HomeMy WebLinkAboutReso 2009-033RESOLUTION NO. 2009-033
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE EXISTING CITY
INVESTMENT POLICY AND GUIDELINES
WHEREAS, the City of Chula Vista's "Investment Policy and Guidelines," adopted on
February 12, 2008, by Resolution No. 2008-054 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 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 under
California Government Code sections 53600, et seq. and 53635, et seq.; and
WHEREAS, each investment transaction is selected consistent with the following order of
priority: (i) ensuring the "safety" of principal; (ii) investing only for that timeframe that the cash is
not needed for operational purposes (liquidity); and (iii) seeking the highest return possible (yield)
provided that the first two factors are met; and
WHEREAS, the Policy was amended in February 2008 to include a legislative change that no
longer required the City to submit its Investment Policy and quarterly reports to the California Debt
and Investment Advisory Commission; and
WHEREAS, also at that time, the Policy was amended to add Investment Trust of Califomia
to the list of authorized investments; and
WHEREAS, no new amendments are recommended at this time; and
WHEREAS, City staff recommends that the existing Investment Policy and Guidelines be
readopted as is.
NO W, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Chula Vista that
it approves the existing City Investment Policy and Guidelines, on file in the Office of the City
Clerk.
Presented by
Mazia K chadoorian
Finance Director
Approved as to form by
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aart
City Attorney
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Resolution No. 2009-033
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
Califomia, this 17th day of February 2009, by the following vote:
AYES: Councilmembers: Bensoussan, Castaneda, McCann, Ramirez, and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
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Cheryl Cox, Iay-r
ATTEST:
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Donna R. Norr s~MC, 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. 2009-033 was duly passed, approved, and adopted by the City Council at a regulaz
meeting of the Chula Vista City Council held on the 17th day of February 2009.
Executed this 17th day of February 2009.
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Donna R. Nom CMC, City Clerk