HomeMy WebLinkAboutResolution No. 03-C0770 0
RESOLUTION NO n-j_r 77
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
ADOPTING THE INVESTMENT POLICY
WHEREAS 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 City Treasurer is charged with the duties of handling and
maintaining the cash that is taken in or otherwise received by the City; and
WHEREAS the balance of these funds fluctuates between $3,000,000 and
$20,000,000 or more; and
WHEREAS the City 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 to adopt an
investment policy for its jurisdiction.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of
Azusa does hereby adopt its Investment Policy attached hereto marked Exhibit A and
instructs the City Treasurer to be guided by it in carrying out the duties of his office for
the benefit of the City of Azusa.
ADOPTED AND APPROVED this 6" day of October, 2003
1 HEREBY CERTIFY that the foregoing resolution was duly adopted by the
City Council of the City of Azusa at a regular meeting thereof on the 6" day of
October, 2003 by the following vote of Council:
AYES: BOARD DIRECTORS: HARDISON, STANFORD, CHAGNON, MADRID
NOES: BOARD DIRECTORS: NONE
ABSENT: BOARD DIRECTORS: NONE
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