ATTACHMENT NO. 1
RESOLUTION NO. 24-27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK, ADOPTING THE 2024/25 STATEMENT OF INVESTMENT POLICY, AND
AUTHORIZING THE CITY TREASURER TO INVEST AND REINVEST
IDLE MONIES OF THE CITY OF NORWALK IN ACCORDANCE WITH
THE 2024/25 STATEMENT OF INVESTMENT POLICY
WHEREAS, the California Government Code Section 53646 (a) requires the City Treasurer to submit a “Statement of Investment Policy” to the City Council each fiscal year; and
WHEREAS, the Statement of Investment Policy is necessary in order to assure the City Council that the City’s investment goals of safety, liquidity, yield, and safekeeping are met; and
WHEREAS, the Statement of Investment Policy was designed according to the specific needs of the City of Norwalk and in compliance with Government Code regulations; and
WHEREAS, in accordance with Government Code Section 53607, the City Treasurer is hereby authorized (a) to invest such portion of any sinking fund of, or idle money in, the City Treasury, not required for the immediate necessities of the City as is deemed wise or expedient, in securities in which this City Council is authorized to invest such sums by the provisions of the State Government Code Section 53601 and 53635, limited by the City’s Investment Policy; and (b) to sell, or exchange for other eligible securities, and reinvest the proceeds of the securities purchased.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NORWALK HEREBY DETERMINES, FINDS, AND RESOLVES AS FOLLOWS:
Section 1.The City Council of the City of Norwalk hereby approves the adoption of the 2024/25 Statement of Investment Policy and authorizes the City Treasurer to invest and reinvest idle monies of the City of Norwalk in accordance with the 2024/25 Statement of Investment Policy.
Section 2.The Mayor, or presiding officer, is hereby authorized to affix her signature to this Resolution signifying its adoption by the City Council of the City of Norwalk and the City Clerk or her duly appointed assistant, is directed to attest thereto.
APPROVED AND ADOPTED on 4th day of June 2024.
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MARGARITA L. RIOS
MAYOR
ATTEST:
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THERESA DEVOY, CMC
CITY CLERK