HomeMy WebLinkAboutResolution 2003-064 RESOLUTION NO. 2003-064
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO, CALIFORNIA, ADOPTING THE CITY OF
ATASCADERO INVESTMENT POLICY
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, the California Government Code Section 53600.3 states that "all governing
bodies of local agencies or persons authorized to make investments 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, the 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, the 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 2001 and that
policy is in need of updating
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Atascadero that the City of Atascadero Investment Policy, attached hereto, is adopted
On motion by Council Member O'Malley and seconded by Council Member Scalise, the
foregoing Resolution is hereby adopted in its entirety on the following roll call vote:
AYES: Council Members Luna,O'Malley,Pacas, Scalise and Mayor Clay
NOES: None
ABSENT: None
ADOPTED: November 25, 2003
CITY OF ATASC ER
By: 7
erry JC1Sr., ayor
ATTEST:
Marcia McClure Torgerson,C.M.C.,C y Clerk
APPRPVED AST FORM:
4
Roy A. mley, City Atto ey
City of Atascadero
Resolution No.2003-064
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EXHIBIT A
The City of Atascadero Investment Policy is available for review in the City Clerk's Office.