HomeMy WebLinkAboutResolution No. 96-C889 e
RESOLUTION NO 96—C88
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
RE -ADOPTING ITS 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 Man Rule"; 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 re -adopt its Investment Policy attached hereto as Exhibit A and instsructs
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 1st day of July, 1996
MAYOR
I 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 1st day of July, 1996 by the
following vote of Council:
AYES: COUNCILNIEDIBERS: HARDISON, MADRID, NARANJO, BEEBE, ALEXADNER
NOES: COUNCILNIEMBERS: NONE
ABSENT: COUNCILMENIBERS: NONE
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'/ CITY CLERK -