RESOLUTION NO. 26.XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAGUNA BEACH, CALIFORNIA, ADOPTING THE 2026
INVESTMENT POLICY
WHEREAS, Government Code section 53600 et seq. (the “Investment of Surplus Statute”) authorizes the City Council of the City of Laguna Beach (“City”), or persons authorized to make investment decisions on behalf of the City, to invest, reinvest, purchase, acquire, exchange, sell, or manage public surplus funds; and
WHEREAS, Government Code section 53607 authorizes the City Council to delegate its authority to invest or reinvest funds, or to sell or exchange securities so purchased, for a one-year period; and
WHEREAS, on July 9, 2024, in an effort to achieve a greater return on the City’s investments, the City Council retained authority over the City’s investments, in accordance with the Investment of Surplus Statute and the City’s Investment Policy. At that time, the Council outsourced the management of the City’s surplus investments, including the sale or exchange of securities so purchased, to Meeder Public Trust (“Meeder”); and directed the City Manager to oversee Meeder and the investments delegated thereto, and directed the City Treasurer to continue overseeing the management of bond proceeds and the funds to meet the City’s liquidity needs; and directing the Investment Advisory Committee (“Committee”) to meet quarterly to review performance and investment strategies; and
WHEREAS, the consensus recommendation by the California Debt Issuance Advisory Committee (“CDIAC”) is that an investment policy should always be in place. The Treasurer may annually render to the City Council and to the Committee an Investment Policy, which the Council shall review and approve at a public meeting; and
Attachment 1
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WHEREAS, on June 10, 2025, the Council adopted Resolution 25.035 to establish the Committee to ensure focused oversight and expertise in investment management; and WHEREAS, the Resolution directed that the Committee shall advise the City Treasurer and/or City Council on matters related to the City’s Investment Policy, subject to the City Council’s ultimate decision-making authority; and
WHEREAS, the Investment Policy proposed by the Treasurer and Committee was presented to the City Council on March 10, 2026 and has been posted on the City website for public comment. That policy is attached to this resolution.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAGUNA BEACH DOES RESOLVE:
SECTION 1. The City Council hereby finds and determines that the foregoing recitals are true and correct and are incorporated herein and by this reference are made an operative part hereof.
SECTION 2. The City Council has delegated the management of the surplus investments to Meeder and has the City Manager oversee Meeder. The City Council has directed the City Treasurer to continue to oversee the management of investments of bond proceeds, funds for the liquidity needs of the City and other accounts.
SECTION 3. The City Council approves the 2026 Investment Policy as Exhibit A to this Resolution.
SECTION 4. This Policy shall be operative and shall be considered readopted at the end of each calendar year for the following calendar year until such time that the City Council adopts a new or amended Policy.
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ADOPTED this 24th day of March, 2026.
Mark Orgill, Mayor
ATTEST:
Ann Marie McKay, City Clerk
I, Ann Marie McKay, City Clerk of the City of Laguna Beach, certify that the foregoing Resolution No. 26.XXX was duly adopted at a regular meeting of the City Council of said City held on March 24, 2026, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
City Clerk, City of Laguna Beach, CA
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Exhibit A
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