HomeMy WebLinkAboutReso 2013-020RESOLUTION NO. 2013-020
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL
POLICY NO. 220-01, THE CITY OF CHULA VISTA
INVESTMENT POLICY AND GUIDELINES; AMENDING THE
EXISTING POLICY; AND ANNUAL DELEGATION OF
INVESTMENT ACTIVITY AUTHORITY TO THE DIRECTOR OF
FINANCE/TREASURER
WHEREAS, the City of Chula Vista's "Investment Policy and Guidelines," adopted on
March 13, 2012, by Resolution No. 2012-034 (the Policy), is intended to provide direction for the
prudent investment of temporarily idle cash and to maximize the efficiency of the cash management
process; and
WHEREAS, the stated goal of the Policy is to enhance the economic condition of the City
while ensuring the safety of funds invested; and
WHEREAS, the Policy includes a list of specific investment instruments available pursuant
to California Government Code sections 53600, et. seg. and 53635; and
WHEREAS, each investment transaction is made in the context of first ensuring the "safety"
of principal, second, investing only for that timeframe that the cash is not needed for operational
purposes ("liquidity"), and last seeking the highest return possible ("yield") provided that the first
two factors aze met; and
WHEREAS, in accordance with Section 18.0 of the Policy, staff has provided the City
Council with a copy of the City's Investment Policy; and
WHEREAS, staff recommends that the Policy be amended to more cleazly state that the San
Diego County Treasurer's Pooled Money Fund is an authorized and suitable investment; and
WHEREAS, City staff recommends that the Policy be amended to reflect these changes; and
WHEREAS, pursuant to California Government Code section 53607, the City Council may
delegate the authority to conduct investment activities of the City to the treasurer on an annual basis.
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City ofChula Vistathat
the Director ofFinance/Treasurer is delegated the authority to conduct and supervise the investment
activities of the City.
Resolution No. 2013-020
Page No. 2
BE IT FURTHER RESOLVED that the City Council of the City of Chula Vista does hereby
amend the City Investment Policy and Guidelines by adding section 9.0 M., in the form presented to
the City Council, a copy of which shall be kept on file in the Office of the City Clerk.
Presented by
M~achadoorian
Director of Finance/Treasurer
Approved as to form by
len R. oogin o
rney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 26th day of February 2013 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Ramirez, Salas and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
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Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
Cheryl Cox, ayor
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2013-020 was duly passed, approved, and adopted by the City Council at a regulaz
meeting of the Chula Vista City Council held on the 26th day of February 2013.
Executed this 26th day of February 2013.
~ ~0'lU.ce~ ~ o ~,
Donna R. Norris, CMC, City Clerk