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HomeMy WebLinkAbout02-46 - Authorizing City Treasurer to Invest and Reinvest Idle MoniesRESOLUTION NO. 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, ADOPTING THE 2002-2003 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 2002-2003 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 2002-2003 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 17th day of June, 2002. PASSED AND ADOPTED this 17th day of June, 2002. ATTEST: Acting Depufy City Costa Mesa the City of STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF COSTA MESA ) Mayor of the City of Costa Mesa APPROVED AS TO FORM: City Attorney I, RUTH DELANEY, Acting 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. 2- to was duly and regularly Passed and adopted by the said City Council at a special meeting thereof held on the 17 h day of June, 2002, by the following roll call vote: AYES: PIXDt l �O(�CL t�, ©844,40) SiF.�,G.. NOES: 1�Dd0,4 . ABSENT: �DidE__ IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 18th day of June, 2002. _ Acting Deputy City C and ex -officio Clerk of the City Cou ci of the City of Costa Mesa