CC RESOLUTION 3762RESOLUTION 3762
RESOLUTION OF THE CITY OF EL SEGUNDO
AUTHORIZING AND REQUESTING THE INVESTMENT
OF EXCESS FUNDS 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 Govern-
ment Code Sections 53601 and 53635; and
WHEREAS, Government Code Section 6502 allows public agen-
cies, even if outside the County, to enter into joint powers
aagreements with the County, under which excess funds may be
deposited in the County Treasury Pool; and
WHEREAS, the City of E1 Segundo is a local agency as that
term is defined 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 City Treasurer has determined that the City of
E1 Segundo has excess funds which are not required for immediate
use; and
WHEREAS, this City Council has determined that it`would be
desirable to deposit the excess funds in the County Treasury Pool
for the purpose of investment pursuant to Government Code Sec-
tions 53601 and 53635.
NOW, THEREFORE, IT IS RESOLVED as follows:
1. The City Treasurer 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 be excess and not required
for immediate use, for the purpose of investment pursuant to
Government Code Sections 53601 and 53605, and subject to the
terms and conditions set forth 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 of
Public 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 City Council
and with the consent of the Treasurer as evidenced by her signa-
ture or that of her designated representative below, constitutes
"L joint powers agreement between the City of El Segundo and the
aCounty.
3. The City of E1 Segundo hereby agrees to inform the
Treasurer if and to the extent any of the City of E1 Segundo'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 re-
stricted by a certificate of the City of E1 Segundo relating to
compliance with federal tax requirement ( "Nonarbitrage Certifi-
cate"), the City of El Segundo 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 calcula-
tion dates as provided in the Nonarbitrage Certificate. Notwith-
standing the foregoing, the County takes no responsibility and
the City of E1 Segundo is solely responsible for compliance with
the terms and conditions of the Nonarbitrage Certificates and of
any federal tax requirements that may apply to the Bond issuance.
The City of E1 Segundo will review bond documents to determine if
funds can be deposited into the County Treasury Pool.
4. Without limiting the rights of the City of E1 Segundo
or the County's obligations under Government Code Section 53684,
the City of E1 Segundo agrees that the County shall not be liable
for damage or losses of any nature resulting from or arising out
of (i) investments made or authorized by the Treasurer in accor-
dance with Government Code Section 53601 or Section 53635; (ii)
misrepresentations or false or erroneous information provided by
the City of E1 Segundo or any of its officers, employees or
agents; (iii) noncompliance with investment policies or guide-
lines adopted by the City of E1 Segundo; (iv) violation of yield
or investment limitations applicable to the funds deposited with
the Treasurer for investment (such as federal arbitrage regula-
tions with respect to the investment of proceeds of borrowings,
or state or federal restrictions on the investment of grant pro-
ceeds); (v) circumstances beyond the reasonable control of the
County, such as a declaration of a banking moratorium or the
,,suspension of trading on any securities exchange; (vi) acts or
omissions of the County, its officers and employees which do not
constitute gross negligence or willful misconduct, or acts or
omissions of the County's custodial bank, depository bank and
investment manager (the "Agent Banks "), provided that the City of
E1 Segundo shall be subrogated to the rights of the County to
pursue a claim against the Agent Banks or any of them under the
contractual arrangements between the County and the Agent Banks.
The City of E1 Segundo hereby agrees that the County may calcu-
late the average daily balances of participants in the County
Treasury Pool and may allocate monthly interest payments thereon
pursuant to any reasonable method established by the County and
consistently applied. The City of E1 Segundo further agrees to
reimburse to the County Treasury Pool any amounts disbursed to
the City of El Segundo in error promptly upon the discovery of
such error or upon the request of the Treasurer. The foregoing
resolution was the 19th day of May , 19 92 , adopted
by the City Council of the City of E1 Segundo.,,,�,-� Y
Mayor of 1T6 City of E1 Segundo
Agreed and accepted on this �day of , 19Y.;Z
ct-t4-L�
easurer and Tax Collector
of the County of Los Angeles
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ] SS
CITY OF EL SEGUNDO 1
I, Cindy Mortesen, City Clerk of the City of El Segundo, California, DO
HEREBY CERTIFY that the whole number of members of the City Council of
the said City is five; that the foregoing resolution, being RESOLUTION NO.
3762 was duly passed and adopted by the said City Council, approved and
signed by the Mayor or said City, and attested by the City Clerk of said City,
all at a meeting of the said Council held on the 19th day of M , 1922,
and the same was so passed and adopted by the following vote:
is AYES: Mayor Jacobson, Mayor ProTem Wise, and
Councilmembers Robbins, Switz, and West.
NOES: NONE
ABSENT: NONE
ABSTENTION: NONE
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 3rd day
of Lune , 1922.
11
11
City Clerkfif the
City of El Segund
(SEA-L)
California