RESOLUTION NO. 2024-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MARYSVILLE, STATE
OF CALIFORNIA, ADOPTING THE ANNUAL STATEMENT OF INVESTMENT POLICY At a regular meeting of the City Council of the City of Marysville, State of California held on the 2nd day of July, 2024.
WHEREAS, California Government Code Section 53646 (a)(2) states, “The Treasurer or Chief Fiscal Officer may annually render to the legislative body of the local agency a Statement of Investment Policy;” and
WHEREAS, the desired additional language to the first bullet point on page 7, in the Statement of Investment Policy is noted in bolded, italicized text as follows:
Any privately issued mortgage pass-through security, collateralized mortgage obligation, mortgage backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond (“mortgage pass-through and asset-backed securities”) that are not issued or guaranteed by a public agency or insurer identified in Section 53601 subdivisions (b) or (f). Securities eligible for investment under this subdivision shall be rated in a rating category of "AA", its equivalent, or better by a NRSRO and have a maximum remaining maturity of five years or less. The purchase of securities authorized by this subdivision may not exceed 20 percent of the City's surplus money that may be invested pursuant to this section; and
WHEREAS, the Statement of Investment Policy attached hereto and by this reference incorporated herein as if fully set forth herein, is in compliance with state statute pertaining to local agency investments pursuant to Government Code Sections 53600 et seq; and WHEREAS, the attached Statement of Investment Policy has been modified to add the aforementioned language; and
WHEREAS, the City Council has reviewed and considered said Statement of Investment Policy and finds that it fairly represents well established, sound investment practices intended to safeguard the public financial assets of the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Marysville that the foregoing recitals are true and that it adopts and accepts the attached Statement of Investment Policy as required by law.
I HEREBY CERTIFY that the foregoing resolution was duly and regularly introduced and adopted by the City Council of the City of Marysville, County of Yuba, State of California, on the 2nd day of July, 2024, by the following vote:
Ayes:
Noes:
Absent:
Abstain:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 2nd day of July, 2024.
By: ________________________________
Nicole Moe, City Clerk
Attestation date: _____________________
City of Marysville, California
By Its City Council
By:__________________________________
Chris Branscum, Mayor