HomeMy WebLinkAboutReso 65-2015 RESOLUTION NO. 65-2015
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE INVESTMENT POLICY
FOR FISCAL YEAR 2015-2016
WHEREAS, the City of South San Francisco ("City") has an elected City Treasurer
("Treasurer") whose election has been certified by the City Clerk; and
WHEREAS, the City Treasurer has appointed Deputy Treasurers, and those appointments
were confirmed by Resolution of the City Council on February 12, 2014; and
WHEREAS, California Government Code Section 53646 provides that the Treasurer of
a city may annually render to the legislative body of that local agency a statement of investment
policy, which the legislative body of the local agency shall consider at a public meeting; and
WHEREAS, the City Council reviewed a proposed Investment Policy for Fiscal Year
2015-2016 ("Investment Policy") provided by the City Treasurer on June 24, 2015 that
authorizes Supranational securities, Corporate Medium Term Notes and Asset Back Securities
investments, while removing FDIC Insured Corporate Notes; and
WHEREAS, annual review of the Investment Policy provides prudent financial oversight.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San
Francisco, at a duly noticed public meeting has received, reviewed and adopts the Investment
Policy for Fiscal Year 2015-2016, set forth in Exhibit A, attached hereto and incorporated herein
by this reference.
* * * * *
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 regular meeting held on the 24th day of
June 2015 by the following vote:
AYES: Councilmembers Karyl Matsumoto and Liza Normandy
Vice Mayor Mark N. Addiego and Mayor Richard A. Garbarino
NOES: None
ABSTAIN: None
ABSENT: Councilmember Pradeep Gupta
ATTEST: i
Deputy City Clerk