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)