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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