HomeMy WebLinkAboutResolution 109-91 RESOLUTION NO. 109-91
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ATASCADERO
TO ADOPT ITS ANNUAL INVESTMENT POLICY
WHEREAS, the City of Atascadero was required by state law to
adopt an Annual City Investment Policy for idle funds, and the
law will probably be reinstated; and
WHEREAS, it is the responsibility of the City Treasurer to
propose such a policy as well as indicated by good business sense
and prudent practice.
NOW, THEREFORE, BE IT RESOLVED that the City Council does
readopt the attached Investment Policy to be followed by the City
Treasurer in the investment of the City's idle funds.
On motion by Councilperson Lilley , and seconded by Coun
cilperson Dexter , the foregoing resolution is hereby adopted
in its entirety, including the actual Investment Policy (Exhibit
A) attached, by the following roll-call vote:
AYES: Councilmembers Borgeson, Dexter, Lilley and Mayor
Shiers
NOES: None
ABSENT: Councilman Nimmo
ADOPTED: 12/10/91
ATTEST: CITY OF ATASCADERO
By: azd el✓� F _&/fit t e/��
LEE RABO , City Clerk ALDEN F. SHIERS, Mayor
By: Cincry Wilkins, Deputy
APPROVED AS TO CONTENT:
MURIEL C. KORBA, City Treasurer
APPROVED AS TO FORM:
ARTJkER 'R._M6NTA1At0N, City Attorney
Resolution No. 109-91
EXHIBIT A
Page 1
CITY OF ATASCADERO
STATEMENT OF IIiVESTMW T POLICY
1.0 POLICY
It is the policy of the City of Atascadero to invest public
funds in a manner which will provide the highest investment
return with the maximum security, while meeting the daily cash
flow demands of the City of Atascadero and conforming to all
state, county and local statutes governing the investment of
public funds -- safety, liquidity, and yield (SLY) .
2.0 SCOPE
This investment policy applies to all financial assets of
the City of Atascadero. These funds are accounted for in the
City of Atascadero's Comprehensive Annual Financial Report and
include:
2.1 Funds
2.1.1 General Fund
2.1.2 Special Revenue Funds
2.1.3 Capital Project Funds
2.1.4 Enterprise Funds
2.1.5 Trust and Agency Funds
2.1.6 Retirement/Pension Funds
2.1.7 Any new funds unless specifically exempted.
3.0 PRUDENCE - Civil Code #2261
Investments shall be made with judgment and care-- under
circumstances then prevailing -- which persons of prudence, dis-
cretion and intelligence exercise in the management of their own
affairs, not for speculation but for investment, considering the
probable safety of their capital as well as the probable income
to be derived.
3.1 The standard of prudence to be used by investment officials
shall be the "prudent person" standard and shall be applied in
the context of managing an overall portfolio. Investment offi-
cers acting in accordance with written procedures and the
investment policy and exercising due diligence shall be relieved
of personal responsibility for an individual security's credit
risk or market price changes, provided deviations from expecta-
tions are reported in a timely fashion and appropriate action is
taken to control adverse developments.
4.0 DELEGATION OF AUTHORITY Per government Code #53607
4.1 All solicitations for investments shall be made to and
through the City Treasurer.
Resolution No. 109-91
EXHIBIT A
Page 2
4.2 All brokers/dealers must have an application on file that
has been previously approved before any investment can be made
through them.
4.3 Two signatures shall be required for any purchase of C.D. 's
or other type of investment, except LAIF and Orange Co. Invest-
ment Pool. The two signatures shall be that of City Treasurer
and Finance Director. If the latter is unavailable, the Assis-
tant Finance Director may substitute.
4.4 Any out-of-state investment shall require consultation with
and approval of the City Attorney. State laws differ and addi-
tional requirements may be appropriate for the safety of any
investment.
5.0 REPORTING
5.1 The Treasurer shall submit a monthly investment report to
the City Council. This report will include all required elements
of the monthly report as prescribed by Government Code Section
53646.
Required elements of the monthly report:
5.1.1 Type of Investment
5.1.2 Institution
5.1.3 Date of Maturity
5.1.4 Amount of Deposit or Cost of the Security
5.1.5 Current market value of securities with maturity in
excess of 12 months.
5.1.6 Rate of Interest
5.1.7 Statement relating the report to the Statement of
Investment Policy.
5.1.8 Statement that there are sufficient funds to meet the
next 30 days' obligations.
5.1.9 Effective January 1, 1991 accrued Interest as
prescribed by the California Code Section 53646.
6.0 SAFEKEEPING AND CUSTODY
All security transactions, including collateral for repur-
chase agreements, entered into by the City of Atascadero shall be
conducted on a delivery-versus-payment (DVP) basis. Securities
will be held by a third party custodian designated by the Treas-
urer and evidenced by safekeeping receipts.
Resolution No. 109-91
EXHIBIT A
Page 3
7.0 DIVERSIFICATION
The City of Atascadero will diversify its investments by
security type and institution. With the exceptions of U.S.
Treasury securities and authorized pools -- such as the State
LAIF and Orange County Agency Investment Fund -- no more than 10%
of the City of Atascadero's total investment portfolio will be
invested in a single security type or with a single financial
institution.
