FROM: Robert Thompson, General Manager
Originator: Wally Ritchie, Director of Finance
SUBJECT:
title
SECTION 115 TRUST PERFORMANCE RESULTS
end
GENERAL MANAGER'S RECOMMENDATION
recommendation
RECOMMENDATION:
Information Item.
body
BACKGROUND
In November 2021, Orange County Sanitation District’s (OC San) Board of Directors approved a Professional Services Agreement with Public Agency Retirement Services (PARS) to establish and oversee OC San’s Internal Revenue Service (IRS) Code Section 115 trust administration and investment management services. OC San’s Section 115 trust team includes PARS as the trust administrator and consultant, U.S. Bank as the trustee, and HighMark Capital Management (HighMark) as the Investment Manager. Keith Stribling, CFA, Highmark’s Senior Portfolio Manager, will be providing an informational presentation on the performance of OC San’s Section 115 trust through September 30, 2023.
RELEVANT STANDARDS
• Ensure that investment proposals and decisions are based on clearly defined standards
• Ensure the public’s money is wisely spent
ATTACHMENT
The following attachment(s) may be viewed on-line at the OC San website (www.ocsan.gov) with the complete agenda package:
• Presentation