Resolution No. 78711
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RESOLUTION NO. 7871
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON DELEGATING INVESTMENT AUTHORITY TO THE CITY
TREASURER
WHEREAS, pursuant to California Government Code Section
53646(a)(2), the City Council approved an Annual Statement of
Investment Policy (the "Policy") prepared by the City Treasurer's
Office; and
WHEREAS, pursuant to the Policy, the City Council approved
an investment program and delegated investment authority to the City
Treasurer, which granted express authority for a period of time 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 (5)
years as part of the investment program; and
WHEREAS, on November 27, 2001, the Finance Committee
recommended that the City Council approve the recommendation of Bruce
V. Malkenhorst, the Director of Finance, dated November 19, 2001, that
the City Treasurer be delegated investment authority to invest City
funds; and
WHEREAS, the City Council desires to expressly authorize the
City Treasurer to continue to actively manage the City's portfolio of
investments, including, without limitations, the authority to sell any
securities prior to the maturity date of the particular security and
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 (5)
years.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
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SECTION 1: The City Council of the City of Vernon hereby
finds and determines that the recitals contained hereinabove are true
and correct.
SECTION 2: The City Council of the City of Vernon hereby
delegates to the City Treasurer, or to his authorized designee, the
authority to implement the City's Policy and undertake the City's
investment program to manage the City's portfolio of investments and
sell any securities prior to the maturity date of the particular
security.
SECTION 3: The City Council of the City of Vernon hereby
delegates to the City Treasurer, or to his authorized designee, the
express authority to invest in securities with a term, or term
remaining to maturity at the time of investment, in excess of five (5)
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 28th day of November, 2001.
ATTEST:
BRUCE V. MALKENHORST, City Clerk
EONIS C. MAIPURG, M yor
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I STATE OF CALIFORNIA )
ss
2 COUNTY OF LOS ANGELES )
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4 I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon,
5 do hereby certify that the foregoing Resolution, being Resolution No.
6 7871, was duly adopted by the City Council of the City of Vernon at an
7 adjourned regular meeting of the City Council duly held on Wednesday,
8 November 28, 2001, and thereafter was duly signed by the Mayor of the
9 City of Vernon.
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BRUCE V. MALKENHORST, City Clerk
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