Reso 2015-875 RESOLUTION NO. 2015-875
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE COSTA MESA SANITARY
DISTRICT AUTHORIZING THE COSTA MESA SANITARY DISTRICT, A "PUBLIC AGENCY"
WITHIN THE MEANING OF THAT TERM AS DEFINED BY THE CALIFORNIA GOVERNMENT
CODE, TO JOIN WITH OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE
INVESTMENT TRUST OF CALIFORNIA, CARRYING ON BUSINESS AS CaITRUST
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, Section 6509.7 of 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 their common authority to invest funds in their treasuries as authorized by
subdivision (p) of Section 53601 of Title 5, Division 2, Part 1, Chapter 4, Article 2 of the
Government Code of the State of California (the "California Government Code"); and
WHEREAS, under Section 6500 of the Joint Exercise of Powers Act, a "public agency"
includes but is not limited to the federal government or any federal department or agency, the State
of California, another State or any State department or agency, a county, county board of
education, county superintendent of schools, city, public corporation, public district, or regional
transportation commission of the State of California or another State, or any joint powers authority
formed pursuant to the California Joint Exercise of Powers Act; and
WHEREAS, public agencies which constitute local agencies, as that term is defined in
Section 53630 of 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 Investment Trust of California, carrying on business as CaITRUST (the
"Joint Powers Authority") was established, pursuant to and in accordance with the Joint Exercise of
Powers Act, by a Joint Exercise of Power Agreement, made as of February 24, 2005, as amended
and restated September 12, 2012 (the "Joint Powers Agreement"), as a vehicle for public agencies
to jointly exercise their common power to invest funds in accordance with applicable California law
governing the investment of funds by public agencies; 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 Joint
Powers Authority by adopting and executing the Joint Powers Agreement, a form of 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 a local agency as that term is defined in Section 53630 of the
California Government Code; and
WHEREAS, the Public Agency is otherwise permitted to be a Participant of the Joint
Powers Authority and to invest funds in the Joint Powers Authority to be managed by the
Investment Adviser to the Joint Powers Authority, notwithstanding other investments held by the
Public Agency or current investment policies that otherwise may be in effect for the Public Agency
so long as the Joint Powers Authority invests in securities and other instruments permitted for
investment by public agencies pursuant to applicable California law; and
WHEREAS, there has been presented to this meeting an Information Statement describing
the Joint Powers Authority (the "Information Statement");
NOW, THEREFORE, the Board of Directors does hereby resolve:
Section 1. The Costa Mesa Sanitary District shall join with other public agencies pursuant
to and in accordance with the Joint Exercise of Powers Act by executing the Joint Powers
Agreement and thereby becoming a Participant in the Joint Powers Authority, which Joint Powers
Agreement is hereby approved and adopted, notwithstanding other investments held by the Public
Agency or current investment policies that otherwise may be in effect for the Public Agency so long
as the Joint Powers Authority invests in securities and other instruments permitted for investment
by public agencies pursuant to applicable California law. A copy of the Joint Powers Agreement
shall be filed with the minutes of the meeting at which this Resolution was adopted. The Board of
Directors is hereby authorized to execute, and the Clerk of the Costa Mesa Sanitary District is
hereby authorized to attest and deliver, the Joint Powers Agreement, in substantially the form
presented at this meeting.
Section 2. The Costa Mesa Sanitary District is hereby authorized to purchase shares of
beneficial interest issued by the Joint Powers Authority from time to time with available funds of the
Costa Mesa Sanitary District, and to redeem some or all of those shares from time to time as such
funds are needed, notwithstanding other investments held by the Costa Mesa Sanitary District or
current investment policies that otherwise may be in effect for the Costa Mesa Sanitary District so
long as the Joint Powers Authority invests in securities and other instruments permitted for
investment by public agencies pursuant to applicable California law.
Section 3. The appropriate officers, agents and employees of the Costa Mesa Sanitary
District are hereby authorized and directed in the name of and on behalf of the Costa Mesa
Sanitary District 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 4. The Treasurer of the Costa Mesa Sanitary District is hereby delegated authority
of the Board of Directors of the Costa Mesa Sanitary District to take all actions and to make and
execute any and all instruments, which he or she might deem necessary or appropriate in order to
carry out the purposes of the Board of Directors in adopting this Resolution, including, without
limitation, the authority to extend the maturity of any investments made pursuant to this Resolution
in accordance with applicable California law.
Section 5. Nothing contained in this Resolution shall be deemed to infringe upon the right
of the Costa Mesa Sanitary District or the Board of Directors or Treasurer of the Costa Mesa
Sanitary Diatrict to make other investments outside of the mandate of this Resolution in
accordance with applicable California law to the fullest extent permitted thereunder.
Section 6. This Resolution shall take effect at the earliest date permitted by law.
PASSED and ADOPTED on this I-1 day of Stp fun hoe. 2015.
CQ6 CLOct-\,
Secretary, Costa Mesa Sanitary District President, Costa Mesa Sanitary Di tr.
Board of Directors Board of Directors
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, Noelani Middenway, Clerk of the Costa Mesa Sanitary District, hereby certify that
the above and foregoing Resolution No. 2015-875 duly and regularly passed and adopted
by said Board of Directors at a regular meeting thereof held on the 17t" day of
September 2015.
AYES: Perry, Ooten, Ferryman, Schafer
•
NOES: None
ABSENT: Scheafer,
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
Costa Mesa Sanitary District, this 17th day of September 2015.
N.elani VCdenw.
Clerk of the Costa Mesa "anitary District