Resolution No. 75381 RESOLUTION NO. 7538
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A RESOLUTION OF THE CITY COUNCIL OF
3 THE CITY OF VERNON DELEGATING
INVESTMENT AUTHORITY TO THE CITY
4 TREASURER
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6 WHEREAS, pursuant to California Government Code
7 Section 53646(a)(2), the City Treasurer shall annually render to
8 the City Council an Annual Statement of Investment Policy (the
9 "Investment Policy"); and
10 WHEREAS, the City Council adopted Resolution No. 7475,
11 which approved the Investment Policy and granted the City
12 Treasurer authority to implement the Policy and select
13 instruments for the City's investment portfolio; and
14 WHEREAS, pursuant to Resolution No. 7475, the City
151 Council granted express authority to the City Treasurer as part
16 of the City's investment program to invest in securities with a
17 term or term remaining to maturity, at the time of investment, in
18 excess of five years; and
19 WHEREAS, the City Council desires to delegate
20 investment authority to the City Treasurer and authorize the City
21 Treasurer to continue to implement the Investment Policy.
22 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
23 THE CITY OF VERNON AS FOLLOWS:
24 SECTION 1: The City Council of the City of Vernon does
25 hereby find and determine that the recitals contained hereinabove
26 are true and correct.
27 SCION 2: The City Council of the City of Vernon
28 hereby delegates to the City Treasurer, his deputy or to his
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1 authorized designee of the Finance Department of the City the
2 authority to implement the Annual Statement of Investment Policy,
3 for the calendar year 2000, (the "Investment Policy"), and select
4 the instruments for the City's investment portfolio in accordance
5 with the Investment Policy.
6 SECTION 3: The City Council of the City of Vernon
7 hereby grants, as part of the City's investment program and
8 pursuant to the Investment Policy, to the City Treasurer, his
9 deputy and to his authorized designee of the Finance Department
10 of the City, express authority to invest in securities with a
11 term or term remaining to maturity, at the time of investment, in
12 excess of five years.
13 SECTION 4: The City Clerk of the City of Vernon shall
14 certify to the passage of this Resolution and thereupon and
15 thereafter the same shall be in full force and effect.
16 APPROVED AND ADOPTED this 16th day of May, 2000.
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18
ONIS C. MAL URG, Mayor
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20 ATTEST:
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22 ="_- �✓ ✓
BRUCE V. MALRENHORST, City Clerk
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1 STATE OF CALIFORNIA )
2 COUNTY OF LOS ANGELES )
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41 I, BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6 Resolution No. 7538, 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 16, 2000, and thereafter was duly signed by the
9 Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, City Clerk
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16 (SEAL)
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22 F4:res-7538
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SUPPORTING
DOCUMENTS
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
EDUARDO OLIVO
City Attorney
FAX: (562) 927-8722
• KEVIN WILSON
Director of Community Services & Water
FAX: (323) 588-2761
NNETH J. DeDARIO
irector of Municipal Utilities
FAX: (323) 583-1983
CITY HALL
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058
TELEPHONE (323) 583-8811
May 2, 2000
Finance Committee
City of Vernon
Honorable Members:
DAVE TELFORD
Fire Chief
FAX: (323) 581-1385
BRUCE W. OLSON
Police Chief
FAX: (323) 583-5236
Transmitted herewith is a letter from Eric T. Fresch, Legal Counsel,
dated April 27, 2000, recommending that the City continue to
authorize the City Treasurer to implement the City Investment Policy
and 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 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,
-,
Bruce V. Malkenhorst
Director of Finance
BVM:rcm
April 27, 2000
Mr. Bruce V. Malkenhorst
City Administrator
City of Vernon
4305 Santa Fe Avenue
Vernon, CA 90058
LAW OFFICES OF
EPIC T. FPESCH
CITICORP CENTER, ONE SANSOME STREET
TWENTY-FIRST FLOOR
SAN FRANCISCO, CALIFORNIA 94104
TELEPHONE (415) 95I-1035
FAX (415) 9S1-4660
Re: City Council Delegation of Investment
Authority to City Treasurer
Dear Bruce:
I recommend the City Council grant to the City Treasurer pursuant to resolution, every
three months, express authority to continue to implement the City's Investment Policy,
select the instruments for the City's investment portfolio in accordance with said
Investment Policy and invest in securities with a term or term remaining to maturity, at
the time of investment, in excess of five years.
The California Government Code sections concerning local agency finances and the
investment of surplus funds, require the legislative body of the City to grant express
authority to make investments in securities that have at the time of the investment a
term, or term remaining to maturity, in excess of five years. The Government Code
mandates that investments in such longer term maturities be made pursuant to express
grants of authority by the City Council no less than three months prior to the investment.
I recommend the City Council specifically grant the City Treasurer such express authority
for greater than five year term investments, as part of the City's investment program.
This legislative grant of investment authority shall be for the period succeeding the
immediate calendar year quarter in which the City Council acts on the matter and
structured to coincide with the presentment of the Quarterly Report of Investments to
the Finance Committee and then the City Council.
I attach a form resolution to this letter and legislative activity tracking memorandum to
accomplish this task. Please call me if you have any questions.
