RES-8441 Requesting the Return of Monies in Orange County Investment PoolRESOLUTION NO. 8441
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE REQUESTING THE
COUNTY OF ORANGE TO RETURN 100% OF
THE CITY OF ORANGE MONIES IN THE
ORANGE COUNTY INVESTMENT POOL
WHEREAS, the City of Orange has made substantial deposits into the Orange
County Investment Pool; and
WHEREAS, the City of Orange has acted to maintain deposits in the pool with
substantial reliance upon the State Government Code with regards to the safety of funds
retained within the Orange County Investment Pool; and
WHEREAS, the City of Orange has acted to maintain deposits in the pool with
substantial reliance upon the Orange County Investment Policy with regards to the safety
and liquidity offunds retained within the Orange County Investment Pool; and
WHEREAS, the City of Orange has acted to maintain deposits in the pool with
substantial reliance on national rating agencies with regards to the credit-worthiness of
the Orange County Investment Pool;
and WHEREAS, the current financial crisis with the County of Orange is resulting
in negative financial consequences to the City of Orange and other depositors;
and WHEREAS, the current financial crisis with the County of Orange has
caused financial exposure and expense to the City of Orange;
and WHEREAS, the Board of Supervisors has not been responsive in disclosing
all pertinent
infonnation.NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Orange hereby requests the Board of Supervisors to return 100% of all monies to the
City of Orange and all other depositors in the Orange County Investment
BE IT FURTHER RESOLVED that the City Council of the City of Orange requests
the Board of Supervisors ensure timely release of all documentation to the Investment Pool
Participants Committee in order for financial advisors to perform the necessary work.
ADOPTED this 17th day of January, 1995.
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ATTEST:
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J City Clerk 0 the Ci of
ge I hereby certify that the foregoing Resolution was duly and regularly adopted by
the City Council of the City of Orange at a regular meeting thereof held on the 17th day
of January, 1995, by the following
vote:A YES: COUNCIL MEMBERS: Mayor Coontz, Barrera, Spurgeon, Murphy,
Slater NOES: COUNCIL MEMBERS:
None ABSENT: COUNCIL MEMBERS:
None
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9- ~ity Clerk of eCitf'of &"
allge Reso.No.8441 2-ROF:a.ij