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Adopt a resolution to renew the annual delegation of investment authority to the County Treasurer and approve the proposed County Investment Policy; Adopt a second resolution to reaffirm delegation of PARS115 Trust investment authority to the Treasurer and approve the proposed PARS115 CalPERS Reserve Retirement Trust Internally Managed and PARS115 CalPERS Reserve Retirement Trust Externally Managed Investment Policies
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Published Notice Required? Yes ____ No __X_
Public Hearing Required? Yes ____ No __X_
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors:
1) Adopt a resolution to renew the annual delegation of investment authority to the County Treasurer and approve the proposed County Investment Policy; and
2) Adopt a second resolution to reaffirm delegation of PARS115 Trust investment authority to the Treasurer and approve the proposed PARS115 CalPERS Reserve Retirement Trust Internally Managed and PARS115 CalPERS Reserve Retirement Trust Externally Managed Investment Policies.
SUMMARY/DISCUSSION:
California Government Code section 27000.3 provides that the Board of Supervisors is the agent of the County that serves as a fiduciary and is subject to the prudent investor standard for the County Investment Pool unless an annual delegation of authority has occurred pursuant to Government Code section 53607. Section 27000.1 permits the Board to delegate to the County Treasurer the authority to invest funds in the County Treasury for a period of one year. When such a delegation occurs, the County Treasurer, not the Board of Supervisors, serves as the fiduciary and is subject to the prudent investor standard.
On February 10, 2015, this Board adopted Resolution 2015-21 establishing the PARS 115 Pension Trust (the Trust). The Trust will be used exclusively to fund contractual obligations to provide pension benefits. This Board also delegated the Treasurer investment authority for the Trust. While not mandated...
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