HomeMy WebLinkAbout10-32 - Adopting 2010-2011 Statement of Investment PolicyRESOLUTION NO. 10-,2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, ADOPTING THE 2010-
2011 STATEMENT OF INVESTMENT POLICY FOR THE
CITY, AND AUTHORIZING THE ASSISTANT FINANCE
DIRECTOR TO ACT AS CITY TREASURER TO INVEST
AND REINVEST IDLE MONIES OF THE CITY OF COSTA
MESA IN ACCORDANCE WITH THE 2010-2011
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 2010-2011 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 18th day of May, 2010.
AI an R. Mansoor, Mayor
0
ATTEST:
Julie F61cik, City 6erk
APPROVED AS TO FORM:
Ki berly H911 Barlow, City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY
that the above and foregoing is the original of Resolution No. 10-32 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 18th of May, 2010, by the following roll call vote, to wit:
AYES:
COUNCIL MEMBERS:
MANSOOR, LEECE, BEVER, MONAHAN
NOES:
COUNCIL MEMBERS:
NONE
ABSENT:
COUNCIL MEMBERS:
FOLEY
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 19th day of May, 2010.
(SEAL)
U
JU FOLCIK, CITY CLERK