Res 85-034RESOLUTION NO. 85-034
ARE SOLUTION OF THE CITY (3DUNCIL
OF THECITY OF POWAY, CATJFORNIA,
AMenDING INVESTMENT POLICY FORPUBLICFUb~)S
AND RESCI~DINGRESOLUTION NO. 84-118
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Poway,
California, that the Investment Policy, attached as Exhibit A, is herby adopted
as the Investment Policy of the City of Poway.
BE IT FURTHER~W-qOLVED, that Resolution No. 84-118 is hereby rescinded.
PASSED, ADOPTED AND APPROV~D, by the City Council of the City of Poway,
California, at a regular m~ctingthereOf this 4thdayof June, 1985.
Ma jorie~K. Wahlsten, City Clerk
EXHIBIT "A"
INVESTMENT POLICY
The City of Poway has a fiduciary res~nsibility to maximize the productive use
of assets entrusted to its care and to invest and manage those public funds
wisely and prudently. The City of Poway operates its pooled idle cash to afford
a broad spectrum of investment opportunities that are deemed prudent and are
legally allowable under both state legislation and local ordinances. These
investment decisions sb~ll be made using the trust principles and general
prudent man theory as outlined below:
"In acquiring, investing, reinvesting, exchanging, selling and managing
property for the benefit of anx)ther, a fiduciary shall exercise the
judgment and care under the circumstances then prevailing, which men of
prudence, discretion and intelligence exercise in the manag~uent of
their own affairs, not in regard to speculation but in regard to the
permanent disposition of their funds, considering the probable income
as well as the probable safety of their capital. Within the limita-
tions of the foregoing standard, and subject to any express provisions
or limitations contained in any particular trust instrument, a fidu-
ciary is authorized to acquire and retain every kind of property, real,
personal or mixed, and every kind of investment specifically including
but not by way of limitation, debentures and other corporate obliga-
tions, and stocks, preferred or c~on, which men of prudence, discre-
tion and intelligence acquire for their own account."
In addition, the City recognizes that it has an ecp3al obligation to be aware of
the social and political impacts of its investments, and subsequently to act
responsibly in making its financial decisions.
The City shall not knowingly make any investments in any institution, company,
corporation, subsidiary or affiliate t_hat practices or supports directly or
indirectly through its actions discrimination on the basis of race, religion,
color, creed, national or ethnic origin, age, sex, sexual preference, or
physical disability.
The City shall strive to maintain the level of investment of all idle funds as
near 100% as possible, through daily and projected cash flow determinations.
Idle cash management and investment transactions are the joint responsibility of
the City Treasurer and Administrative Services Department. The eligible
deposits and investments are referred to in Government Code Sections 53601.1 and
53602, and 53635 and are as follows:
Securities of the U.S. Government or its agencies
Certificates of Deposits (or Time Deposits), placed
with co~m~_rcialbanks and savingsand loan companies
Investment Policy
-2
~a_ nkers Acceptances
Negotiable certificates of deposits
Local Agency Investment Fund d~and deposits
Cu,~ercial Paper
Repurchase Agreements and Reverse l~purchase Agr~ments
Passbook Savings Account demand deposits
Criteria for selecting investments, and the order of priority, are:
1. Safety
2. Liquidity
3. Yield
Government and agency paper, and repurchase agrc~---ments, are the highest c~lity
investment available in terms of safety and liquidity. Certificates of
deposits, savings accounts and bankers acceptances are insured or collatera-
lized. Only cc~m~_rcial paper, with both A-1 Moody's and P-1 Standard & Poor's
ratings, is purchased.
The City shall deposit funds only with financial institutions which operate in
the State. These banks and savings and loans must be insured by the Federal
Deposit Insurance Corporation, the Federal Savings and Loan Insurance
Corporation or other federal government insurance banking systems.
The City's policy shall be to waive security for the amount insured. Deposits
in excess of the insured amount shall be secured with eligible securities spe-
cified in Government Code Section 53651. The City shall coaply with and act to
secure compliance with the security (collateralization) syst~ specified in the
Goverr~ent Code Section 53649 and 56652.
Most investments are highly liquid, with the exception of collateralized
certificates of deposits held by banks and savings and loans. Maturities shall
he selected to anticipate cash needs, thereby avoiding the need for forced
liquidation.
The City shall attempt to obtain the highest yield obtainable when selecting
investments, provided that criteria for safety and liquidity are met. This may
include the ~aym~nt of fees to brokers to secure a higher yield than otherwise
would be available.
RESOLUTION No. 85-035
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
ESTABLISHING LANDSCAPE MAINTENANCE DISTRICT
ASSESSMENT TO BE COLLECTED ON THE PROPERTY ROLL
FOR FISCAL YEAR 1985-86
WHEREAS, the City Council of the City of Poway desires
to have Landscape Maintenance District Assessments collected
on the property tax roll; and
WHEREAS, at a regular meeting of the Poway City
Council the amounts to be collected have been set forth
in a public report and the public has been allowed to
comment on these amounts and this action has been duly
advertised as required by law; and
WHEREAS, this action is authorized by the laws of
the State of Califolrnia.
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF POWAY
DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The sum of $48,248 is required to be collected
for maintenance cost of Landscape and Maintenance District 83-1.
That said sum shall be collected on the 1985-86 San Diego
County Tax Roll to provide for maintenance costs of the
district.
PASSED, ADOPTED AND APPROVED, by the City Council of
the City of Poway, California, at a regular meeting this
4th day of June, 1985.
Robert C. Emery, Ma~
ATTEST:
Marjo~i~ K. Wahlsten, City Clerk