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Home My WebLink AboutCC RES 02-041RESOLUTION NO. 02-41 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AUTHORIZING THE INVESTMENT OF CITY MONIES IN THE CALIFORNIA ASSET MANAGEMENT TRUST. 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 two or more public agencies, if authorized by their legislative or other governing bodies, may, by agreement, jointly exercise any power common to the contracting parties; and WHEREAS, under Section 6500 of the Joint Exercise of Powers Act, a "public agency" includes, but is not limited to, any California county, county board of education, county superintendent of schools, city, city and county, public corporation, public district, regional transportation commission or state department or agency; and WHEREAS, public agencies which constitute Local agencies, as that term is defined in Section 53630 of Title 5, Division 2, Part 1, Chapter 4, Article 2 of the Government Code of the State of California (the "California Government Code"), are authorized pursuant to Section 53601 and/or 53635 to invest all monies belonging to, or in the custody of, the local agency in certain specified investments; and WHEREAS, the California Asset Management Trust ("Trust") was established, pursuant to and in accordance with the Joint Exercise of Powers Act, by a Declaration of Trust ("Declaration of Trust"), made of as December 15, 1989 and as subsequently amended, in order to allow public agencies to exercise their common power jointly to invest bond proceeds and other monies; and WHEREAS, the City of Palm Desert ("City"), pursuant to and in accordance with the Joint Exercise of Powers Act, desires to join the other public agencies that are or that will be participants of the Trust by adopting and executing the Declaration of Trust, a form which is on file with the Office of the City Treasurer; and WHEREAS, the City 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 City is otherwise permitted to be a participant of the Trust and to invest monies in the Trust, which the investment Adviser to the Trust shall manage; and WHEREAS, an Information Statement describing the Trust is on file with the Office of the City Treasurer; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Desert as follows: Section 1. RESOLUTION NO. 02-41 Page 2 of 2 The City shall join with other public agencies, pursuant to and in accordance with the Joint Exercise of Powers Act, by executing the Declaration of Trust and thereby becoming a participant in the Trust, which is hereby approved and adopted. A copy of the Declaration of Trust shall be filed with the minutes of the meeting at which this Resolution was adopted. The Mayor is hereby authorized to attest and deliver, the Declaration of Trust, in substantially the form presented at this meeting. Section 2. The City is hereby authorized to purchase and redeem shares in the Trust, from time to time, as needed. Section 3. The appropriate officers, agents, and employees of the City are hereby authorized and directed in the name and on behalf of the City to take all actions, and to make and execute any and all certificates, requisitions, agreements, notices, consents, warrants, and other documents, that they, or any of them, might deem necessary or appropriate in order to accomplish the purposes of this Resolution. Section 4. This Resolution shall take effect at the earliest date permitted by law. PASSED, APPROVED, AND ADOPTED at a regular meeting of the Palm Desert City Council, held this 9th day of May, 2002, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: BENSON, CRITES, FERGUSON, SPIEGEL, KELLY NONE NONE NONE RICHARD . KELLY, rYOR y /SHEILA R. GILLIAN, Cl. CLERK CITY OF PALM DESERT, ALIFORNIA J CALIFORNIA ASSET , MANAGEMENT PROGRAM A PUBLIC JOINT POWERS AUTHORITY Investment Services By and For California Public Agencies 505 Montgomery Street, Suite 800 San Francisco, CA 94111 Tel: (800) 729-7665 Fax: (415) 982-4513 camp EXHIBIT "A" CAMP Cash Reserve Portfolio Monthly Dividend Yields Dividend LAIF Dividend LAIF Month Yield YIELD DELTA Month Yield YIELD DELTA Jan-99 5.01 % 5.21 < .2.0 Jul-00 6.45% 6.4 4 .01 Feb-99 4.89% 5. 