Resolution No. 73311 RESOLUTION NO. 7331
2
A RESOLUTION OF THE CITY COUNCIL OF
3 THE CITY OF VERNON DELEGATING
INVESTMENT AUTHORITY TO THE CITY
4 TREASURER
5
6 WHEREAS, pursuant to California Government Code
7 Section 53646(a)(2), the City Treasurer annually renders to the
8 City Council an Annual Statement of Investment Policy; and
9 WHEREAS, pursuant to Resolution No. 7272, the City
10 Council approved the Annual Statement of Investment Policy which
11 delegated investment authority to the City Treasurer, and granted
12 the City Treasurer express authority to make investments of City
13 funds in securities with a term or term remaining to maturity, at
14 the time of investment, in excess of five years as part of an
15 investment program; and
16 WHEREAS, the City Council desires to delegate
17 investment authority to the City Treasurer and direct the City
18 Treasurer to continue to implement City Investment Policy.
19 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
20 THE CITY OF VERNON AS FOLLOWS:
21 SECTION 1: The City Council of the City of Vernon does
22 hereby find and determine that the recitals contained hereinabove
23 are true and correct.
24 SECTION 2: The City Council of the City of Vernon
25 hereby delegates to the City Treasurer the authority to implement
26 the Annual Statement of Investment Policy and select the
27 instruments for the City's investment portfolio in accordance
28 with said Statement of Investment Policy.
-1-
1
2''
3
4'
5
6'
7
8'
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
SECTION 3: The City Council of the City of Vernon
hereby grants express authority to the City Treasurer, as part of
the City's investment program, to invest in securities with a
term or term remaining to maturity, at the time of investment, in
excess of five years.
SECTION 4: The City Clerk of the City of Vernon shall
certify to the passage of this Resolution and thereupon and
thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this day of May, 1999.
ATTEST:
v
BRUCE V. MALKENHORST, City Clerk
�I.EIS C. MA BURG, M yor
-2-
1 STATE OF CALIFORNIA )
2 COUNTY OF LOS ANGELES )
3
4 I, BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. 7331, was duly adopted by the City Council of the
7 City of Vernon at a regular meeting of the City Council duly held
8 on Tuesday, May, 1999, and thereafter was duly signed by
9 the Mayor of the City of Vernon.
10
11
12
13
BRUCE V. MALKENHORST, City Clerk
14
15
16 (SEAL)
17
18
19
20
21
22
23
24
25
26
27
28
-3-
CITY COUNCIL
LEONIS C. MALBURG
Mayor
THOMAS A. YBARRA
Mayor Pro-Tem
Wm. "BILL" DAVIS
Councilman
H. "LARRY" GONZALES
Councilman
W. MICHAEL McCORMICK
Councilman
BRUCE V. MALKENHORST
City Administrator / City Clerk
FAX (323) 581-7924
Finance Committee
City of Vernon
Honorable Members:
1
DAVID B. BREARLEY
City Attorney
FAX: (626) 330-5818
KEVIN WILSON
Director of Community Services & Water
FAX: (323) 588-2761
CITY HALL
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058
TELEPHONE (323) 583-8811
May 6, 1999
KENNETH J. DeDARIO
Director of Municipal Utilities
FAX: (323) 583-1983
DAVE TELFORD
Fire Chief
FAX: (323) 581-1385
BRUCE W. OLSON
Police Chief
FAX: (323) 583-5236
Transmitted herewith is a communication from Eric T. Fresch, Legal Counsel,
dated May 5, 1999, recommending that the City continue to authorize the City
Treasurer to implement City Investment Policy, expressly grant authority to
the City Treasurer to make investments of City funds in securities with a
term or term remaining to maturity, at the time of investment, in excess of
five years, and authority to make investments in securities with longer term
maturities every 90 days or quarterly period to track with the quarterly
reporting of all City investment activity prepared by the Finance Department
for review by the members of the City Council.
