HomeMy WebLinkAboutCC Resolution 4464RESOLUTION NO. 4464
RESOLUTION DELEGATING AUTHORITY TO INVEST OR
REINVEST FUNDS OF CITY TO CITY TREASURER
AND CREATING AN INVESTMENT COMMITTEE.
THIS RESOLUTION AMENDS RESOLUTION NO. 3856
WHEREAS, Section 53601 of the California Government Code
authorizes the City Council to invest certain money of this City in
certain investments; and
WHEREAS, pursuant to Section 53607 of the California Govern-
ment Code, the authority of the City Council to invest or reinvest the
funds of this City or to sell or exchange securities so purchases may
be delegated to the City Treasurer; and
WHEREAS, it is deemed advisable that the authority of this
City Council to invest or to reinvest the funds of this City or to
sell or exchange securities so purchased be delegated to the City
Treasurer of this City and that a Finance Committee be created to
advise said City Treasurer with respect thereto,
NOW, THEREFORE, IT IS RESOLVED as follows:
1. The authority of the City Council of this City to invest
or to reinvest funds of this City or to sell or exchange securities so
purchased, is hereby delegated to the City Treasurer and said City
Treasurer shall make a monthly report of such transactions to this
City Council.
2. An Investment Committee composed of the City Finance
Officer/Treasurer, City Attorney and City Manager is hereby created.
Said Investment Committee shall from time to time review the invest-
ments of this City and shall study the then current legal investment
opportunities available to this City and shall make recommendations
to the City Treasurer with respect thereto.
-11-
I hereby certify that the foregoing resolution was duly and
regularly adopted by the City Council of the City of San Rafael, Marin
County, California, at a regular meeting thereof held on the 26th
day of February, 1973, by the following vote, to -wit:
AYES: COUNCILMEN: Jensen, Miskimen,
Mulryan and
Mayor Bettini.
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
MARION A. GRADY
Clerk of the City of San Rafael
Marin County, California
-2-