HomeMy WebLinkAboutReso 37-1997RESOLUTION NO. 37-97
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING IMPLEMENTATION OF THE CITY
TREASURER'S INVESTMENT POLICY PURSUANT TO SECTION
53646 OF THE GOVEP~NMENT CODE OF THE STATE OF
CALIFORNIA
WHEREAS, the City Treasurer is required to bring the City's Investment
Policy to the City Council annually as a result of state legislation last
year; and
WHEREAS, this policy, which was primarily created by the legislature due
to the bankruptcy of the Orange County investment pool which follows the
recommended format set down by the California Municipal Treasurer's
Association; and
WHEREAS, the primary concept used in this policy is the "Prudent Man
Rule" which applies prudence, discretion and intelligence toward the
management of City Funds, a copy attached hereto as Exhibit "A" entitled
"Statement of Investment Policy"; and
WHEREAS, the object of this policy is to maintain Safety, Liquidity and
Yield, more commonly known as "SLY".
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
South San Francisco does hereby approve the City Treasurer's investment
policy.
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
r~gU]~r meeting held on the ?3rd day of April ,
1997 by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Councilmembers Jim Datzman, Eugene R. Mullin, John R. Penna,
Robert Yee and Mayor Joseph A. Fernekes
None
None
None
A: \TREASURE. POL
ATTEST:
City Clerk