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RESOLUTION NO. 2012-003 <br />1-26-12 LES <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA AS THE SUCCESSOR <br />AGENCY FOR THE FORMER COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE CITY TREASURER <br />TO REMIT AND MANAGE FUNDS WITH THE STATE <br />TREASURERS LOCAL AGENCY INVESTMENT <br />FUND FOR THE PURPOSE OF INVESTMENT OF <br />THE FORMER AGENCY FUNDS <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br />Section 1 . The City Council of the City of Santa Ana conclusively finds, determines <br />and declares as follows: <br />A. Section 16429.1 et seq of the Government Code created the Local <br />Agency Investment Fund in the State Treasury and requires the governing body's <br />consent to the remitting of funds by the Treasurer for investment into the Local Agency <br />Investment Fund for investment. <br />B. The California Supreme Court's decision in the recent Ca/ifo?nia <br />Redeye/opment Agency v. Matosantos case upheld ABX1 26 which will now control the <br />dissolution and winding down of every California redevelopment agency. ABX1 26 <br />prohibits agencies from taking numerous actions, requires all agencies to wind down their <br />affairs effective immediately, and provides that agencies are deemed to be dissolved as <br />of February 1 , 2012. <br />C. The Community Redevelopment Agency of the City of Santa Ana <br />("Agency") previously consented to the remittance of money by the Treasurer to the Local <br />Agency Investment Fund for the purpose of investment by Resolution No. 91-07, <br />attached hereto and incorporated herein as Exhibit A. <br />D. The City of Santa Ana declared by Resolution No. 2012-002, a copy of <br />which is attached hereto and incorporated herein as Exhibit B, that it will assume the role <br />of the Successor Agency for the dissolved Agency and will administer the dissolution of <br />the Agency, including the disposition of all assets, properties, contracts, leases, records, <br />buildings and equipment of the former Agency. <br />E. The City of Santa Ana, as the Successor Agency for the Redevelopment <br />Agency, hereby consents to the remittance of money by the Treasurer to the Local <br />Agency Investment Fund for the purpose of investment of the former Agency funds. <br />Resolution No. 2012-003 <br />Page 1 of 3