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HomeMy WebLinkAbout17592 - RESOLUTIONS - 7/17/1991 RESOLUTION NO. 17592 , OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS AUTHORIZING THE CITY OF PALM SPRINGS ("PUBLIC AGENCY ) TO JOIN WITH OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE CALIFORNIA AR',BITRAGE 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 ,point 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 Section 53630 of Title 5, Division 2, Part 1 , Chapter 4, Article 2 of the Government Code of the State of California, are authorized pursuant to Section 53635 thereof to invest all money belonging to, or in the custody of, the local agency in certain specified investments; and WHEREAS, the California Arbitrage Management Trust (the "Trust") was established, pursuant to and in accordance with the Joint Exercise of Powers Act, by a Declaration of Trust, made as of December 15, 1989 (the "Declaration of Trust") by Monterey Peninsula Water Management District and Placer County, as the initial Participants, as a vehicle for public agencies to jointly exercise their common power to invest bond proceeds, and to secure related record keeping, custodial and Federal arbitrage rebate calculation services; 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 has been presented to this meeting; and WHEREAS, the Public Agency is a public agency as that term is defined in the Joint Exercise of Powers Act; and WHEREAS, there has been presented to this meeting an Information Statement describing the Trust and the Individual Portfolios to be managed by the Investment Adviser to the Trust (the "Information Statement") ; NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs as follows: SECTION 1 . 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 shall be filed "lith the minutes of the meeting at which this Resolution was adopted. The City Manager of the City of Palm Springs is hereby authorized to execute, and the City Clerk is hereby authorized to attest and deliver, the Declaration of Trust, in substantially the form presented at this meeting. Res. No. 17592 Page 2 SECTION 2. The Public Agency is hereby authorized to purchase shares in the Trust from time to time with available bond proceeds of the Public Agency, and to redeem some or all of those shares from time to time as such proceeds are needed for the purposes for which such bonds were issued. SECTION 3. The Public Agency is hereby authorized to invest available bond proceeds 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 Information Statement. A SECTION 4. The appropriate officers, agents and employees of Public Agency are hereby authorized and directed in the name and on behalf of Public Agency to take all actions and to make and execute any and all certificates, requisitions, agreements, notices, consents, warrants and other documents, 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. Adopted this 17th day of July 19 91. AYES: Councilmembers Hodges, Murawski , Neel and Mayor pro tem Broich NOES: None ABSENT: Mayor Bono ATTEST: TY M INGS LIaRNIA ` --/City Clerk City Man ger REVIEWED & APPROVED /�.