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RESOLUTION No. 10 6-0 5
A RESOLUTION OF THE CITY COUNCIL OF THE
TOWN OF LOS ALTOS HILLS
AUTHORIZING THE TOWN 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 6509.7 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 that have the authority to invest
funds in their treasuries may,by agreement,jointly exercise that common power;
WHEREAS, under Sections 6500 and 6509.7(b) 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, public corporation, public district, regional transportation
commission, state department or agency, any joint powers authority formed pursuant to the Joint
Exercise of Powers Act by public agencies or any nonprofit corporation whose membership is
confined to public agencies or public officials;
WHEREAS, public agencies which constitute local agencies, as that term is defined in
Sections 53600 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 Sections
53601(o), to invest all money belonging to, or in the custody of, a local agency not required for its
immediate need in shares of beneficial interest issued by a joint powers authority organized pursuant
to Section 6509.7 of the California Government Code that invests in the securities and obligations
authorized in subdivisions(a)to(n),inclusive,of Government Code Section 53601;
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, as subsequently amended from time to time (the "Declaration of Trust"), as a
vehicle for public agencies to jointly exercise their common power to invest the proceeds of debt
issues and Public Agency surplus funds;
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 is on file in the office of the City
Clerk;
WHEREAS,the Public Agency is a "public agency" as that term is defined in Sections 6500
and 6509.7(b) of the Joint Exercise of Powers Act and a "local agency" as that term is defined in
Section 53600 of the California Government Code;
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
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WHEREAS, a program guide describing the Trust and the Individual Portfolios (the
"Program Guide")is on file in the office of the City Clerk;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Town of Los Altos
Hills as follows:
Section 1. The Town of Los Altos Hills ("Town") 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, which is available in the office of the City Clerk
shall be filed with the minutes of the meeting at which this Resolution was adopted. The Mayor is
hereby authorized to execute, and the City Clerk is hereby authorized to attest and deliver, the
Declaration of Trust.
Section 2. The Town 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 Town 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 Program Guide.
Section 4. The appropriate officers, agents and employees of the Town 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, and any changes, amendments, modifications, or waivers thereto which they, or any of
them,might deem necessary or appropriate in order to accomplish the purposes of this Resolution.
Section 5. This Resolution shall take effect upon its adoption.
REGULARLY PASSED AND ADOPTED THIS 17th day of November, 2005.
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By:
Breene ' . , ,Mayor
-ATTEST:
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_ 6CWBy:
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_ - Karen Jost
- City Cler
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(Date) /
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