HomeMy WebLinkAbout05-44 - Authorizing City Treasurer to Invest and Reinvest Idle Monies (2005-06 Statement of Investment Policy)RESOLUTION NO. 05-44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ADOPTING THE 2005-2006
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 2005-2006 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 2005-2006 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 218 day of June, 2005.
ATTEST: .
C�/C. 2
Depufy City Clerleof the City of Costa Mesa Mayor of the City of Costa Mesa
APPROVED AS TO FORM:
City Attorney
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
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. 05 A4_ was duly and regularly passed and adopted by the said City Council at
a regular meeting thereof held on the 21st day of June, 2005, by the following roll call
vote:
AYES: Mansoor, Monahan, Bever, Dixon, Foley
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 22nd day of June, 2005.
Der&Ay City Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa