HomeMy WebLinkAboutResolution 1998-047 RESOLUTION NO. 1998-047
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ATASCADERO,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 annually 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 to the Treasurer for a period not to
exceed one year but renewable annually, upon review; and
WHEREAS, the City of Atascadero first adopted its interim investment policy in 1993,
revised that policy in 1995 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 and that
the City Treasurer is hereby authorized to carry out this policy, on behalf of the City Council.
On motion by Council Member Luna and seconded by Council Member Clay, the foregoing
resolution is approved by the following vote:
AYES: Council Members Clay, Johnson, Lerno, Luna and Mayor Carden
NOES: None
ABSENT: None
ADOPTED: November 10, 1998
Harold L. Carden, III, Mayor
ATTEST:
fi,44
Marcia McClure Torgerson, City Cyfirk
ACD AS TO FORM:
-
Roy I
Hanley, ity Attrney