21 <, 3Z> Aug-00 6.46% (0.51 <.oS) Mar-99 4.83% 5,14 < .31? Sep-00 6.45% (0.5O < ,o5) Apr-99 4.78% 5.12 < .34) Oct-00 6.44% (o .52 < .08) May-99 4.78% 5.09 <,3t? Nov-00 6.44% (0,54 < . to) Jun-99 4.79% 5.10 <.31) Dec-00 6.43% 1054 4.0 JuI-99 4.88% 5.18 <.30) Jan-01 6.31% 4.31 < . ob) Aug-99 5.06% 5.23 <.11? Feb-01 5.93% (0.1-1 <,24) Sep-99 5.14% 5.21 <,13> Mar-01 5.26% 5,98 <.-1Z> Oct-99 5.19% 5. 39 <,20) Apr-01 5.06% 5,16 < .10) Nov-99 5.33% 5.48 <,(5) May-01 4.43% 5.33 '.q4. Dec-99 5.49% 5. b14- <.i6) Jun-01 4.04% 4.910 <,9 i Jan-00 5.53% 5.140 <,23> Jul-01 3.82% 4.& + <.$31... Feb-00 5.69% 5.82 <,t3> Aug-01 3.63% 14,50 <.877 Mar-00 5.84% 5.85 <.O1? Sep-01 3.41% 4,29 <.887 Apr-00 5.92% (0.01 <.09) Oct-01 2.73% 3.99 < 1.06> May-00 6.14% (0.19 <.05i Nov-01 2.36% 3.53 <1.t17 Jun-00 6.40% (.0.36. .05 Dec-01 1.99% 3.2(o <t.1.1) Jan-02 1.86% 3.01 <i.2.1) Feb-02 1.1(o°le 2..41 < 1. 2.1) Mar-02 1.g1vye LS6 <.4147 ( ) = CAMP YIELD IS BELOW LAIF'S EXHIBIT "B" REPRESENTATIVE LIST OF CAMP PARTICIPANTS CITIES City of Alameda City of Antioch City of Brentwood City of Campbell City of Coalinga City of Concord City of Coronado City of El Cajon City of Encinitas City of Fairfield City of Folsom City of Grand Terrace City of Highland City of La Canada City of Lake Forest City of Lakewood City of Lincoln City of Livermore City of Menlo Park City of Modesto City of Murrieta City of Napa City of Palm Springs City of Palo Alto City of Petaluma City of Pinole City of Pittsburgh City of Redding City of Redwood City City of Roseville City of Saint Helena City of San Carlos City of San Marcos City of San Mateo City of San Pablo City of San Rafael City of San Ramon City of Santee City of Stockton City of West Sacramento City of Woodland Town of Yountville REPRESENTATIVE LIST OF CAMP PARTICIPANTS COUNTIES Amador County Calaveras County Contra Costa County Glenn County Madera County Merced County Monterey County Plumas County San Benito County Siskiyou County Solano County Tuolumne County Yolo County Yuba County REPRESENTATIVE LIST OF CAMP PARTICIPANTS SPECIAL DISTRICTS Alameda County Water District Bella Vista Water District Calaveras County Water District California Transit Finance Corporation Central Marin Sanitation Agency Contra Costa Transportation Authority Contra Costa Water Authority Contra Costa Water District Granada Sanitary District Idyllwild Water District Leucadia County Water District Modesto Irrigation District Oakwood Lake Water District Olivenhain Municipal Water District Rincon del Diablo Municipal Water District San Bernardino Valley Water District San Diego Association of Governments San Joaquin Transportation Authority South Bayside Waste management Authority Turlock Irrigation District Vista Fire Protection District West Contra Costa Transit Authority Western Hills Water District Yorba Linda Water District REPRESENTATIVE LIST OF CAMP PARTICIPANTS SCHOOLS Antioch Unified School District Aromas -San Juan Unified School District El Dorado Irrigation District El Dorado Unified School District Gilroy Unified School District Martinez Unified School District Modesto City Schools Morgan Hill Unified School District Mount Diablo Unified School District Pleasanton Unified School District Roseville City Schools Yolo Unified School District NA CP tca N ' 0`n F 0 .2 n v to s �NA CA 2ow ° 0N NA �� o AA 7.0 w 6V vA v Io CP r 1f% 3`'.° tA or% Trachi, A °``; to P :''' 3 ...-44 CA 2-' Lek o �� a cs $riA'ed NA GSA Steps to Join CAM Read the Information Statement Pass a resolution or 4) P ccA let 4) P od o O V �, P /14 4-4 a411 , U .oa v cd ca (Itt .___.4 PA P-4 .5 e cl, .1.4 . ,,, -...0 o.) tf3 1% P"4 4-4 CA ..C3XI ct o a 1-4 exo • • • • )%k i-k PA • • N • PIA Owns no portfolio or inventory of securities Competitively bids every buy and sell Never takes control of cash or securities Fees based on assets under management M � to .41) o Q es ,?•-. 0 ,,, 44 t ce, 46 •t4 .,. ...8 0 -5 0 '4+ f. z LAIF daily rate now at 2.88%. • LAIF has fallen 397 basis points (3.97%) since January 2001. • :" :o L.; 0; t; a, 0 : LL • IMMO aMI, >— ›, co LL First Six Months ; co Z0/80/£ — ZO/SZ/Z — 0/8I1. 1-0/1•C/Z _ 1.0/170/Z 1, _ 1.0/90/1.1. 1- .0/60/01. _ WM, I./6 1.01171.18 1- .0/9 /L — 1.0/0Z/9 — 0/2/9 1.0/9Z/V _ 1,0/8Z/E - LO/SZ/Z _ 0/1.0/Z