HomeMy WebLinkAbout1988/07/20 - Agenda Packet - RDA0
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REDEVELOPMENT
AGENCY
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AGENDA
REGULAR MEETINGS
1st and 3rd Wednesdays — 7:00 P.M.
July 20. 1988
Liens Park Community Center
9161 Base Line Road
Rancho Cucamonga
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Agency Members
Dennis L. Stout. cwr eme.
Pamela J. Wright, vk. o.a e. —.
Deborah N. Brown, AvW Mrab.r
Charles J. Buque4 AOa4 K. -ba
Jeffrey King, 4-m M —w
Lauren M. Wasserman 9�u.. Dk.a..•I -M. Y
City Orica 989 -185, LJou Part 980 -345
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Redevelopment Agency ..gendA
July 20, 1988
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A. CALL TO oa=R.
1. Roll Celli Bcova �_, Buquet ,. Stout
King and Vrig _.
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R. CONSKtt CALIRD►R
The following Consent Calendar items are expected to be
routine and aver controversial. They will be acted upon by
the RDA at one time without discussion. Any item, ray De
removed by am Agencyasber or member of the audience for
discussion.
1. Approval of Minutest May 19, 1988
1. Approval to Receive and Pile the Redevelopment Agency
Investment Schedule through July 13, 1988,
3. Approval of the Annual Statement of Investment Policy
6
for the Agency.
4. Approval of Annual Repayment of City Loan for 1987 -88.
9
C. PUBLIC REARIWJt
No items oubmitted.
D. STAFF REPORTS
No items submitted.
K. COlOUNICATIOL9 FROM THE PUBLIC
--
This is the time and plate for the general public to address
the Redevelopment Agency. State law prohibits the
aedeve lopment Agency from addressing any issue not
previously included on the Agenda. TLe Redevelopment Agency
nay receive testimony and set the matter for a subsequent
meting. Comments are to be limited to five minutes per
individual.
P. ADJOD29l6Mt
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Nay 18. 1988
CITY OP RANCHO CUCA)DITCA
RRDF9)ZOrr M' AGENCY !@TOTES
A. rata TD ORDER
A Joint City Council /Redevelopan.t Agency meting of the City of Rancho
Cucamonga net on Wednesday, May 189 1988, in the Lions Park Community Canter,
9161 Base Line Road. Rancho Cocumongs. The matting vas called to order at 7102
p.m. by Chairman and Mayor Dennis L. Stout.
Present were Agen yaemberat Deborah N. Brown. Charles J. 9uquot II (arrived at
7t08 p.m.). Jeffrey Ring (arrived at )103 p.m.). Panels J. Wright, and Chaiman
Dennis L. Stoat.
Present were Councilaseberst Deborah N. Brown, Charles J. Bugset II. Jeff ray
Ring. Panels J. Wright, and Mayor Dennis L. Stout.
Alan present worst Larcutive Director. Lauren M. Wasserman: Deputy Director.
Jack Leal Senior RDA Analyst. Linda Danielst Assistant Secretary. Beverly
Autheleti and Assistant Secretary. Debbie Adams.
a • * a a *
B. W:RB4f CLU MA
B1. Appcoval of Minutest April 6, 1988
May 4. 1988 (Wright absent)
MDTIONt Moved by Brown, seconded by Ring to approve the minutes of April 6,
1988. Motion carried unanimously 5 -0.
* a * a a a
C. ADTZRTISZD rdILIC 1EA1I>r..9
C1. PROPOSED FIRE FACILITIES FAMNCINC YROJCCT — Public teviev of bond
documents. agreements between City. Agency, and Fire Protection
District. Staff report presented by Linda Daniels.
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AedweloPaent-Agency Minutes
May 18. 1988
Pate 2
Ne. Daniels introduced lta Lockazd, of Stone Toongbergt Brian Quist. Jones,
Hall. Hill b Whites Loretta Sancbev, yieldaan 6 Rolapp, and Dennis Michael, who
also worked with her on this project.
Addressing the agencj sus Tom Luckard. of Stone A Tomgb*rS, stating be '+ 9
supported what Ltuda Daniels bad presented in ter staff report.
Cbeirman Stout opened the aaetiag for public bearing. Tb*re being no response,
the public hearing was closed.
RESOLUTION N0. 88 -290
A RESOLUTION OF THE QTI 050NCTL OF 2HZ CITY OF RANCHO t
WCAIDNOA. CALIFORNIA. APPRC9INu". AUTEORIZIIG AND
DIRECTING EMCmoN Or CERTAIN LEASE PINANCINI :oCHMYATS
AND AUTHORIZING K D DIRECTIN3 csRTA1N ACrzoxs WITH RESPECT
THERETO
RESOLUTION EO. RA 88 -002
$ip A RESOLUTION OF THE RANCHO CVCkmIGA RiDgmOpME" AOENCT
v AFIROVING. AU=Mma AND DIREOTING RS6W7fON of cENTAZU
LEASH FmANC2NG DOCOMBNTS. AOTHORTZAG AND DIRRCTr5,J
EICECUTION OF A PORCHABR AOREMUT. AVIR07I1G A PRELININART
't!`t OFFICIAL BTATENBSRT AND ADTBURIZTNG AND DIRECTING MRTAIN
ACIIONS WIIH REEPRCI IHERETU
a°.
NDTIONt Moved by Wright, seconded by Brown to approve Resolution 83 -290.
Notion carried unsulrously 5-0.
i KDTIONt Moved by Ring, ascended by Buquet to Approve Revolution RA 88 -002.
Motion carried unanlmsurly 5-0.
a a a a s a
None submitted.
D. silly REPORTS
a a c a a a
R. ODIGIMCATIONB FROM TOZ PUBUC
None submitted.
