090111
RESOLUTION NO. 901
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 has determined that its investment goals are safety, 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RESOLUTION NO. 811 IS HEREBY RESCINDED.
APPROVED AND ADOPTED THIS 11`t' DAY OF JUNE, 2001.
ATTEST:
� . W 14A -11J
MARILYN L. ktRN
DEPUTY CITY CLERK
Resolution No. 901 -1-
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §§
CITY OF ROLLING HILLS )
I certify that the foregoing Resolution No. 901 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 June 11, 2001 by the
following roll call vote:
AYES: Councilmembers Heinsheimer, Hill, Pernell,
Mayor Pro Tem Lay and Mayor Murdock.
NOES: None.
ABSENT: None .
ABSTAIN: None.
and in compliance with the laws of California was posted at the following:
Administrative Offices.
L
MARILYN L. KERN
DEPUTY CITY CLERK
Resolution No. 901 -2-
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