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HomeMy WebLinkAboutMINUTES - 06161992 - 1.83 1 ® 8 Contra Jrf TO: BOARD OF SUPERVISORS Costa cap County FROM. Harvey E. Bragdon Director. of Community Development DATE: June 16, 1992 SUBJECT: County of Contra 'Costa Public Financing Authority r SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS As the County of Contra Costa Public Financing Authority, ADOPT a Resolution authorizing the Authority to join with other public agencies as a participant of the California Arbitrage Management Trust. FISCAL IMPACT None. BACKGROUNDIREASONS FOR RECOMMENDATIONS The County of Contra Costa Public Financing Authority recently sold its 1992 Tax Allocation Revenue Bonds for the Contra Costa County Redevelopment Agency. The bond issue was approximately $29 million in size. The investment of bond proceeds, prior to the utilization of the program purposes, can be better managed and tracked by using the services of the California Arbitrage Management Program (CAMP) . The County is .a member agency of the California Arbitrage Management Trust. The Authority is a - separate entity and does need to participate as a member in order to use the CAMP program. CONTINUED ON ATTACHMENT: YES SIGNATURE: QJ RECOMMENDATION OF COUNTY ADMINISTRATOR RECO DATION OF B ARD COMMIT EE APPROVE OTHER SIGNATURE(S) : ACTION OF BOARD ON APPROVED AS RECOMMENDED - OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A _ < UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. cc: Community Development Redevelopment Agency ATTESTED County Administrator PHIJ& BATCHELOR, CLERK OF County Counsel . THE BOARD OF SUPERVISORS Auditor-Controller AND COUNTY ADMINISTRATOR Treasurer/Tax Collector SRA1/jb/pubfina.bos BY � , DEPUTY RESOLUTION NO. GI a//// RESOLUTION AUTHORIZING THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY ("PUBLIC AGENCY") 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, 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 Section 53630 of Title 5,Division 2, Part 1, Chapter 4, Article 2 of the Goverment 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 Governing body of the Public Agency 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 with the minutes of the meeting at which this Resolution was adopted. The Presiding Officer of Governing Body is hereby authorized to execute, and the Attesting Officer of Governing Body is hereby authorized to attest and deliver, the Declaration of Trust, in substantially the form presented at this meeting. , Section 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. 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 Resolution. Section 5. This Resolution shall take effect at the earliest date permitted by law. PASSED BY THE BOARD on June 16 , 1992 by the following vote-: AYES : Supervisors Powers , Fanden, Schroder, Torlakson, McPeak Noes : None Absent : None By :Z Sunne Wright McPeak, Chair ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors B Y• Deputy