RESOLUTION R2023-__
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NAPA, STATE OF CALIFORNIA, TO ADOPT THE CITY’S STATEMENT OF INVESTMENT POLICY for fy 2023/24, AND DELEGATE AUTHORITY TO THE CITY TREASURER TO INVEST FUNDS IN ACCORDANCE WITH THE STATEMENT OF INVESTMENT POLICY WHEREAS, consistent with California Government Code Section 53646, the City Treasurer annually renders to the City Council a statement of investment policy; and WHEREAS, consistent with Government Code Section 53607, the City Council annually delegates authority to the City Treasurer to make investments on behalf of the City; and WHEREAS, the Council appointed Finance Director Rajneil Prasad to serve as the City Treasurer on June 6, 2023; and WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City staff, and any information provided during public meetings.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Napa, as follows:
1. The City Council hereby finds that the facts set forth in the recitals to this resolution are true and correct, and establish the factual basis for the City Council’s adoption of this resolution.
2. The City Council of the City of Napa, State of California hereby adopts the update of the City’s Statement of Investment Policy attached hereby as Exhibit “A”.
3. The City Council hereby delegates authority to the City Treasurer to invest funds in accordance with the City’s Statement of Investment Policy.
4. This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Napa at a public meeting of said City Council held on the 20th day of June, 2023 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Tiffany Carranza
City Clerk
Approved as to form
Michael W. Barrett
City Attorney
R2023-__ Page 1 of 2 June 20, 2023
R2023-__ Page 1 of 2 June 20, 2023
ATTACHMENT 1
ATTACHMENT 1