HomeMy WebLinkAboutResolution - 2532 STATE OF CALIFORNIA) RESOLUTION NO. 2532
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO)
A RESOLUTION OF THE CITY OF SAN JACINTO, CALIFORNIA,
AUTHORIZING CITY OF SAN JACINTO THE "PUBLIC
AGENCY" TO JOIN WITH OTHER PUBLIC AGENCIES AS A
PARTICIPANT OF THE CALIFORNIA ASSET MANAGEMENT
TRUST AND TO INVEST IN SHARES OF THE TRUST AND IN
INDIVIDUAL PORTFOLIOS
WHEREAS, Section 6502 of Title 1, Division 7, Chapter 5 of the
Government Code of the State of California (the "Joint Exercise of Powers Act")
provides that, if authorized by their legislative or other governing bodies, two or
more public agencies by agreement may jointly exercise any power common to
the contracting parties; and
WHEREAS, under Section 6500 of the Joint Exercise of Powers Act, a
"public agency" includes, but is not limited to, any California county, county board
of education, county superintendent of schools, city, city and county, public
corporation, public district, regional transportation commission or state
department or agency; and
WHEREAS, public agencies which constitute local agencies, as that term
is defined in Sections 53600 and 53630 of Title 5, Division 2, Part 1, Chapter 4,
Article 2 of the Government Code of the State of California (the "California
Government Code"), are authorized pursuant to Sections 53601, 53635, and/or
Section 53635.2 thereof to invest all money belonging to, or in the custody of, the
local agency in certain specified investments; and
WHEREAS, the California Asset Management Trust (the "Trust") was
established, pursuant to and in accordance with the Joint Exercise of Dowers
Act, by a Declaration of Trust, made as of December 15, 1989 and as
subsequently amended (the "Declaration of Trust"), as a vehicle for public
agencies to jointly exercise their common power to invest bond proceeds and
other funds; and
WHEREAS, pursuant to and in accordance with the Joint Exercise of
Powers Act, the Public Agency desires to join the other public agencies which
are or will be Participants of the Trust by adopting and executing the Declaration
of Trust, a form which is on file in the office of the Finance Director; and
WHEREAS, the Public Agency is a "public agency" as that term is defined
in Section 6500 the Joint Exercise of Powers Act and a "local agency' as that
term is defined in Sections 53600 and 53630 of the California Government Code;
WHEREAS, the Public Agency is otherwise permitted to be a Participant
of the Trust and to invest funds in the Trust and in the individual portfolios to be
managed by the Investment Adviser to the Trust ("Individual Portfolios"); and
WHEREAS, a program guide describing the Trust and the Individual
Portfolios (the "Program Guide") is on file in the office of the Finance Director;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
San Jacinto, California, as follows:
Section 1. The Public Agency shall join with other public agencies
pursuant to and in accordance with the Joint Exercise of Powers Act by
executing the Declaration of Trust and thereby becoming a Participant in the
Trust, which Declaration of Trust is hereby approved and adopted. A copy of the
Declaration of Trust, which is available in the office of the Finance Director, shall
be filed with the minutes of the meeting at which this Resolution was adopted.
The Mayor is hereby authorized to execute, and the City Clerk is hereby
authorized to attest and deliver, the Declaration of Trust.
Section 2. The Public Agency is hereby authorized to purchase shares in
the Trust from time to time with available funds of the Public Agency, and to
redeem some or all of those shares from time to time as such funds are needed.
Section 3. The Public Agency is hereby authorized to invest available
funds of the Public Agency from time to time in one or more Individual Portfolios
managed by the Investment Adviser to the Trust and described in the Program
Guide.
Section 4. The appropriate officers, agents and employees of the Public
Agency are hereby authorized and directed in the name and on behalf of the
Public Agency to take all actions and to make and execute any and all
certificates, requisitions, agreements, notices, consents, warrants and other
documents, and any changes, amendments, modifications, or waivers thereto
which they, or any of them, might deem necessary or appropriate in order to
accomplish the purposes of this Resolution.
Section 5. This Resolution shall take effect at the earliest date permitted
by law.
PASSED, APPROVED and ADOPTED this 1st day of April, 2004, by the
following vote:
Ayes: Carlson-Buydos, Conner, Shaw, Stubblefield
Nays: None
Abstain: Ayres
Absent: None
City of San Jacinto
by Ayres, ayor
ATTEST:
arothy L. Ch uinard, City Clerk