CC Resolution 8209
RESOLUTION NO. 8209
RESOLUTION AUTHORIZING THE CITY OF CAMPBELL 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 Tile 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, redevelopment agency, or state department or agency; and
WHEREAS, public agencies which constitute local agencies, as that term
is defined in Section 53630
Article 2 of the Government
authorized pursuant to Section
to, or in the custody of,
investments; and
of Title 5, Division 2, Part 1, Chapter 4,
Code of the State of California, are
53635 thereof to invest all money belonging
the local agency in certain specified
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
'IDeclaration 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 City of Campbell 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 City of Campbell 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
Campbell:
Section 1. The City of Campbell 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 with the minutes of the
meeting at which this Resolution was adopted. The City Council of the
City of Campbell 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.
Section 2. The City of Campbell is hereby authorized to purchase
shares in the Trust from time to time with program funds or other
available bond proceeds disbursed to the City of Campbell, 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 City of Campbell is hereby authorized to invest
available bond proceeds of the City of Campbell 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 Finance Director of the City of Campbell is hereby
authorized and directed in the name and on behalf of the City of Campbell
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 9th day of December, 1991, by the following
roll call vote:
AYES: Councilmembers
Kotowski, Conant, Ashworth, Watson, Burr
NOES: Councilmembers
None
ABSENT: Councilmembers
None
APPROVED:
C=--=:SC-9~~
---
Donald R. Burr, Mayor
ATTEST: