Resolution No. 80221 RESOLUTION NO. 8022
2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 VERNON DELEGATING INVESTMENT AUTHORITY TO THE CITY
TREASURER
4
5 WHEREAS, pursuant to California Government Code Section
6 53646(a)(2), the City Council approved an Annual Statement of
7 Investment Policy (the "Policy") prepared by the City Treasurer's
8 Office; and
9 WHEREAS, pursuant to the Policy, the City Council approved
10 an investment program and delegated investment authority to the City
11 Treasurer, which granted express authority for a period of time to
12 make investments of City funds in securities with a term, or term
13 remaining to maturity at the time of investment, in excess of five (5)
14 years as part of the investment program; and
15 WHEREAS, on July 9, 2002 the Finance Committee recommended
16 that the City Council approve the recommendation of Bruce V.
17 Malkenhorst, the Director of Finance, dated July 2, 2002, that the
18 City Treasurer be delegated investment authority to invest City funds;
19 and
20 WHEREAS, the City Council desires to expressly authorize the
21 City Treasurer to continue to actively manage the City's portfolio of
22 investments, including, without limitations, the authority to sell any
23 securities prior to the maturity date of the particular security and
24 to make investments of City funds in with a term, or term
25 remaining to maturity at the time of investment, in excess of five (5)
26 Years.
27 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
28 CITY OF VERNON AS FOLLOWS:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15'.
16'
171
18
19
20
21
22
23
24
25
26
27
28
SECTION l: 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 7tn day of August, 2002.
ATTEST:
BRUCE V. MALKENHORST, City Clerk
LEONIS C. LBURG, Y4ayor
- 2 -
I STATE OF CALIFORNIA )
ss
2 COUNTY OF LOS ANGELES )
3
4 I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
5 hereby certify that the foregoing Resolution, being Resolution No.
6 8022, was duly adopted by the City Council of the City of Vernon at a
7 regular meeting of the City Council duly held on Wednesday, August 7,
8 2002, and thereafter was duly signed by the Mayor of the City of
9 Vernon.
10
BRUCE V. MALKENHORST, City Clerk
11
12 (SEAL)
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
- 3 -
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) 826-1438
July 1, 2002
CITY HALL
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058
TELEPHONE (323) 583-8811
Mr. Bruce V. Malkenhorst
City Administrator
City Of Vernon
4305 Santa Fe Avenue
Vernon, California 90058
EDUARDO OLIVO
City Attorney
FAX: (562) 869-1883
KEVIN WILSON
irector of Community Services & Water
FAX: (323) 826-1435
KENNETH J. DeDARIO
Director of Municipal Utilities
FAX: (323) 826-1425
STEVEN E. PARKER
Fire Chief
FAX: (323) 826-1407
BRUCE W. OLSON
Police Chief
FAX: (323) 826-1481
Re: City Council Delegation of Investment Authority to Cit
Treasurer
Dear Bruce:
I recommend the City Council approve the attached resolution to
grant you the authority to make investments in securities with
terms to maturity in excess of five (5) years. This authority
was expressly granted to you as part of the City's investment
program by the City Council in Resolution No. 7909, which
approved the City's Annual Statement of Investment Policy.
I believe it is prudent for the City Council to regrant this
investment authority periodically pursuant to Government Code
Section 53601. All local agencies' investment practices are now
subject to review by the California Debt and Investment Advisory
Commission (the "Commission"). The City must submit some of its
quarterly investment reports and investment policy to the
Commission every year.
It is appropriate for the City Council to periodically grant you
the authority to make all prudent investments on the City's
behalf.
Mr. Bruce V. Malkenhorst �»
July 1, 2002
Page 2
I look forward to discuss this matter with you at your earliest
convenience.
Sincerely,
Eric Fresch
Legal Counsel
EF: j 1
Enclosure
cc: Sharon Johnson (w/enc.)
Eddie Olivo (w/enc.)
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) 826-1438
Finance Committee
City of Vernon
Honorable Members:
CITY HALL
4305 SANTA FE AVENUE, VERNON, CALIFORNIA 90058
TELEPHONE (323) 583-8811
July 2, 2002
EDUARDO OLIVO
City Attorney
FAX: (562) 869-1883
KEVIN WILSON
Director of Community Services & Water
FAX: (323) 826-1435
KENNETH J. DeDARIO
Director of Municipal Utilities
FAX: (323) 826-1425
STEVEN E. PARKER
Fire Chief
FAX: (323) 826-1407
BRUCE W. OLSON
Police Chief
FAX: (323) 826-1481
-v
C;
On February 27, 2002, this legislative body approved Resolution No.
7909, approving the City's Annual Statement of Investment Policy and
granting the City Administrator the authority to make investments in
securities with terms to maturity in excess of five (5) years as part
of the City's investment program. At this time it is recommended that
the legislative body re -grant this investment authority periodically
pursuant to Government Code Section 53601 to make all prudent
investments on the City's behalf.
Very truly yours,
Bruce V.
Malkenhorst
Director
of Finance
BVM/gm