HomeMy WebLinkAbout98-60 - Adopting the 1998-99 Statement of Investment PolicyF
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RESOLUTION NO. 98-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, ADOPTING THE
1998-99 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 1998-99
STATEMENT OF INVESTMENT POLICY, AND
AUTHORIZING THE TREASURER TO DELEGATE TO
THE ASSISTANT DIRECTOR OF FINANCE THE
CARRYING OUT OF ANY SUCH TASKS.
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 1998-99 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 thereupon be in full force and effect.
PASSED AND ADOPTED this 15th day of June, 1998.
ATTEST:
Deputy City �erk of the City of Costa Mesa
STATE OF CALIFORNIA
COUNTY OF ORANGE ► ss
CITY OF COSTA MESA 1
Mayor of the City ofV(,�,
Mesa
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. 98-60 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on the 15th day of June, 1998, by the
following roll call vote:
AYES: Buffa, Monahan, Erickson, Cowan
NOES: None
ABSENT: Somers
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this 16th day of June, 1998.
T_
Deputy CityI rk and ex -officio Clerk of
the City Cou it of the City of Costa Mesa