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Item #18 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR THE PUBLIC FINANCING AUTHORITY <br />MEETING OF January 20, 2004 <br />TO: Honorable Chairperson and Authority Members <br />FROM: Michael Williams — City/Authority Treasurer <br />SUBJECT: Resolution for Investment of Big League Dreams Project bond <br />proceeds in the Local Agency Investment Fund <br />DATE: January 13, 2004 <br />BACKGROUND: <br />In June of 2002, the Colton Public Financing Authority issued Lease Revenue Bonds for <br />the construction of the Big League Dreams Project. The proceeds were invested in an <br />investment agreement that terminated last month. <br />ANALYSIS/DISCUSSION: <br />The Local Agency Investment Fund (LAIF) is managed by the State Treasure. The City, <br />the Redevelopment Agency and the Public Finance Authority may invest funds in LAIF <br />upon approval by their respective governing bodies. It was determined that the Public <br />Financing Authority has not approved by resolution the investment of funds with LAIF. <br />LAIF is currently yielding about 1.5% with access to funds on a monthly basis. Other <br />investments with similar flexibility are yielding significantly less. The City and the <br />Redevelopment Agency currently have funds invested in LAIF and the construction <br />proceeds from the Electric Revenue Bonds that were issued last year were invested in <br />LAIF. <br />ENVIRONMENTAL IMPACT: <br />There are no environmental issues related to this resolution. <br />FISCAL IMPACT: <br />There are no negative fiscal impacts related to adoption of this resolution. <br />RECOMMENDATION: <br />The treasurer recommends that the resolution be adopted. <br />REVIEW TEAM' NLY <br />City Attorney: <br />City Manager: <br />Finance Director: <br />OTHER: <br />