0811RESOLUTION NO. 811
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 is 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.
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 loan associations.
WHEREAS, the City has determined that its investment goals are safely,
liquidity and yield, in that order,
NOW, THEREFORE, the City's investments shall be limited to the following
investment media as the same may be further limited by provisions of the California
Government Code:
1. The Local Agency Investment fund administered by the
Treasurer of the State of California.
2. The Los Angeles County Pooled Investment Fund.
3. Certificates of Deposit, insured by the Federal Deposit Insurance
Corporation and which mature in one year or less.
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
Deposit Insurance Corporation.
EXCEPT AS PROVIDED IN SECTION 53601(1) OF THE GOVERNMENT
CODE (RELATING TO FUNDS HELD BY A TRUSTEE OR FISCAL AGENT IN
CONNECTION WITH CITY BONDS OR FISCAL AGENT IN CONNECTION WITH CITY
BONDS OR OTHER DEBT OBLIGATIONS), 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
timely projected cash flow determinations. Investment transactions are the responsibility
of the Finance Department.
RESOLUTION NO. 665 IS HEREBY RESCINDED.
APPROVED AND ADOPTED THIS 27th DAY OF MAY, 1997.
01-E, -
B. ALLEN LAV
MAYOR
Resolution No. 811 -1-
ATTEST:
MARILYN L. KERN
DEPUTY CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ��
CITY OF ROLLING HILLS )
I certify that the foregoing Resolution No. 811 entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROLLING HILLS ESTABLISHING AN INVESTMENT POLICY.
was approved and adopted at a regular meeting of the City Council on May 27, 1997 by the
following roll call vote:
AYES: Councilmember Murdock, Mayor Pro Tem Hill and Mayor Lay.
NOES: None.
ABSENT: Councilmembers Heinsheimer and Pernell.
ABSTAIN: None.
and in compliance with the laws of California was posted at the following:
Administrative Offices.
MARILYN L. KERN
DEPUTY CITY CLERK
Resolution No. 811 -2-
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