Reso 1995-571RESOLUTION NO. 95 -571
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
COSTA MESA SANITARY DISTRICT URGING THE BOARD
OF SUPERVISORS TO DISBURSE 100% OF THE PRINCIPAL
PLUS INTEREST OF THE DISTRICT'S MONEY IN THE
ORANGE COUNTY INVESTMENT POOL
WHEREAS, the District has invested approximately $2,819,000.00 of its constituents'
money in the Orange County Investment Pool; and
WHEREAS, said money was deposited in trust for this District; and
WHEREAS, said money was invested imprudently causing the Orange County
Investment Pool and the County of Orange to file for bankruptcy; and
WHEREAS, as a result of a recent Creditors' Committee meeting it was suggested that
the County may ask all local government agencies to share the bankruptcy losses equally with
the County; and
WHEREAS, the Creditor's Committee has asked that all local agencies refrain from
initiating litigation to allow an opportunity for that Committee to negotiate a fair and equitable
Plan of Adjustment.
NOW, THEREFORE, the Board of Directors of the Costa Mesa Sanitary District do
hereby RESOLVE as follows:
1. That the Board of Supervisors of the County of Orange take all appropriate steps
to ensure that this District is repaid 100% of the money invested in the Orange County
Investment Pool plus a reasonable rate of interest.
2. That the Board of Supervisors acknowledge that the County and its officers and
other responsible employees and agents were acting as the District's trustee in investing this
money.
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3. That the Board of Supervisors reject any Plan of Adjustment that causes local
agency investors to share the bankruptcy losses equally with the County or that puts other
investors ahead of local agencies for repayment.
4. That the Manager and Clerk of the District are hereby directed to cause this
resolution to be forwarded forthwith to the Board of Supervisors and to Attorney Bruce Bennett.
PASSED AND ADOPTED this /� &day of , 1995.
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*ident, Costa Mesa Skjtary District
Secretary, Costa Mesa Sanitary District
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF COSTA MESA
I, FLORINE T. REICHLE, Assistant Manager /Clerk of the Cost Mesa Sanitary District,
hereby certify that the above and foregoing Resolution No. 95 -571 was duly and regularly passed
and adopted by the said Board of Directors at a regular meeting thereof, held on the /6t day
of , 1995.
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Assistant Manager /Clerk
of the Costa Mesa Sanitary District