HomeMy WebLinkAboutCC RESO 99- 130RESOLUTION NO. 99-130
RESOLUTION OF'1HE CITY COUNCIL OF
THE CITY OF NATIONAL CITY APPROVING
COUNCIL POLICY UPDATE ON THE CITY OF
NATIONAL CITY INVESTMENT POLICY
WHEREAS, City Council Policy Number 203 provides that the City's Investment
Policy be reviewed annually; and
WHEREAS, the Finance Director has recommended certain revisions to said
policy.
NOW, THEREFORE, BE TT RESOLVED that the City Council of the City of
National City approves revisions to the City's investment policy, as recommended by the Finance
Director.
PASSED and ADOPTED this 7th day of September, 1999.
G-e, Cot/ter!��
George H. Waters, Mayor
ATTEST:
Mic . el R Dalla ity Clerk
APPROVED AS TO FORM:
,3'
City Attorney
REVISIONS TO THE CITY OF NATIONAL CITY INVESTMENT POLICY
1. PAGE 4 OF 13
Authorized Financial Dealers and Institutions
Added: In addition, a list will also be maintained of approved security brokers/
Dealers selected by credit worthiness with at least five years of
operation.
2. PAGE 5 OF 13
Eligible Investments
Added: Investment of funds in approved & registered financial institutions.
Added: The "Prudent Rule Investor" shall apply under certain market conditions
to go beyond 2 years if the instrument has a callable, transferable,
negotiable feature in which maturity would fall within the limits of the
California Government Code Section.
3. PAGE 13 OF 13
5.0 Investment Portfolio
Changed: 5.1 Preparation of investment report
Sr. Accountant