HomeMy WebLinkAbout2006-074 b
RESOLUTION NO 2006-074
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO, CALIFORNIA, APPROVING AND ADOPTING THE
REVISED CITY OF ATASCADERO INVESTMENT POLICY
DATED AUGUST 8, 2006
WHEREAS, the City Council of the City of Atascadero desires to prudently invest idle
funds of the City to maximize use of taxpayer funds, and,
WHEREAS, California Government Code Section 53600.3 states that " all governing
bodies of local agencies or persons authorized to make investment decisions on behalf of those
local agencies investing public funds pursuant to this chapter are trustees and therefore
fiduciaries subject to the prudent investor standard.", and,
WHEREAS, California Government Code Section 53646 requires all local agency
governing boards to adopt an investment policy and requires the Treasurer or Chief Financial
Officer to provide an investment report to the legislative body at least quarterly; and,
WHEREAS, California Government Code Section 53607 authorizes the legislative body
to delegate investment authority and responsibility for a period not to exceed one year but
renewable annually, upon review; and,
WHEREAS, the City of Atascadero last revised its investment policy in 2003 and that
policy is in need of updating.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Atascadero
SECTION I The City Council approves and adopts the City of Atascadero Investment
Policy
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On motion by Mayor Pro Tem Pacas and seconded by Council Member Luna, the foregoing
Resolution is hereby adopted in its entirety on the following roll call vote-
AYES Council Members Clay, Luna, Pacas and Mayor O'Malley
NOES None
ABSENT One Vacancy
ADOPTED August 8, 2006
CITE OF ATAS
By
Tom alley, Mayor
Attest
Marcia McClure Torgerson, -..M.0 , City erk
APPROVED AS TO FORM.
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Patrick L. Enright, City Attorney