Adoption of a Resolution Authorizing the Chief Financial Officer and His Designated Representatives to Deposit and Withdraw Funds as well as Make Account Changes with the State Local Agency Investment Fund on Behalf of the Successor Agency to the Culver City Redevelopment Agency. City of Culver City California Agenda Item Report Item Number: C 2 Meeting Date: 02/06/12 BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY AGENDA Adoption of a Resolution Authorizing the Chief Financial Officer and His Designated Representatives to Deposit and Withdraw Funds as well as Make Account Changes with the State Local Agency Investment Fund on Behalf of the Successor Agency to the Culver City Redevelopment Agency. Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes No x Phone Number: (310)253 5865 General Fund: Yes No x ITEM: Public Hearing: Public Notification: Meetings and Agendas City Council/SA (02/03/12) Action Item: Attachments: x Department Approval: Jeff S. Muir (02/02/12) Chief Financial Officer Approval: Jeff S. Muir (02/02/12) Successor Agency Counsel Approval: Carol Schwab (by H. Baker) (02/02/12) Executive Director Approval: John M. Nachbar (02/03/12) RECOMMENDATION: Staff recommends the Board of Directors of the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) adopt a resolution authorizing Chief Financial Officer Jeff Muir and his designated representative Treasury Division Manager Nagam Rao to open deposit and withdraw funds as well as make account changes to the State Local Agency Investment Fund (LAIF) for the Successor Agency. BACKGROUND: Pursuant to AB 1X 26 (AB 26) the Redevelopment Agency Dissolution Bill the Culver City Redevelopment Agency (CCRA) was dissolved effective at 12:01 AM on February 1 2012. As provided in AB 26 on January 9 2012 the City Council adopted Resolution No. 2012 R001affirmatively electing to have the City serve as the Successor Agency to the Culver City ...
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