HomeMy WebLinkAboutReso - CC - 020-2005RESOLUTION NO. 20-2005
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
AUTHORIZING THE CITY OF BURLINGAME
TO JOIN WITH OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE
CALIFORNIA ASSET MANAGEMENT TRUST
AND TO INVEST IN SHARES OF THE TRUST
AND IN INDIVIDUAL PORTFOLIOS
RESOLVED, by the City Council of the City of Burlingame:
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 Government Code of the
State of California (the "California Government Code"), are authorized pursuant to Section
53601 and/or 53635 thereof to invest all money belonging to, or in the custody of, the local
agency in certain specified investments; and
WHEREAS, the California Asset 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 and as subsequently amended (the "Declaration of Trust"), as a
vehicle for public agencies to jointly exercise their common power to invest bond proceeds and
other funds; 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 City of Burlingame is a public agency as that term is defined in the Joint
Exercise of Powers Act and a local agency as that term is defined in Section 53630 of the
California Government Code;
WHEREAS, the City of Burlingame is otherwise permitted to be a Participant of the
Trust and to invest funds in the Trust and in the Individual Portfolios to be managed by the
Investment Adviser to the Trust ('Individual Portfolios"); and
WHEREAS, there has been presented to this meeting an Information Statement
describing the Trust and the Individual Portfolios (the "Information Statement");
NOW, THEREFORE, IT IS RESOLVED AND ORDERED:
1. The City of Burlingame 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.
2. The City Manager 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.
3. The City of Burlingame is hereby authorized to purchase shares in the Trust from time
to time with available funds of the City, and to redeem some or all of those shares from time to
time as such funds are needed.
4. The City of Burlingame is hereby authorized to invest available funds of the City of
Burlingame from time to time in one or more Individual Portfolios managed by the Investment
Adviser to the Trust and described in the Information Statement.
5. The appropriate officers, agents and employees of the City of Burlingame are hereby
authorized and directed in the name and on behalf of the City of Burlingame 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.
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MENFINIONIVA ;lig
I, DORIS MORTENSEN, City Clerk of the City of Burlingame, do hereby certify that the
foregoing resolution was introduced at a special meeting of the City Council held on the 21st day of
March 2005, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BAYLOCK, COFFEY, GALLIGAN, NAGEL, o'MAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE