HomeMy WebLinkAbout91-14 - Los Angeles County Treasury Pool ParticipationRESOLUTION NO. 91 -14
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF
CALIFORNIA, AUIHORIZING PARTICIPATION 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 Newport Beach is a local agency as that term is
gefined 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 Finance Director has determined that the City of Newport Beach
has temporarily idle funds which are not required for immediate use; and
WHEREAS, this Council has determined that it would be desirable to deposit
some of the temporarily idle funds in the County Treasury Pool for the purpose
of investment pursuant to Government Code Sections 53601 and 53635.
NOW, THEREFORE, IT IS RESOLVED as follows:
1. The Finance Director is hereby authorized and directed to request the
Treasurer's consent to deposit in the County Treasury Pool those funds he or she
deems to not be 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 fort 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
to Local Agencies ", and "Resolution of Board of Supervisors of the County of Los
Angeles Authorizing the County Treasurer and Tax Collector to Invest Excess Funds
of Public Agencies" adopted by the Board of Supervisors of the County of February
24, 1987, and on May 31, 1988, respectively.
2. This resolution, upon due adoption by this 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
Newport Beach and the County.
3. The City of Newport Beach hereby agrees to inform the Treasurer if and
to the extent any of the City'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 of
Newport beach relating to compliance with federal tax requirements ( "Nonarbitrage
• Certificate ") the City of Newport, Beach 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
Nonarbitrate Certificate. Notwithstanding the foregoing, the County takes no
responsibility and the City of Newport Beach is solely responsible for compliance
with the terms and conditions of the Nonarbitrate Certificates and of any federal
tax requirements that may apply to the Bond issuance.
4. The City of Newport Beach 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 Newport Beach or any of its officers,
employees or agents; or resulting from or arising out of any investments of the
City'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 the City of Newport Beach required by Government
code Section 53684 or by this joint powers agreement.
PASSED AND ADOPTED, by the City Council of the City of Newport Beach, State
of California on January 28, 1991
(date)
MAYOR
ATTEST:
Wanda Raggio
City Clerk
I HEREBY CERTIFY that the foregoing—Resolution was duly adopted by the City
Council of the City of Newport Beach at a regularly scheduled meeting thereof,
held on the 28th day of January 1991, by the following vote of
the Council:
AYES: COUNCIL MEMBERS: HEDGES, WATT, TURNER, SANSONE, HART, COX
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: PLUMMER
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