HomeMy WebLinkAbout07-59 - Adopting the 2007-2008 Statement of Investment PolicyRESOLUTION NO. 07-59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ADOPTING THE 2007-2008
STATEMENT OF INVESTMENT POLICY, AND
AUTHORIZING THE CITY TREASURER TO INVEST AND
REINVEST IDLE MONIES OF THE CITY OF COSTA MESA
IN ACCORDANCE WITH THE 2007-2008 STATEMENT OF
INVESTMENT POLICY.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, in accordance with Section 53607 of the Government Code of the
State of California, the City Treasurer is hereby authorized (a) to invest such portion of
any sinking fund of, or idle money in, the City Treasury, not required for the immediate
necessities of the City as is deemed wise or expedient, in securities in which this
Council is authorized to invest such sums by the provisions of State Government Code
Section 53601 and Section 53635, limited by the City's Investment Policy; and (b) to
sell, or exchange for other eligible securities, and reinvest the proceeds of the securities
purchased. The City Treasurer shall make a monthly report of such transactions to this
Council.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Costa Mesa has adopted the 2007-2008 Statement of Investment Policy as set forth in
the attached document. The City Clerk shall certify to the passage and adoption of this
resolution, and it shall be thereupon be in full force and effect.
PASSED, APPROVED, AND ADOPTED this 19th day of June, 2007.
ATTEST:
J 'e Folcik, City Clerk
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Allan R. Mansoor, Mayor
APPROVED AS TO FORM:
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Kimberly HaW Barlow, City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY
that the above and foregoing is the original of Resolution No. 07-59 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 19th day of June, 2007, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: MANSOOR, BEVER, DIXON, FOLEY, LEECE
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 20th day of June, 2007.
JULI FOLCIK, CITY CLERK
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