HomeMy WebLinkAboutReso 2016-046 RESOLUTION I�'O. 2016-046
RESOLUTIOI�' OF THE CIT7' COUI�'CIL OF THE CITI' OF
CHLiLA VISTA ACK.�'OV�'LEDGI?�'G RECEIPT OF COUNCIL
POLICY N0. 220-01. THE CITY OF CHULA VISTA
II`'VESTMENT POLICY AND GUIDELINES: AMEI�'DII�'G
THE EXISTII`'G POLICY; AI�'D DELEGATII�'G INVESTMEI�'T
ACTIVITY AUTHORITY TO THE DIRECTOR OF
FII�TANC E�['REASURER
WHEREAS, the Cit�- of Chula Vista's "Im�estment Policv and Guidelines;" adopted on
March 3, 2015 bti� Resolution I�'o. 201�-041 (the Polic��), is intended to pro��ide direction for the
prudent im�estment of temporarih- idle cash and to ma�imize the efficiencv of the cash
manaQement process; and
WHEREAS, the stated goal of the Policv is to enhance the economic condition of the
Ciri��vhile ensurine the safetv of funds invested: and
WHEREAS. the Polic�� indudes a list of specific investmeni instruments a��ailable
pursuant to Califomia Government Code sections �3600, er. seq. and �363�; and
WHEREAS, each investment transaction is made in the context of first ensuring the
"safety' of principal, second; in��esting only for that timeframe that the cash is not needed for
operational purposes ("liquidit}�'), and last seekine the hiehest retum possible (`��ield") provided
that the first two factors aze met: and
V�'HEREAS, in accordance ���ith Section 18.0 of the Polic��, staff has provided the City
Council with a copy of the City`s Investment Policy; and
R'HEREAS, staff recommends that the Polic�� be amended to specifi� the investment in
Supranationals as an authorized in��estment; and
l�'HEREAS, staff recommends that Section 17A (Reportine) of the Polic}� be amended to
reflect the addition of one ne�� repoRine requirement and the remo��al of one reporting
requirement; and
W'HEREAS. Citv staff recommends that the Polic<< be amended to reflect these chanaes:
and
\1'HEREAS, pursuant to Califomia Go��ernment Code section �3607. the City Council
ma�� deleeare the authoritv to conduct imestment activities of the Cit�� to the Finance
DirectorlCreasurer on an annual basis.
I�'O�'. THEREFORE. BE IT RESOLVED b�� the Citv Council of the Citv of Chula Vista
that the Director of Finance/Treasurer is dele_ated the authoritv to conduct and supen�ise the
in��estment acti��ities of the Cit�.
Resolution No. 2016-046
Page No. 2
Presented by Approved as to form by
�" -� � ' � �
� David Bilby Glen R�Googins
Director of Finance/Treasurer C Attorn�y
PASSED, APPROVED, and ADOPTED by the Ciry Council of the City of Chula Vista,
California, this 15th day of March 2016 by the Following vote:
AYES: Councilmembers: Aguilar, Bensoussan, McCann, Miesen, and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
\`
Mary las, Mayor
ATTEST:
--��.��
Donna R. Norris, M , City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2016-046 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the ]Sth day of March 20]6.
Executed this 15th day of March 2016. �
Donna R. Norris; CMC, City Clerk