RESOLUTION NO. 2023-10-XXXX
A RESOLUTION OF THE CITY COUNCIL AS SUCCESSOR AGENCY OF THE CITY OF SIGNAL HILL, CALIFORNIA, AMENDING ITS INVESTMENT POLICY FOR PUBLIC FUNDS WHEREAS, the City Council as Successor Agency has a fiduciary responsibility to maximize the productive use of assets entrusted to its care and to invest and manage those public funds wisely and prudently; and WHEREAS, the City Council as Successor Agency has authorized 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), to provide greater diversification of the City’s investment portfolio; and WHEREAS, there have been recent legislative updates and to align with the State of California Government Code Sections 53600 through 53609 and 53630 through 53686, the Successor Agency’s investment policy has been amended.
WHEREAS, the City Council as Successor Agency has an equal obligation to be aware of the social and political impacts of its investments, and subsequently to act responsibly in making its financial decisions; and WHEREAS, the City Council as Successor Agency shall strive to make investments that benefit the local area and are consistent with municipal plans and policies.
NOW, THEREFORE, BE IT RESOLVED, by the City Council as Successor Agency of the City of Signal Hill, California that the Investment Policy as described in Exhibit A, attached here to and incorporated herein by reference as though fully set forth, is hereby revised to include the new investment option and changes to align with the current State Government Code.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council, of the City of Signal Hill, California on this 24th day of October, 2023.
TINA L. HANSEN
MAYOR
ATTEST:
DARITZA GONZALEZ
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SIGNAL HILL )
I, Daritza Gonzalez, City Clerk of the City of Signal Hill, California, hereby certify that Resolution No. 2023-10-XXXX was adopted by the City Council of the City of Signal Hill, California, at a regular meeting held on the 24th day of October, 2023, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
___________________________
DARITZA GONZALEZ
CITY CLERK
Resolution No. 2023-10-XXXX
October 24, 2023