Very truly yours,
l
Bruce V. Malkenhorst
Director of Finance
BVM/gst
enclosure
MAY-05-1999 15:24
E.T.LAW
am
LAW OFFICES pF
ERIC T. FRESCR
CITICOFt, CENT,,,, ONI„ SAt450ME STREET
TWENTY-siRSY VLOOR
SAN FRANCISCO. CALI FORN=,p 94304
Tci.EPrigNE (a15) 9Di-iG3G
WAX (41S) 951-aAgp
May 5, 1999
Mr. Bruce V. Malkenhorst
City Administrator
City of Vernon
4305 Santa Fe Avenue
Veruc- .' 17r,01158
Re: City Council. Delegation of Investment Authority to the City Treasurer
Dear Bruce:
I recommend the City Council authorize you to continue to implement City Investment
Policy and expressly grant to you the authority to make investments of City funds in
securities with a term or term remaining to maturity, at the time of investment, in excess
of five years.
I recommend the City Council continue to grant you authority to make investments in
securities with longer term maturities every 90 days or quarterly period to track with the
quarterly reporting of all City investment activity prepared by the Finance Department
for review by the members of the City Council.
If you have any questions, please call me. I have attached an appropriate resolution to
this letter.
Sincere1v
Eric resch
EF:wg
MAY-05-1999 16:24 E.T.LAW P.02
1 RESOLUTION -NO.
2
A RESOLUTION OF THE CITY COUNCIL OF
3 THE CITY OF VERNON DELEGATING
INVESTMENT AUTHORITY TO THE CITY
4 TREASURER
5
-wREREAS, pursuant to California Government Code
6
7 Section 53646(a)(2), the City Treasurer annually renders to the
City Council an Annual Statement of Investment Policy; and
8
9 WHEREAS, pursuant to Resolution No. 7272, the City
10Council approved the Annual Statement of Investment Policy which
11 delegated investment authority to the City Treasurer, and granted
the City Treasurer express authority to make investments of City
12
funds in securities with a term or term remaining to maturity, at
13
the time of investment, in excess of five years as part of an
14
investment program; and
15
WHEREAS, the City council desires to delegate
16
investment authority to the City Treasurer and direct the City
17
Treasurer to continue to implement City Investment Policy.
18
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
19
THE CITY OF VERNON AS FOLLOWS:
20
SECTION 1: The City Council of the City of Vernon does
21
hereby find and determine that the recitals contained hereinabove
22
are true and correct.
23
SECTION 2: The City Council of the City of Vernon
24
hereby delegates to the City Treasurer the authority to implement
25
the Annual statement of Investment Policy and select the
26
instruments for the City's investment portfolio in accordance
27
with said Statement of investment Policy.
28
-1-
MAY-05-197,
E.T.LAW P.03
1 SECTION 3: The City Council of the City of Vernon
2 hereby grants express authority to the City Treasurer, as part of
31 the city's investment program, to invest in securities with a
4 term or term remaining to maturity, at the time of investment, in
5 excess of five years.
6 SECTION 4: The city Clerk of the City of Vernon shall
7 certify to the passage of this Resolution and thereupon and
8 thereafter the same shall be in full force and effect.
9 APPROVED AND ADOPTED this day of May, 1999.
10
11
LEONIS C. MALBURG, Mayor
12
13 ATTEST:
14
15
16 BRUCE V. MALK£NHORST, City Clerk
17
18
19
20
21
22
23
24
25
26
27
28
-2-
MAY-05-1999 16:25
E.T.LAW P.04
I STATE OF CALIFORNIA )
2 COUNTY OF LOS ANGELES )
3
4 Y, BRucE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. , was duly adopted by the City Council of the
7 City of Vernon at a regular meeting of the City Council duly held
8 on Tuesday, May , 1999, and thereafter was duly signed by
9 the Mayor of the City of Vernon.
10
11
12
13
BRUCE V. MALKENHORST, City Clerk
14
15
16 ( SEAL)
17
18
19
20
21
22
23
24
25
26
27
28
-3-
TOTAL P.04