HomeMy WebLinkAbout04-19 - Authorizing City Treasurer to Invest and Reinvest Idle MoniesRESOLUTION NO. 04-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ADOPTING THE 2003-2004
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 2003-2004 STATEMENT OF
INVESTMENT POLICY.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, Government Code Section 53601 sets forth the investments that the
City may lawfully make; and
WHEREAS, Government Code Section 53646 sets forth that the City
Treasurer shall annually render to the City Council a Statement of Investment Policy
at a public meeting for the Council to consider; and
WHEREAS, the City Council adopted an investment policy for fiscal year
2003-2004 on June 16"', 2003; and
WHEREAS, the City Treasurer desires to make certain revisions to the
adopted investment policy; and
WHEREAS, the Council has reviewed the revised Statement of Investment
Policy; and
WHEREAS, Government Code Section 53607 authorizes the Council to
delegate the authority to make investments and to sell or exchange securities for a
one year period to the City Treasurer provided that monthly reports are thereafter
made of the status of said transactions;
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 2003-2004 revised 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 1st day of March, 2004.
ATTEST:
Deputy the City of Costa Mesa Mayor of thb City of Costa Mesa
APPROVED AS TO FORM:
City Attorney
STATE OF CALIFORNIA
COUNTY OF ORANGE ) as
CITY OF COSTA MESA )
I, JULIE FOLCIK, 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. nn_i a was duly and regularly passed and adopted by the said City Council at
a regular meeting thereof held on the 1st day of March, 2004, by the following roll call
vote:
AYES: Monahan, Mansoor, Steel, Scheafer
NOES: None
ABSENT: Cowan
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 2nd day of March, 2004.
Depu�rk�e� officio Clerk of
the City Council of the City of Costa Mesa