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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. `4 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. 2 *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. 3 Assistant Manager /Clerk of the Costa Mesa Sanitary District