HomeMy WebLinkAboutResolution No. 93-P4RESOLUTION NO. 93-P4
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
AZUSA PUBLIC FINANCING AUTHORITY
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 respective 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 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 desired 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 Board of Directors of the Azusa Public
Financing Authority 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 passed. The Chairman is hereby authorized to execute,
and the Authority Secretary is hereby authorized to attest and deliver, the declaration of Trust,
in substantially the form presented at this meeting.
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.
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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 action 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 AND APPROVED this 19th day of July 1993.
CHAIRMAN
I hereby certify that the foregoing resolution was duly adopted by the Board of Directors
of the Azusa Public Financing Authority at a regular meeting thereof held on thel9th day
ofJud, 1993 by the following vote of the Board:
AYES: BOARDMEMBERS: MADRID, NARANJO, ALEXANDER, MOSES
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: DANGLEIS
AUTHORIT� EC ARY