HomeMy WebLinkAboutResolution No. 98-P1RESOLUTION NO 98-P1
RESOLUTION OF THE BOARD OF DIRECTORS OF THE AZUSA PUBLIC
FINANCING AUTHORITY ADOPTING THE AMENDED INVESTMENT POLICY
WHEREAS the Public Financing Authority 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 APFA Treasurer is charged with the duties of handling and
maintaining the cash that is taken in or otherwise received by the APFA; and
WHEREAS the balance of these funds fluctuates between $3,000,000 and
$20,000,000 or more; and
WHEREAS the APFA 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 Authority to adopt an
investment policy for its jurisdiction.
NOW THEREFORE BE IT RESOLVED that the Board of Directors of the
Azusa Public Financing Authority does hereby adopt the amended Investment Policy attached
hereto as Exhibit A and instructs the APFA Treasurer to be guided by it in carrying out the
duties of his office for the benefit of the Azusa Public Financing Authority.
ADOPTED AND APPROVED this 17th day of February, 1998
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Board of Directors of the Public Financing Authority of the City of Azusa at a regular meeting
thereof on the 17th'day of February, 1998 by the following vote of Directors:
AYES: BOARD DIRECTORS:Hardison, Stanford, Rocha, Beebe, Madrid
NOES: BOARD DIItECTORS:None
ABSENT: BOARD DDiECTORS:None
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