HomeMy WebLinkAbout1991-11-12 - RESOLUTIONS - LACO TREASURY POOL INVESTMENT (2)RESOLUTION NO. 91-185
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA
AUTHORIZING AND REQUESTING THE INVESTMENT
OF EXCESS FUNDS IN THE
LOS ANGELES COUNTY TREASURY POOL
WHEREAS, California Government Code ("Government Code") Section 53684
allows local agencies in the County of Los Angeles (the "County") to deposit
excess funds in the Los Angeles County Treasury Pool for the purpose of
investment by the Treasurer and Tax Collector of the County (the
"Treasurer") pursuant to Government Code Sections 53601 and 53635; and
WHEREAS, Government Code Section 6502 allows public agencies, even if
outside the County to enter into joint powers agreements with the County,
under which excess funds may be deposited in the County Treasury Pool; and
WHEREAS, the City of Santa Clarita is a local agency as that term is
defined in Government Code Section 53600 and/or a public agency as that term
is defined in Government Code Section 6500; and
WHEREAS, the Board of Supervisors of the County has made the Government
Code Section 53684 operative in the County and has authorized such joint
powers agreements; and
WHEREAS, the Treasurer of the City of Santa Clarita has determined that
the City of Santa Clarita has excess funds which are not required for
immediate use; and
WHEREAS, this City Council has determined that it would be desirable to
deposit the excess funds in the County Treasury Pool for the purpose of
investment pursuant to Government Code Sections 53601 and 53635.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Clarita, California, as follows:
SECTION 1. The Treasurer of the City of Santa Clarita is hereby
authorized and directed to request the Treasurer's consent to deposit in the
County Treasury Pool those funds she deems to be excess and not required for
immediate use, for the purpose of investment pursuant to Government Code
Section 53601 and 53605, and subject to the terms and conditions set forth
in Government Code Section 53684, and in accordance with the resolutions
entitled "Resolution of the Board of Supervisors of the County of Los
Angeles Authorizing the County Treasurer and Tax Collector to Invest Excess
Funds of Public Agencies" and "Resolution of Board of Supervisors of the
County of Los Angeles Authorizing the County Treasurer and Tax Collector to
Invest Excess Fund of Public Agencies" adopted by the Board of Supervisors
of the County of February 24, 1987, and on May 31, 1988, respectively.
SECTION 2. This resolution, upon due adoption by this City Council
and with the consent of the Treasurer as evidenced by her signature or that
of her designated representative below, constitutes a joint powers agreement
between the City of Santa Clarita and the County.
RESOLUTION 91-185
Page 2
SECTION 3. The City Council hereby agrees to inform the Treasurer
if and to the extent of any of the City of Santa Clarita's funds deposited
in the County Treasury Pool pursuant to this joint powers agreement are
proceeds of the issuance of bonds, certificates of participation, notes or
other evidences of indebtedness ("Bond Proceeds"). If the Bond Proceeds are
restricted by a certificate of the City Council relating to compliance with
federal tax requirement ("Nonarbitrage Certificate"), the City Council
agrees to provide the Nonarbitrage Certificate to the Treasurer so that the
Treasurer can provide the market value of the Bond Proceeds as of the rebate
calculation dates as provided in the Nonarbitrage Certificate.
Notwithstanding the foregoing, the County takes no responsibility and the
City Council is solely responsible for compliance with the terms and
conditions of the Nonarbitrage Certificates and of any federal tax
requirements that may apply to the Bond issuance. The City of Santa Clarita
will review bond documents to determine if funds can be deposited into the
County Treasury Pool.
SECTION 4. The City Council hereby agrees to indemnify and hold
harmless the County and all of its officers, employees and agents and each
of them, from and against any and all loss, liability, expense and claims
for damages of any nature whatsoever resulting from or arising out of any
misrepresentations or false information provided by the City of Santa
Clarita or any of its officers, employees or agents; or resulting from or
arising out of any investments of only the City of Santa Clarita's funds
made or authorized by the Treasurer in accordance with Government Code
Section 53601 or Government Code Section 53635; or resulting from or arising
out of the performance by the Treasurer or its officers, employees or agents
of their duties with respect to only the City of Santa Clarita required by
Government Code Section 53684 or by this joint powers agreement. Not
withstanding the foregoing, this section does not apply to damages arising
out of the gross negligence or willful misconduct of the County or any of
its officers, employees or agents.
SECTION 5. The City Clerk shall certify to the adoption of this
resolution and certify this record to be a full, true, correct copy of the
action taken.
PASSED, APPROVED AND ADOPTED this 12th day of Novemher , 1991.
l+'v ��
Carl Boyer, Mayor
RESOLUTION 91-185
Page 3
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) ss
CITY OF SANTA CLARITA)
I, Donna M. Grindey, DO HEREBY CERTIFY that the above and foregoing
Resolution vas duly adopted by the City Council of the City of Santa Clarita
at a regular meeting thereof, held on the 12th day of November , 1991
by the folloving vote of Council:
AYES: COUNCILMEMBEES: Darcy, Heidt, Klajic, McKeon, Boyer
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
M. Grindey, City Clerk
Agreed and accepted on this mil day of Nnvpmhpr , 1991.
Treasurer and Tax Collector
of the County of Los Angeles