Resolution No. 4440 177
RESOLUTION NO. 4440
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
REQUESTING THE COUNTY OF ORANGE TO RETURN 100% OF THE
CITY OF CYPRESS' MONIES IN THE ORANGE COUNTY INVESTMENT
POOL (OCIP)
WHEREAS, the City of Cypress has made substantial deposits
into the Orange County Investment Pool ; and
WHEREAS, the City of Cypress 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 Cypress has acted to maintain deposits in
the pool with substantial reliance upon the Orange County
Investment Policy with regards to the safety and liquidity of funds
retained within the OCIP; and
WHEREAS, the City of Cypress 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 Cypress and other depositors; and
WHEREAS, the current financial crisis with the County of
Orange has caused financial exposure and expense to the City of
Cypress; and
WHEREAS, the Board of Supervisors has not been responsive in
disclosing all pertinent information.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Cypress hereby requests the Board of Supervisors to return
100% of all monies to the City of Cypress and all other depositors
in the Orange County Investment Pool .
BE IT FURTHER RESOLVED that the City Council of the City of
Cypress 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.
PASSED AND ADOPTED by the City Council of the City of Cypress
at an adjourned regular meeting held on the 6th day of February
1995 .
/e_40
(1 YO OF THE CITY OF C PRESS
ATTEST:
CITY C ERK OTI-IIOOF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted at an
adjourned regular meeting held on the 6th day of February 1995; by
the following roll call vote :
AYES : 5 COUNCIL MEMBERS : Bowman, Carroll, Jones, Kerry
NOES : 0 COUNCIL MEMBERS : None and Age
ABSENT: 0 COUNCIL MEMBERS : None OO
CIT LERK OF THE CITY OF CYPRESS