HomeMy WebLinkAboutReso 2014-039 RESOLUTION N0. 2014-039
RESOLUTIOI�' OF THE CITY COUI�'CIL OF THE CITl' OF
CHLZA VISTA ACKNO�VL.EDGII�'G RECEIPT OF COUNCIL
POLICY NO. 220-01. THE CITY OF CHULA VISTA
II�iVESTMENT POLICl' AND GUIDELINES: AMEI�rDING THE
EXISTING POLICl': AND DELEGATING II�TVESTMENT
ACTNITY AUTHORITY TO THE DIRECTOR OF
Fli�'Ai\iCE/TREASURER
WI-IEREAS. the Cinr of Chula Vista's "Im�estment Polic�� and Guidelines:` adopted on
Februarv 26,2013,bv Resolution No. 2013-020(the Policy),is intended to pro��ide direction for the
prudent im�estment of temporarily idle cash and to ma�imize the efficiency of the cash manaeement
process; and
WHEREAS, the stated goal of the Polic}� is to enhance the economic condition of the Cin�
„�hile ensuring the safen� of funds invested; and
l�'HEREAS,the Policy indudes a list of specific investment instruments a��ailable pursuant
to Califomia Go��ernment Code sections �3600, et. sey. and �363�; and
WHEREAS;each investment transaction is made in the context of first ensuring the"safen�'
of principal, second, investing onl�� for that timeframe that the cash is not needed for operational
purposes ('liquidin�'): and last seekine the highest retum possible ("vield") pro��ided that the first
t��o factors aze met: and
WZ-IEREAS, in accordance ��ith Section 18.0 of the Polic}�, staff has pro��ided the Cin�
Council with a copy of the City`s Im�estment Polic��; and
Vl%HEREAS, staff recommends that the Policy be amended to specifi� the in��estment in
Federal Farm Credit Banl: debt as an authorized investment: and
Vl'I IEREAS, staff recommends that the Polic}� be amended to reflect the Federal Deposit
Insurance Corp. (FDIC) covered deposit limit of�2�0,000 per deposit; and
R'HEREAS. Cirv staffrecommends that the Polic��be amended to reflect these chanees:and
V�%HEREAS.pursuant to California Government Code section �3607,the Cit}�Council ma��
delegate the au[horit��to conduct investment acti��ities of the City to the treasurer on an annual basis.
NOV�'.THEREFORE. BE [T RESOLVED bv the Cin�Council of the Cin�of Chula Vista that
the Director of Finance/Treasurer is delegated the authorin�to conduct and supen�ise the investment
acti��ities of the Cim.
Resolution No. 2014-039
Page 2
BE IT FURTHER RESOLVED that the Ciri�Council of the Citv of Chula Vista does herebv
amend the City Investment Policy and Guidelines by amending sections 9.0 F., 11.0, and the
Glossary; in the form presented to the Ciry Council, a copy of which shall be kept on file in the
Office of the City Clerk.
Presented b�� Approved as to form by
�
� i
Mazia] achadoorian len R. gins
Directo•of Finance Ci ey
PASSED, APPROVED. and ADOPTED by the City Council of the City of Chula Vista,
California, this l lth day of March 2014 by the Following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Ramirez; Salas and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Cheryl Cox ayo
ATTEST:
Ohh.�—b
Donna R. Norris; CM , City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Donna R. Norris; City Clerh of Chula Vista, California, do hereby certify that the foreeoing
Resolution No. 2014-0�9 ���as dul}�passed, appro��ed, and adopted by the City Council at a reeular
meeting of the Chula Vista City Council held on the 11 th day of March 2014. y ,
Executed this 11 th dav of n4arch 2014.
�-C�rt�. � ;�',4,s,�
Donna R. Norris, CMC, City Clerk