* * a a ♦ *
Redevelopment Agency Minutes
may 18, 1988
page ,8
p. ADJODR1goR
NOTTON1 Moved by Nrilht. ascended by Brown to adjourn the Redevelopment 'S
Agency. Notion carried unanimously 4-0. The meeting adjourced st,7112 p.m.
i
NDTIONt Moved by Brown. seconlad by Ring to adjourn the City Council. lotion ?
carried unanimously 5-0. The meeting adjourned at 7112 p.m.
Respectfully submitted.
Debbie Adams
Assistant Secretary
Approvedt e
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CiTY OF RANCHO CUCAMOC
REDEVELOPMENT AGENC!
STAFF REPORT
DATE: July 20, 1988
T0: Chairman and Members of the Agency
FROM: Elir:beth Stoddsrd, Finance Manager
SUBJECT: ANNUAL STATEMENT OF INYFS711ENT POLICY
RECOMEIIDATIOM:
Staf -calends the tdoPti,i of the annual Statement of Investment Policy for
the Rarcha Cucamonga Redevelopment Agency.
BACKGROUND:
Agency Board Members adopted the Statement of Investment Policy in July
1987, However, Assembly Rill 1073, wh,ch set up the requirement for the
Statement, also mandated that the Statement of Investment Policy be reapproved
on an anneal basis. Mitt. the beginning of the 1988/99 fiscal year, staff
seeks reconfirmation of the Agency's investment statement.
Respectfully submitted,
Elizabeth Stoddard
Finance Manager
ES:ca
6
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RANCHO CUCAMONGA REDEVELOPMENT AGENCY
s
STATEMENT OF INVESTMENT POLICY
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PURPOSE
This statement is intended to provide guidelines for the prudent investment of
the Agency's temporary idle cash, and outline the policies for maximizing the
efficiency of the Agency's cash management system. The ultimate goal is to
enhance the economic status of the Agency while protecting it's pooled cash.
OBJECTIVE
The Rancho Cucamonga Redevelopment Agency operates Its temporary pooled idle
cash investment under the PmO -nt Man Rule (Civil Code Section 2261, et
;i
seq.).' This affords the Agency d broad spectrum of investment opportunities
as long as the investment is deemed prudent and is allowable under current
legislation of the State of California (Government Code Section 53600, et
seq.) and other legal restrictions as the Agency may impose from time -to -time.
Investment may be made in the following media:
Securities of the U.S. Government, or its agencies
Scull Business Administration Loans
Certificates of Deposit (or Time Deposits) placed w!th
commercial banks and /or savings and loan companies
Negutiable Certificates of Deposit
Banker's Acceptances
Commercial Paper
Local Agency Investment Fund (State Pool) Demand Deposits
Repurchase Agreements (Repos)
Passbook Savings Account Demand Deposits
Reverse Repurchase Agreements
Criteria for selecting 'nve— rents and the order of priority are:
1. Safety The safety and r4sk associated with an investment
refers to the potential loss of principal, interest, or
combination thereof. The Agency only operates to those `
investments that are considered very safe.
*The Prudent Nan Rule states in essence, that 'investing... property for the
benefit of another, a trustee shall exercise the ,judgement and care, under the
circumstances then prevailing, which men of prudence, discretion, and
Intelligence exercise in the management of their own affairs...'
>µ7r
4
MONOMER
2. Liquidity, This;�ofers to the ability to 'cash in' at any
moment in time with a minimal chance of losing some
Portion of principal or., interest. Liquidity 1s an
important investment quality especially wh.i the need for
unexpected funds- occasionally occurs.
3, Yield. Yield is the,•.potentlal dollar earnings an
investment can provide, and 'is sometimes described as the
rate of returi.
Safekeeping, Securities 'purchased from brokers /dealers shall be held in third
P arty safekeeping by the trust, department of our local bank or other
designated third party trust, ire. the Agency's control, whenever possible.
The Agency strives to,maintain the level of investment of all funds as nesr
1005 as possible, through dally and projected cash flow determinations. •Idle
cash management and investment' transactions are the responsibility of the
Treasurer and/,- his appointed designee,
The Treasurer shall be responsible for reviewing and (modifying investment
guidelines as conditions warrant and submit same for" re- appro val to the
Executive Board on at least an annual bests. However, tiie Treasurer may, at
any time, further restrict the items approved for - purchase as deemed
appropriate.
The basic premise underlying the Agency's investment philosophy is, and will
continue to be, to insure that money is always safe and available when needed.
Yim �ta rT t
Treasurer
Rancho Cucamonga Redevelopment Agency
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CITY OF RANCHO CUCA.MOI
RWEVELOPMnNT AGENG
STAFF REPORT
DATE: July 20, 1988
TO: Chairman and Members of the Redevelopment Agency
FROM: Elizabeth Stoddard, Finance Manager
SUBJECT: ANNUAL REPAYMENT OF CITY LOAN FOR FISCAL YEAR 1987/88
RECO1,MENDATION:
Authorize an additional repayment of the loan to the Agency from the City In
the amount of $321,442.22.
BACKGROUND:
On June 15, 19881 the repayment of the loan to the Agency from the City in the
amount of 53,406,406.78, for fiscal year 1987/88 was approved. At that time,
the Agency was carrying an amount of $327,442.22 as tax increment that should
have been sent to the Trustee. This situation was caused when the computer
conversion of the Agency's financial record keeping and subsequent
reclassification of tax increment revenue uhlch occurred in the final year end
audit procedures for the 1986/87 fiscal year. For these reasnns, it was not
apparent that these funds were due the Trustee.
Aporovel 1s requested to effect June 30, 1988, financial reporting.
Respectfully submitted,
t,j /,7,L c,Caa,c
Elizabeth Stoddard
Finance Manager
ES:cm