1997-02 RESOLUTION NO. 97-02
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA, AUTHORIZING THE
COMMUNITY REDEVELOPMENT AGENCY "PUBLIC AGENCY" TO
JOIN WITH OTHER PUBLIC AGENCIES AS A PARTICIPANT OF THE
CALIFORNIA ASSET MANAGEMENT TRUST AND TO INVEST IN
SHARES OF THE TRUST AND IN INDIVIDUAL PORTFOLIOS.
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, if authorized by their
legislative or other governing bodies,two or more public agencies by agreement may 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
i and/or 53635 thereof to invest all money belonging to, or in the custody of, the local agency in certain
specified investments; and
WHEREAS,the California Asset Management Trust(the"Trust")was established, pursuant
to and in accordance with the Joint Exercise of Powers Act, by a Declaration of Trust, made as of
December 15, 1989 and as subsequently amended(the"Declaration of Trust"), as a vehicle for public
agencies to jointly exercise their common power to invest bond proceeds and other funds; and
WHEREAS, pursuant to and in accordance with the Joint Exercise of Powers Act, the
Public Agency desires to join the other public agencies which are or will be Participants of the Trust
by adopting and executing the Declaration of Trust, a form which has been presented to this meeting;
and
WHEREAS, the Public Agency 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 Public Agency is otherwise permitted to be a Participant of the Trust and
to invest funds in the Trust and in the Individual Portfolios to be managed by the Investment Adviser
to the Trust("Individual Portfolios"); and
WHEREAS, there has been presented to this meeting an Information Statement describing
the Trust and the Individual Portfolios(the"Information Statement");
RESOLUTION NO. 97-o2
PAGE 2
NOW, THEREFORE, THE COMMUNITY REDEVELOPMENT AGENCY
of the City of Grand Terrace does hereby resolve the following:
SECTION 1. The Public Agency 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 Declaration of Trust 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 Chairman of the Community Redevelopment Agency is hereby
authorized to execute, and the Secretary of the Community Redevelopment Agency is hereby
authorized to attest and deliver, the Declaration of Trust, in substantially the form presented at this
meeting.
SECTION 2. The Public Agency is hereby authorized to purchase shares in the Trust from
time to time with available funds of the Public Agency, and to redeem some or all of those shares
from time to time as such funds are needed.
SECTION 3. The Public Agency is hereby authorized to invest available funds of the Public
Agency from time to time in one or more Individual Portfolios managed by the Investment Adviser
to the Trust and described in the Information Statement.
SECTION 4. The appropriate officers, agents and employees of the Public Agency are
hereby authorized and directed in the name and on behalf of the Public Agency to take all actions and
to make and execute any and all certificates, requisitions, agreements, notices, consents, warrants
and other documents, which they, or any of them, might deem necessary or appropriate in order to
accomplish the purpose of this Resolution.
SECTION 5. This Resolution shall take effect upon adoption.
PASSED,APPROVED AND ADOPTED this 26th day of June, 1997.
ATTEST:
Secretary of the Grand Tetqace Community Ch ' an of the GrandLTerrace Community
Redevelopment Agency. Redevelopment Agency.
._i
RESOLUTION NO. 97-02
PAGE 3
I,Brenda Stanfill, Secretary of the Community Redevelopment Agency of the City of Grand
Terrace, do hereby certify that the foregoing Resolution was introduced and adopted at a regular
meeting of the Community Redevelopment Agency of the City of Grand Terrace held on the 26th
day of June, 1997, by the following vote:
AYES: Agency Member Singlwy; Vice-Chairman Buchanan; Chairman Matteson
NOES: None
ABSENT: Agency Members Hilkey and Garcia
ABSTAIN: None
Approved as to form:
Secretary U
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City Attorney U