No preview available
Resolution No. 2022-85 | Adoption of City's Investment Policy | Adopted 11/07/2022 RESOLUTION NO. 2022-85 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY ADOPTING THE CITY’S INVESTMENT POLICY WHEREAS, the City has a responsibility to ensure it handles public funds appropriately; and WHEREAS, Section 53646 of the Government Code allows local agencies to annually approve a Statement of Investment Policy which has been prepared by the chief fiscal officer of such local agency; and WHEREAS, the Investment Policy describes the investments the City can utilize in compliance with California Government Code Section 53646 and good practice dictate that local agencies prepare a written investment policy; and WHEREAS, the City Council formally adopts the investment policy via a resolution that promotes sound financial management practices designed to meet the City Council’s goals and objectives; and WHEREAS, the primary objective of the Investment Policy is to establish a conservative set of investment criteria that will prudently protect the City’s assets, provide liquidity to meet the City’s cash needs, and enable the City to generate a market rate of return from its investment activities; and WHEREAS, the City Council has reviewed the investment policy and delegates investment authority to the City Treasurer pursuant to California Government Code Section 53607; NOW, THEREFORE, the City Council of the City of Gilroy hereby adopts the amended Investment Policy attached hereto as Exhibit A, a copy of which is on file at the City offices and is available for inspection by the public. Resolution No. 2022-85 Adoption of City’s Investment Policy City Council Regular Meeting | November 7, 2022 Page 2 of 2 PASSED, APPROVED, AND ADOPTED by the City Council of the City of Gilroy at its meeting held on this 7th day of November 2022 by the following vote: AYES: COUNCIL MEMBERS: ARMENDARIZ, BRACCO, LEROE- MUÑOZ, MARQUES, TOVAR, BLANKLEY NOES: COUNCIL MEMBERS: NONE ABSTAIN: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE APPROVED: Marie Blankley, Mayor ATTEST: _______________________ Thai Nam Pham, City Clerk Marie Blankley (Nov 9, 2022 10:47 PST) Marie Blankley CERTIFICATE OF THE CLERK I, THAI NAM PHAM, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2022-85 is an original resolution, or true and correct copy of a city Resolution, duly adopted by the Council of the City of Gilroy at a Regular Meeting of said held on Council held Monday, November 7, 2022, at which meeting a quorum was present. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of the City of Gilroy this Monday, November 7, 2022. ____________________________________ Thai Nam Pham, CMC, CPMC City Clerk of the City of Gilroy (Seal)