HomeMy WebLinkAboutResolution No. 2023-C57RESOLUTION NO. 2023-C57
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 is currently $140,000,000 or more; and
WHEREAS, per Government Code Sections 53607 and 53600.5 the City Treasurer is
charged with investing idle public funds 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 annually to adopt an investment
policy per Government Code Section 53646; and
WHEREAS, the City Council, with the aid of its staff has reviewed the Statement of
Investment Policy and wishes to approve the same.
NOW THEREFORE BE IT RESOLVED that the City Council ofthe 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.
PASSED, APPROVED and ADOPTED this 16^'’ day of October, 2023.
Robert‘Gtmzales
Mayor
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF AZUSA
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HEREBY CERTIFY that the foregoing Resolution No. 2023-C57 was duly adopted by
the City Council of the City of Azusa at a regular meeting thereof, held on the 16'^^ day of October,
2023, by the following vote of Council:
COUNCILMEMBERS: GONZALES, BECKWITH, ALVAREZ, AVILA,
COUNCILMEMBERS:
AYES:
NOES:
ABSENT: COUNCILMEMBERS: MENDEZ
Jeffrey Lawrence Comejo,^Jr.
City Clerk
APPROVED AS TO FORM:
^ A ^
t ^st & Krieger,\LLPBest
City Attorney