Sincerely,
4C
Eric Fresch
EF:wg
cc: Sharon L. Johnson
CITY OF VERNON
TREASURER'S DEPARTMENT
YEAR 2000 TRACKING MEMORANDUM FOR
1. Annual Statement of Investment Policy;
2. City Council Delegation of Investment Authority to City Treasurer;
3. Monthly Statements of Investment Activity, City Treasurer's Department; and
4. Quarterly Report of Investments.
January 10, 2000 Monthly Investment Transaction Report: Copy
to City Council
January 31, 2000 Quarterly Report of Investments Submitted to
Finance Committee and then to City Council
February 1, 2000 City Council approves: Annual Statement of
Investment Policy; Delegation of Investment
Authority to City Treasurer
February 10, 2000
March 10, 2000
April 10, 2000
April 27, 2000
Monthly Investment Transaction Report: Copy
to City Council
Monthly Investment Transaction Report: Copy
to City Council
Monthly Investment Transaction Report: Copy
to City Council
Quarterly Report of Investments Submitted to
Finance Committee and then to City Council
May 4, 2000 Submit Form of Resolution for Delegation of
Investment Authority to Chief Deputy City
Clerk for Finance Committee Agenda; then City
Council Approval
May 8, 2000 Monthly Investment Transaction Report: Copy
to City Council
May 16, 2000 City Council Approves Delegation of
Investment Authority to City Treasurer
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Page 2
June 8, 2000 Monthly Investment Transaction Report: Copy
to City Council
July 6, 2000 ,Monthly Investment Transaction Report: Copy
to City Council
July 27, 2000 Quarterly Report of Investments Submitted to
Finance Committee and then to City Council
August 5, 2000 Submit Form of Resolution for Delegation of
Investment Authority to Chief Deputy City
Clerk for Finance Committee Agenda; then City
Council Approval
August 10, 2000
August 15, 2000
September 7, 2000
October 5, 2000
October 30, 2000
Monthly Investment Transaction Report: Copy
to City Council
City Council Approves Delegation of
Investment Authority to City Treasurer
Monthly Investment Transaction Report: Copy
to City Council
Monthly Investment Transaction Report: Copy
to City Council
Quarterly Report of Investments Submitted to
Finance Committee and then to City Council
November 8, 2000 Submit Form of Resolution for Delegation of
Investment Authority to Chief Deputy City
Clerk for Finance Committee Agenda; then City
Council Approval
November 9, 2000 Monthly Investment Transaction Report: Copy
to City Council
November 21, 2000 City Council Approves Delegation of
Investment Authority to City Treasurer
December 7, 2000 Monthly Investment Transaction Report: Copy
to City Council
Nlracking.427
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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
6 WHEREAS, pursuant to California Government Code
7 Section 53646(a)(2), the City Treasurer shall annually render to
8 the City Council an Annual Statement of Investment Policy (the
9 "Investment Policy"); and
10 WHEREAS, the City Council adopted Resolution No. 7475,
11 which approved the Investment Policy and granted the City
12 Treasurer authority to implement the Policy and select
13 instruments for the City's investment portfolio; and
14 WHEREAS, pursuant to Resolution No. 7475, the City
15 Council granted express authority to the City Treasurer as part
16 of the City's investment program to invest in securities with a
17 term or term remaining to maturity, at the time of investment, in
18 excess of five years; and
19 WHEREAS, the City Council desires to delegate
20 investment authority to the City Treasurer and authorize the City
21 Treasurer to continue to implement the Investment Policy.
22 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
23 THE CITY OF VERNON AS FOLLOWS:
24 SECTION 1: The City Council of the City of Vernon does
25 hereby find and determine that the recitals contained hereinabove
26 are true and correct.
27 SECTION 2: The City Council of the City of Vernon
28 hereby delegates to the City Treasurer, his deputy or to his
-1-
1 authorized designee of the Finance Department of the City the
2 authority to implement the Annual Statement of Investment Policy,
3 for the calendar year 2000, (the "Investment Policy"), and select
4 the instruments for the City's investment portfolio in accordance
5 with the Investment Policy.
6 SECTION 3: The City Council of the City of Vernon
7 hereby grants, as part of the City's investment program and
8 pursuant to the Investment Policy, to the City Treasurer, his
9 deputy and to his authorized designee of the Finance Department
10 of the City, express authority to invest in securities with a
11 term or term remaining to maturity, at the time of investment, in
12 excess of five years.
13 SECTION 4: The City Council of the City of Vernon
14 shall certify to the passage of this Resolution and thereupon and
15 thereafter the same shall be in full force and effect.
16 APPROVED AND ADOPTED this 16th day of May, 2000.
17
18
LEONIS C. MALBURG, Mayor
19
20 ATTEST:
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22
BRUCE V. MALKENHORST, City Clerk
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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. , was duly adopted by the City Council of
7 the City of Vernon at a regular meeting of the City Council duly
8 held on Tuesday, May 16, 2000, and thereafter was duly signed by
9 the Mayor of the City of Vernon.
10
11
12
13
BRUCE V. MALKENHORST, City Clerk
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16 (SEAL)
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18 H:resolu.
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