2175 Cherry Avenue • Signal Hill, California 90755-3799
CITY OF SIGNAL HILL
THE CITY OF SIGNAL HILL
WELCOMES YOU TO A SPECIAL
CITY COUNCIL AS SUCCESSOR AGENCY MEETING
October 24, 2023
Meetings begin at 6:00 pm with the conduct of any business permitted to be conducted in closed session by the Brown Act (Government Code Section 54950, et seq.), if any, and with the public portion of the meeting beginning at 7:00 pm. There is a period for public comment on closed session matters at 6:00 pm prior to the closed session. In the event there is no business to be conducted in closed session, the regular meeting shall begin at 7:00 pm.
There is a public comment period at the beginning of the regular meeting. Any person wishing to comment shall be allotted three minutes per distinct item. Any meeting may be adjourned to a time and place stated in the order of adjournment.
The agenda is posted 72 hours prior to each meeting on the City’s website and outside of City Hall. The agenda and related reports are also available for review online at www.cityofsignalhill.org.
To view or listen to the meeting live at 7:00 p.m.:
• City of Signal Hill website at www.cityofsignalhill.org, select the City Council Meetings Link from the home page.
• Charter Spectrum Channel 3 or Frontier FiOS Channel 38.
To view and participate (closed session at 6:00 p.m. and regular meeting at 7:00 p.m.):
• In-person Participation: Council Chambers of City Hall, 2175 Cherry Avenue, Signal Hill, California.
• To make a general public comment or comment on a specific agenda item, you may also submit your comment, limited to 250 words or less, to the City Clerk at [email protected] not later than 5:00 p.m. on Tuesday, August 24, 2023.
Written comments will be provided electronically to the Successor Agency and attached to the meeting minutes. Written comments will not be read into the record.
Successor Agency Members receive no compensation.
(1) CALL TO ORDER – 7:00 P.M.
City Council as Successor Agency Special October 24, 2023 (2) ROLL CALL
CHAIR HANSEN
VICE CHAIR WOODS
MEMBER COPELAND
MEMBER JONES
MEMBER WILSON
(3) PUBLIC BUSINESS FROM THE FLOOR ON ITEMS NOT LISTED ON THE AGENDA (SPEAKERS WILL BE GIVEN THREE MINUTES FOR EACH DISTINCT ITEM) (4) ADMINISTRATIVE OFFICER REPORTS
a. RESOLUTIONS AMENDING THE CITY’S INVESTMENT POLICY
Summary:
The City Council, also acting as the City Council as Successor Agency (Successor Agency), will consider amending the City’s Investment Policy to provide greater diversification of the City’s investment portfolio and update the policy to conform to recent legislative changes. To provide greater investment diversification, City Council will consider approving a resolution authorizing the City of Signal Hill to join with other public agencies as a Shareholder of the California Asset Management Trust, a joint powers authority (JPA), to invest in shares of the Trust also known as California Asset Management Program (CAMP). Shareholders may choose to join as an Investor or a Participant; both receive the same investment results, but only Participants are members of the JPA. The City Council will also consider authorizing an update to the investment policy language due to recent legislative changes. In addition, the City Council as Successor Agency will consider amending a companion policy addressing Successor Agency funds.
Strategic Plan Goal(s):
Goal No. 1 Financial Stability: Ensure the City’s long-term financial stability and resilience.
Recommendations:
A. City Council to adopt a resolution, entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,
CALIFORNIA, AMENDING ITS INVESTMENT POLICY FOR PUBLIC
FUNDS
B. Successor Agency to adopt a resolution, entitled:
A RESOLUTION OF THE CITY COUNCIL AS SUCCESSOR AGENCY OF
THE CITY OF SIGNAL HILL, CALIFORNIA, AMENDING ITS INVESTMENT
City Council as Successor Agency Special October 24, 2023
POLICY FOR PUBLIC FUNDS
C. Approve the authorization to allow the City of Signal Hill to join as a participating shareholder of the California Asset Management Trust, a joint powers authority, to invest in shares of the Trust also known as CAMP. (5) ADJOURNMENT
Tonight’s meeting will be adjourned to the next regular meeting of the City Council as Successor Agency to be held on Tuesday, January 9, 2024 at 7:00 p.m. (hybrid meeting format, including in-person, and video and teleconference participation options). Instructions to participate in the meeting will be provided on the meeting agenda.
CITIZEN PARTICIPATION
Routine matters are handled most quickly and efficiently if contact is made with the City department directly concerned. However, if you would like to request that a matter be presented for City Council consideration, you may do so by writing to the City Council, City Clerk, or City Manager. The deadline for agenda items is 12 noon on the Tuesday preceding the Council and Agency meetings. The complete agenda, including back up materials is available on the City website on the Friday preceding the meeting.
If you need special assistance beyond what is normally provided to participate in City meetings, the City will attempt to accommodate you in every reasonable manner.
Please call the City Clerk's office at (562) 989-7305 at least 48 hours prior to the meeting to inform us of your particular needs and to determine if accommodation is feasible.