HomeMy WebLinkAbout2023-03-16 - Resolution No. 2023-04RESOLUTION NO. 2023-04
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
AUTHORIZING YORBA LINDA WATER DISTRICT (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 6509.7 of Title 1, Division 7, Cliapter 5 of ftie Government
Code of fine State of California (tlie "Joint Exercise of Powers Act")
provides ttiot, it authorized by their legislative or other governing
bodies, two or more public agencies that have the authority to invest
funds in their treasuries may, by agreement, jointly exercise that
common power;
WHEREAS, under Sections 6500 and 6509.7(b) 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, public corporation, public district, regional
transportation commission, state department or agency, any joint
powers authority formed pursuant to the Joint Exercise of Powers Act
by public agencies or any nonprofit corporation whose membership
is confined to public agencies or public officials;
WHEREAS, public agencies that constitute local agencies, as that term is
defined in Sections 53600 of Title 5, Division 2, Port 1, Chapter 4, Article
2 of the Government Code of the State of California (the "California
Government Code"), ore authorized pursuant to Section 53601 (p), to
invest all money belonging to, or in the custody of, a local agency
not required for its immediate need in shares of beneficial interest
issued by a joint powers authority organized pursuant to Section
6509.7 of the California Government Code that invests in the
securities and obligations authorized in subdivisions (a) to (q),
inclusive, of Government Code Section 53601;
WHEREAS, the California Asset 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, as
subsequently amended from time to time (the "Declaration of Trust"),
as a vehicle tor public agencies to jointly exercise their common
power to invest the proceeds of debt issues and Public Agency
surplus funds;
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WHEREAS, pursuant to and in accordance witli ttie Joint Exercise of Powers Act,
tlie 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
Treasurer;
WHEREAS, the Public Agency is a "public agency" as that term is defined in
Sections 6500 and 6509.7(b) of fhe Joinf Exercise of Powers Acf and
a "local agency" as fhat ferm is defined in Section 53600 of fhe
California Governmenf Code;
WHEREAS, fhe Public Agency is otherwise permitted to be a Participant of the
Trust and to invest funds in fhe Trust and in the individual portfolios fo
be managed by fhe Investment Adviser to the Trust ("Individual
Portfolios"); and
WHEREAS, a program guide describing the Trust and the Individual Portfolios (fhe
"Program Guide") is on file in fhe office of the Treasurer.
NOW, THEREFORE, BE IT RESOLVED by the Board of Direcfors of fhe Yorbo Undo
Water District as follows:
Section 1. The Public Agency shall join wifh other public agencies pursuant to
and in accordance with the Joint Exercise of Powers Acf by
executing the Declaration of Trusf and fhereby becoming a
Porficiponf in fhe Trusf, which Declaration of Trusf is hereby approved
and adopfed. A copy of fhe Declorofion of Trusf, which is available
in fhe office of fhe Treasurer shall be filed with the minutes of fhe
meeting at which this Resolution was adopted. The Board President
is hereby authorized to execute, and the Board Secretary 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 fime to time with available funds of fhe Public Agency, and fo
redeem some or all of fhose shares from fime fo time as such tunds
are needed.
Section 3. The Public Agency is hereby authorized to invest available funds of
the Public Agency from fime fo fime in one or more Individual
Porffolios managed by the Investment Adviser to the Trust and
described in the Program Guide.
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Section 4, The appropriate officers, agents and employees of the Public
Agency ore 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 fhis Resolution.
Section 5. This Resolution shall take effect at the earliest date permitted by law.
PASSED AND ADOPTED this 16^^^ day of March 2023 by fhe following called vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Directors Barbre, DesRoches, Hawkins, Lindsey, and Miller
None
None
None
Brett R. Barbre, President
Yorba Linda Water District
ATTEST:
nAAAA/^
Annie Alexander, Board Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
::'T
Andrew B. Gagen, Esq.
Kidman Gagen Law LLP
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