HomeMy WebLinkAboutCC Res 4230 1993-06-14
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RESOLUTION NUMBER
4.2 ~()
A RESOLUTION 01' THE CITY COUNCIL 01' THE CITY 01' SEAL BEACH,
CALIPORNIA, .ACKNOWLEDGING THE RECEIPT AND PILING 01' THE
ANNUAL STATEMENT 01' INVESTMENT POLICY POR THE YEAR 1992/1993
THE CITY COUNCIL 01' THE CITY 01' SEAL BEACH DOES HEREBY RESOLVE:
WHE~, the California State Legislature passed legislation
during the 1984 session requiring the filing of an
annual Statement of Investment Policy by local public
agencies; and
WHEREAS, the Governor of the State of Califo=ia signed such
legislation into law effective January 1, 1985 (Chapter
1226); and
WHEREAS, the City Treasurer, in conjunction with the City Manager
of the City of Seal Beach, declares the annual Statement
of Investment Policy to be as follows:
PURPOSE:
This statement is intended to provide a guideline for the prudent
investment of temporary idle cash, trust funds and restricted
monies and to outline a policy for maximizing the efficiency of the
cash management system. Ultimate investment goals include the
enhancement of economic status and the protection of pooled cash
investments.
OBJECTIVE:
The cash management system of the City of Seal Beach is designed to
accurately monitor and forecast expenditures and revenues, thus
insuring the investment of monies to the fullest extent possible.
Attempts to obtain highest interest yields possible are a statement
of fact as long as investments meet the criteria required for
safety and liquidity.
POLICY:
The City of Seal Beach operates its pooled idle cash investments
under the Prudent Man Rule, which requires a standard of care and
diligence in investing City assets at least equal to the standard
used to invest City Treasurer's personal assets. This affords a
broad spectrum of investment opportunities so long as the
investment is deemed prudent and is permissible under currently
effective legislation of the State of California and other imposed
legal restrictions, and is approved by the City Manager or their
designee in conjunction with the City Treasurer. The City of Seal
Beach strives to maintain the level of investment of its idle funds
as near to 100% as possible. Consistent with this precept,
investments are made under the terms and conditions of Section
53600-53683 of the Government Code of California. Criteria for
selecting investments and the absolute order to priority are:
1. Safety
2. Liquidity
3. Yield
City of Seal Beach
imposed by the
MAXIMOM I
MATURITY
5 years
5 years
5 years
270 days
180 days
N/A
N/A
1 year
N/A
5 years
N/A
Resolution Number ~~
INVESTMENT POLICY:
Security purchases and holdings made by the
shall be maintained within statutory limits
Government Code. Current limits are:
PEIlKITTED INVESTMENTS/
DEPOSITS
PERCENTAGES
Securities of the United
States Government
Certificate of Deposits
Negotiable Certificates
of Deposit
Bankers Acceptances
Commercial Paper
Local Agency Investment Fund
Passbook Deposit
Repurchase Agreements
Mutual Funds
Medium Term Notes
Orange County Treasury
Unlimited
Unlimited
30%
40%
30%
10MM
15%
30%
10MM
REPORTING:
The treasurer shall submit a monthly investment report to the
governing body. This report will include elements of the monthly
report as prescribed by Government Code Section 53646.
Required elements of the monthly report:
a. Type of investment
b. Institution
c. Date of maturity
d. Amount of deposit of cost of the security
e. CUrrent market value of securities with maturity in
excess of 12 months
f. Rate of interest
g. Statement relating the report to the Statement of
Investment Policy
h. Statement that there are sufficient funds to meet the
next 30 days obligations
i. Effective January 1, 1991, accrued interest as prescribed
by the California Code Section 53646
NOW, THEREPORE, BE IT RESOLVED by the City Council of the City of
Seal Beach, California, as follows:
That an annual statement of investment policy for the City of
Seal Beach has been filed by the City Treasurer for Year 1992/93
in compliance with Section 53646(A) of the Government Code of the
State of California.
P SE~, APPROVED AND ADOPTED by the City CouncilJ~~ the City of
eal Beach, at a meeting t ereof held on the ~ day of
, 1993 b e follow' vote'
AYES:
Councilmembers
NOES:
ABSENT: Councilmembe s
_4AJ"~ ~,~~
Mayor
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Re~olution Number ~~
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I, Joanne M. Yeo, City Clerk of Seal Beach, ~fornia, do hereby
certify that the f~~~ng resolution is the original copy of
Resolution Number - on file in the office of the City
Clerk, passed, apprj e, and adopted by the City Council of the
CitJ~~seal Beach at regular meeting thereof held on the
- day of , 1993.
STATE OP CALIPORNIA
COUNTY OP ORANGE
CITY OP SEAL BEACH
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