br />CITY MANAGER <br />RECOMMENDED ACTION <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1s1 Reading <br />? Ordinance on 2nd Reading <br />? Implementing Resolution <br />? Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a Resolution authorizing the City of Santa Ana, as Successor Agency for the former <br />Community Redevelopment Agency of the City of Santa Ana, to deposit and withdrawal money in <br />the State Treasury's Local Agency Investment Fund. <br />DISCUSSION <br />In 1991, Resolution 91-07 was passed, authorizing the Community Redevelopment Agency of <br />Santa Ana (CRA) to participate in the Local Agency Investment Fund (LAIF) of the State <br />Treasury. The CRA account with LAIF is an investment option that provides for above average <br />interest returns while providing for same-day liquidity of funds. Recent Supreme Court's decision <br />provides for the dissolution and winding down of RDAs effective February 1St, On January 9th, the <br />City Council designated the City of Santa Ana as the successor agency to administer the <br />dissolution of the CRA. LAIF is requesting updated information to allow for the disposition of <br />funds on deposit in the CRA account after February 1 st <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br /> <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />Exhibit: 1. Resolution <br />55A-1