HomeMy WebLinkAbout1990-06-28 - Resolution No. 90-160 RESOLUTION NO.90-1 0
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT
AUTHORIZING THE YORBA LINDA WATER DISTRICT TO JOIN WITH
OTHER PUBLIC AGENCIES AS A PARTICIPANT OF
THE CALIFORNIA ARBITRAGE 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, Section 6500 of the Joint Exercise of Powers Act defines
"public agency" to include any state department or agency, a
county, county board of education, city, public corporation,
or public district of this state; 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 Yorba Linda Water District 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 Yorba Linda Water District 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 THEREFO• BE IT RESOLVED b the Bod of Directors of Yor
by the ba
Linda Water District as follows:
Section 1: The Yorba Linda Water District 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 by
filed with the minutes of the meeting at which the Resolution was adopted. The
President of the Board of Directors of the Yorba Linda Water District is hereby
authorized to execute, and the Secretary is hereby authorized to attest and deliver, the
Declaration of Trust, in substantially the form presented at this meeting.
Section 2: The Yorba Linda Water District 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 Yorba Linda Water District is hereby authorized to invest available
bond proceeds of the Yorba Linda Water District from time to time in one or more
Individual Portfolios managed by the Investment Adviser to the Trust and described in
the Information Statement.
Section 4: The appropriate officers, agents and employees of the Yorba Linda
Water District are hereby authorized and directed in the name and on behalf of the
Yorba Linda Water District 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.
PASSED AND ADOPTED this 28th day of June, 1990 by the following called vote:
AYES: Arthur C. Korn, M. Roy Knauft, Jr., Sterling Fox, Whit Cromwell,
NOYES: 0 and Paul Armstrong
ABSENT: 0
ABSTAIN: 0
(SEAL) _
ATTEST-.
L14i6'"- P-44
Secretary,
Yorba Linda Water District
President,
Yorba Linda Water District