HomeMy WebLinkAboutResolution No. 03-R360 0
RESOLUTION NO 03-R36
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF THE CITY OF AZUSA ADOPTING THE
INVESTMENT POLICY
WHEREAS the Redevelopment Agency of the City of Azusa receives taxes
and other revenues from a variety of sources and uses the funds to pay its bills on a
regular basis; and
WHEREAS the Agency Treasurer is charged with the duties of handling and
maintaining the cash that is taken in or otherwise received by the Agency; and
WHEREAS the balance of these funds fluctuates between $3,000,000 and
$20,000,000 or more; and
WHEREAS the Agency Treasurer is charged with the responsibility of
investing idle public funds, doing so on the basis of protecting the safety of the funds,
ensuring the liquidity of the investments, and maximizing earnings in that order of
importance and based on the "Prudent Investor Standards"; and
WHEREAS the State of California requires each City Redevelopment
Agency to adopt an investment policy for its jurisdiction.
NOW THEREFORE BE IT RESOLVED that the Board of Directors of the
Redevelopment Agency of the City of Azusa does hereby adopt its Investment Policy
attached hereto marked Exhibit A and instructs the Agency Treasurer to be guided by
it in carrying out the duties of his office for the benefit of the Redevelopment Agency.
ADOPTED AND APPROVED this 6`h day of October, 2003
1 HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Board of Directors of the Redevelopment Agency of the City of Azusa at a regular
meeting thereof on the 6`" day of October, 2003 by the following vote of Directors:
AYES: BOARD DIRECTORS: HARDISON, STANFORD, CHAGNON, MADRID
NOES: BOARD DIRECTORS: NONE
ABSENT: BOARD DIRECTORS: NONE
aLVrci1nn1