HomeMy WebLinkAbout12-71 - Adopting 2012-2013 Statement of Investment PolicyRESOLUTION NO. 12-71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, ADOPTING THE 2012-
2013 STATEMENT OF INVESTMENT POLICY FOR THE
CITY, AND DESIGNATE THE FINANCE DIRECTOR TO
ACT AS CITY TREASURER TO INVEST AND REINVEST
IDLE MONIES OF THE CITY OF COSTA MESA IN
ACCORDANCE WITH THE 2012-2013 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 2012-2013 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 AND ADOPTED this 20th day of November, 2012.
Eric R. Bever, Mayor
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, BRENDA GREEN, Interim City Clerk of the City of Costa Mesa, DO HEREBY
CERTIFY that the above and foregoing is the original of Resolution No. 12-71 and was
duly passed and adopted by the City Council of the City of Costa Mesa at a regular
meeting held on the 20th day of November, 2012, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS
NOES: COUNCIL MEMBERS
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BEVER, LEECE, MENSINGER,
MONAHAN, RIGHEIMER
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ABSTAIN: COUNCIL MEMBERS: NONE
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the City of
Costa Mesa this 21ST day of November, 2012.
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BRENDA GREEN? INTERIM, CITY CLERK