HomeMy WebLinkAboutCC RESO 2011-245RESOLUTION NO. 2011 — 245
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING AN INVESTMENT AGREEMENT WITH THE SAN DIEGO COUNTY
TREASURER -TAX COLLECTOR FOR INVESTMENT IN THE SAN DIEGO
COUNTY TREASURER'S POOLED INVESTMENT FUND,
CONSISTENT WITH NATIONAL CITY INVESTMENT POLICY NO. 203
WHEREAS, Government Code Section 53684 allows public agencies to
deposit excess money into a county treasury for investment purposes; and
WHEREAS, the County of San Diego ("County") has created a County
Treasurer's Pooled Money Fund treasury for investment purposes; and
WHEREAS, the County Investment Pool ranges in size from $3.7 to $6.3
billion in assets on an annual basis; and
WHEREAS, in October 2011, County Treasurer/Tax Collector Dan
McAllister reported that the Pool's cash has increased to a record $7.2 billion, and is
managed to provide a maximum return while safeguarding principal and maintaining
liquidity; and
WHEREAS, on November 1, 2011, the City Council approved the
Investment Management Services Committee's recommendation to participate in the
San Diego County Treasurer's Pooled Investment Fund ("County Pool"), consistent with
National City Investment Policy No. 203; and
WHEREAS, the amount to be invested with the County Pool will be
dependent on a cash flow analysis that will be conducted following City Council
approval of the Agreement; and
WHEREAS, the three primary objectives of the County Pool, which mirror
National City's objectives, are (1) to safeguard principal; (2) to meet liquidity needs of
Pool participants; and (3) to achieve an investment return on the funds within the
guidelines of prudent risk management; and
WHEREAS, the term of Agreement terminates when the City has withdrawn all
funds from the Pool.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of National City hereby approves an Investment Agreement with the San Diego County
Treasurer -Tax Collector for Investment in the San Diego County Treasurer's Pooled Investment
Fund, consistent with National City Investment Policy No. 203. Said investment Agreement is
on file in the office of the City Clerk.
BE IT FURTHER RESOLVED that the City Council authorizes the deposit
and withdrawal of the City's monies in the San Diego County Treasurer's Pooled
Investment Fund in accordance with the provisions of Government Code section 53684
for the purpose of investment, as stated herein.
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Resolution No. 2011 — 245
November 15, 2011
Page Two
PASSED and ADOPTED this 15th day of Novem, 2011.
on Morrison, Mayor
ATTEST:
4
A
Michael R. Dalla, Cit Clerk
PROVEDAS TO F
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City Att
Passed and adopted by the Council of the City of National City, California, on
November 15, 2011 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City Clerk of the City of N2Rional City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-245 of the City of National City, California, passed and
adopted by the Council of said City on November 15, 2011.
City Clerk of the City of National City, California
By:
Deputy