RESOLUTION NO. 2022-__________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL
POLICY 220-01, THE CITY OF CHULA VISTA INVESTMENT
POLICY AND GUIDELINES; AMENDING THE EXISTING
POLICY; AND DELEGATING INVESTMENT ACTIVITY
AUTHORITY TO THE DIRECTOR OF FINANCE/TREASURER
WHEREAS, the City of Chula Vista’s “Investment Policy and Guidelines,” adopted on February 16, 2021 by Resolution No. 2021-022 (the “Policy”), is intended to provide direction for the prudent investment of temporarily idle cash and to maximize the efficiency of the cash management process; and
WHEREAS, the stated goal of the Policy is to enhance the economic condition of the City while ensuring the safety of funds invested; and
WHEREAS, the Policy includes a list of specific investment instruments available pursuant to California Government Code sections 53600, et seq. and 53635; and
WHEREAS, each investment transaction is made in the context of first ensuring the "safety" of principal, se cond, investing only for that timeframe that the cash is not needed for operational purposes (liquidity), and last seeking the highest return possible (yield) provided that the first two factors are met; and
WHEREAS, in accordance with Section 18.0 of th e Policy, staff has provided the City Council with a copy of the City’s Investment Policy; and
WHEREAS, staff recommends that the Policy be amended to update Section 9.0, Authorized and Suitable Investments, as it relates to the investment type Medium-Term Corporate Notes, to align with recent changes made to the California Government Code; and
WHEREAS, City staff recommends that the Policy be amended to reflect these changes; and
WHEREAS, pursuant to California Government Code section 53607, the City Council may delegate the authority to conduct investment activities of the City to the Finance Director/Treasurer on an annual basis.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista that:
It acknowledges receipt of council policy 220 -01, the City of Chula Vista Investment Policy and Guidelines
Amends the existing policy as reflected in Exhibit 1; and Resolution No. __________
Delegates the authority to conduct and supervise the investment activities of the City to the Director of Finance/Treasurer.
Presented by: Approved as to form by:
_______________________ ______________________
Sarah Schoen Glen R. Googins
Director of Finance City Attorney