0606127
RESOLUTION NO. 606
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROLLING HILLS
ESTABLISHING AN INVESTMENT POLICY
WHEREAS, the City has a responsibility to maximize the
return on assets entrusted to its care and to invest and manage
public funds wisely and prudently; and
WHEREAS, the City recognizes that it has an equal
obligation to be aware of the social and political impact of its
investments,
NOW THEREFORE, BE IT RESOLVED that the City of Rolling
Hills shall not knowingly make any investments in any institution
which directly or through a subsidiary or affiliate practices or
supports directly or indirectly discrimination on the basis of race,
religion, color, creed, national or ethnic origin, sex, sexual
orientation or physical disability. The City will not invest in'any
institution with direct investments in South Africa.
00 NOW THEREFORE, BE IT FURTHER. RESOLVED that the City
�. shall strive, consistent with the limitations of the policy
delineated herein to invest funds with local banks and savings and
N loan associations.
LLI
(n WHEREAS, the City has determined that its investment
Q goals are safety, liquidity and yield, in that order,
NOW THEREFORE, the City's investments shall be limited
to the following investment media:
1. The Local Agency Investment Fund adminstered by
the Treasurer of the State of California.
2. The Los Angeles County Pooled Investment Fund.
3. Certificates of Deposit, insured by the Federal
Savings and Loan Insurance Corporation or the
Federal Deposit Insurance Corporation.
4. Securities backed by the full faith and credit of
the United States Government and which mature in
one year or less.
5. Money Market Savings Accounts and demand deposits
provided that no deposits in any one institution
shall exceed the amount insured by the Federal
Savings and Loan Insurance Corporation or the
Federal Deposit Insurance Corporation.
6. Notwithstanding the provisions of paragraphs 3 and
5 above, deposits of the sort described therein
may be made in amounts up to five million dollars
per institution provided such deposits are at all
times secured as provided in Section 53,630 et
seg. of the Government Code.
THE LISTED INVESTMENTS ARE THE ONLY AUTHORIZED
INVESTMENTS FOR THE CITY.
NOW THEREFORE, BE IT FURTHER RESOLVED that the City
shall strive to maintain the level of investment of its idle funds at
as near 100% as possible, through daily projected cash flow
determinations. Investment transactions are the responsibility of
the Finance Department.
128
NOW THEREFORE, BE IT FURTHER RESOLVED that the grant of
authority contained in paragraph 6 of this resolution shall expire on
June 30, 1990, unless specifically renewed by the City Council at
that time for an additional one-year period. In the event such
provision expires, and is not renewed, the only authorized
investments for the City shall be as specified in paragraphs numbered
1 through 5 of this resolution.
1990.
ATTEST:
APPROVED AND ADOPTED this 17th DAY OF April
uw.a ut b U UCtIn
1 Mayor "
City Clerk
The foregoing Resolution No. 606 entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROLLING HILLS ESTABLISHING AN INVESTMENT POLICY
was adopted at a regular meeting of the City Council
on April 17, 1990 by the following roll call vote:
AYES: Councilmembers Murdock, Pernell, Swanson,
Mayor Leeuwenburgh
NOES: None
ABSENT: Councilman Heinsheimer