7.1 Permitted investments/deposits
Securities of the U.S. Government
Certificates of Deposits
Negotiable Certificates of Deposit
Bankers Acceptances
Commercial Paper
Local Agency Investment Fund (State Pool)
County Agency Investment Fund
Passbook Deposits
Repurchase Agreement
Reverse Repurchase Agreements
7.2 Competitive Bids-Purchase and sale of securities should be
made on the basis of competitive offers and bids when practical.
7.3 Purchases shall be made only with corporations in a rating
category of "A" or its equivalent or better by a nationally
recognized rating service.
8.0 MAZIMM MATURITIES
. To the extent possible, the City of Atascadero will attempt
to match its investments with anticipated cash flow requirements.
Unless matched to a specific cash flow, the City of Atascadero
will not directly invest in securities maturing more than 2 years
from the date of purchase.
9.0 INTERNAL CONTROL
9.1 A system of internal control shall be established and docu-
mented in writing. The controls shall be designed to prevent
losses of public funds arising from fraud, employee error,
misrepresentation of third parties, unanticipated changes in
financial markets, or imprudent actions by employees and officers
of the City of Atascadero. Controls deemed most important
include: Control of collusion, separation of duties, separating
transaction authority from accounting and recordkeeping, cus-
todial safekeeping, clear delegation of authority, specific
Resolution No. 109-91
EXHIBIT A
Page 4
limitations regarding securities; losses and remedial action,
written confirmation of telephone transactions, minimizing the
number of authorized Investment Officials, documentation of
transactions and strategies, and code of ethics standards.
10.0 STATE1dENT OF INVESTMENT POLICY
The Statement of Investment Policy shall be reviewed and
submitted annually to the City Council of the City of Atascadero,
State of California Government (Code 53646) .
MURIEL C. KORBA, City Treasurer
City of Atascadero
Resolution No. 110-91
Page 2
APPROVED AS TO CONTENT:
/,#rt .
MARK JOS N, Administrative Services Director
APPROVED AS TO FORM:
ARTHt- it. RoNtANDOMx,City Atto
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EXHIBIT A j
ANNUAL CLAIM
FOR LOCAL TRANSPORTATION FUNDS AND
STATE TRANSIT ASSISTANCE FUNDS
CLAIM #TA.AT-91/92
FISCAL YEAR 1991/92
TO: San Luis Obispo Area Coordinating Council
County Government Center
San Luis Obispo, CA 93408
FROM: CLAIMANT: CITY OF ATASCADERO
ADDRESS: 6500 PALMA
CITY: ATASCADERO, CA ZIP CODE:93422
CONTACT PERSON: MARK JOSEPH, FINANCE PHONE: 461-5017
This clatnant, qualified pursuant to Section 99203 of the Public Utilities Code, hereby requests, in
accordance with Chapter 1400, Statutes of 1971,as amended and applicable rules and regulations, that an
allocation be made for the purposes and in the respective amounts as described in the attached Project and
Financial Platy claim form.
a) Annual(LTF) Apportionment $ 48S,874
b) Annual Bicycle/Ped.Apportionment 3 10,601
c) Annual(STA) Funds S 37,605
1) Operator Revenues $ 3.115
2) Apportionment $ 34,490
TOTAL FUNDS BEING CLAIMED ARE S 534.080
Clahnant Signature:
Title: A0N . S eav 1 L S \jZ ,
Date: i t '-s J ,
t
This ciaitrtwWAapproved 0 San Luis Obispo Area Coordinadnq Council at their July 17. 199t meeting.by
Resolution No.91-06.
Ronald L.De Carla,F.xecutfne Director Date
dh:claimg
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RESOLUTION 110-91
A RESOLUTION OF THE COUNCIL OF THE CITY OF ATASCADERO
AUTHORIZING THE FILING OF A CLAIM FOR LOCAL
TRANSPORTATION FUNDS AND STATE TRANSIT ASSISTANCE
FUNDS IN COMPLIANCE WITS THE TRANSPORTATION
DEVELOPMENT ACT
WHEREAS, Articles 4 and 8 of Chapter 4 of the Public
Utilities Code requires claims for operating funds to be filed
with the transportation planning agency by local transportation
operators; and
WHEREAS, the City of Atascadero is eligible for transporta-
tion funds as provided in Chapter 4 of the Public Utilities Code;
and
WHEREAS, the San Luis Obispo Area Coordinating Council is
the designated transportation planning agency for San Luis Obispo
County.
NON, THEREFORE, BE IT RESOLVED that the Council of the City
of Atascadero does hereby authorize the filing of a claim for
Local Transportation Funds in the amount of $534,080. If addi-
tional LTF funds become available, said funds shall be used for
the purpose of street maintenance. The claim form is attached
hereto, marked Exhibit A, and by reference thereof made a part
hereof.
On motion by Councilperson Dexter and seconded by Council-
person Borgeson the foregoing resolution is hereby adopted in
its entirety on the following vote:
AYES: Councilmembers Borgeson, Dexter, Lilley and Mayor
Shiers
NOES: none
ABSENT: Councilman Nimoso
DATE: 12/10/91
ATTEST: CITY OF ATASCADERO
-c if By•
LEE RABOIN_ City Clark •ALDEN SHIERS, Mayor
By Cindy ilkins,, Deputy