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<br />ECONOMIC DEVELOPMENT AGENCY <br />OF THE CITY OF SAN LEANDRO <br />STAFF REPORT <br /> <br />APPROVED AND <br />FORWARDED <br />TO ECONOMIC <br />DEVELOPMENT AGENCY <br /> <br />DATE: <br /> <br />August 30, 2007 <br /> <br />/ <br /> <br /> <br /> <br />JOh~ermaniS <br />Ex~e Director <br /> <br />TO: <br /> <br />John Jermanis, Executive Director <br /> <br />FROM: <br /> <br />Jesse Ba10ca, Treasuz-% <br /> <br />Carla Rodriguez, Deputy Treasurer <br /> <br />~/ <br /> <br />BY: <br /> <br />SUBJECT: MATTER OF CONSIDERATION OF RESOLUTION AUTHORIZING <br />INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT <br />FUND AND AUTHORIZING SPECIFIED OFFICERS TO REMIT MONEY IN <br />THE CITY TREASURY TO THE STATE TRASURY FOR DEPOSIT IN THE <br />LOCAL AGENCY INVESTMENT FUND <br /> <br />SUMMARY AND RECOMMENDATION <br />Staff recommends the Economic Development Agency (EDA) approve the addition of a Local <br />Agency Investment Fund (LAIF). Similar to the authority on all LAIF accounts, staff also <br />recommends designating John J. Jermanis, Executive Director; Jesse Ba10ca, Treasurer; and <br />Carlota Rodriguez, Deputy Treasurer as authorized staff for depositing and withdrawing funds <br />from the new Economic Development Agency Fund. <br /> <br />BACKGROUND <br />Pursuant to Chapter 730 of the Statutes of 1976, Section 16429.1 was added to the California <br />Government Code to create a Local Agency Investment Fund in the State Treasury for the <br />deposit of money of a local agency for purposes of investment by the State Treasurer. The <br />deposit of money into the LAIF account is in accordance with the provisions of Government <br />Code Section 16429.1. The purposes of investment as stated therein would be in the best interest <br />of the Economic Development Agency of the City of San Leandro. LAIF has a limit of $40 <br />million per account, necessitating that the Agency open a new LAIF account. The flexibility of <br />having additional accounts will allow the City to ladder funds to take advantage of better rates of <br />return, while also allowing the City to withdraw funds as needed without penalty. <br /> <br />Current A2;enCy Policy <br />Investment in LAIF is consistent with City's Investment Policy. <br /> <br />Previous A2;enCy Actions <br />Currently, the City has a General investment account, three Redevelopment Agency Bond <br />Accounts but no Economic Development Agency account with LAIF. <br /> <br />City Council Committee Review and Action <br />None. <br />