File #: 2023-3127    Version: 1 Name:
Type: Information Item Status: Filed
File created: 7/19/2023 In control: ADMINISTRATION COMMITTEE
On agenda: 11/8/2023 Final action: 11/8/2023
Title: SECTION 115 TRUST PERFORMANCE RESULTS
Sponsors: Wally Ritchie
Attachments: 1. Agenda Report, 2. Presentation - Section 115 Trust Results

FROM:                     Robert Thompson, General Manager

                     Originator: Wally Ritchie, Director of Finance 

 

SUBJECT:

 

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SECTION 115 TRUST PERFORMANCE RESULTS

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GENERAL MANAGER'S RECOMMENDATION

 

recommendation

RECOMMENDATION:

Information Item.

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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