RES-10277 Amendment of Statement of Investment Policy FY 07-08 and Approval Adoption of Statement of Investment Policy FY 08-09RESOLUTION NO. 10277
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING ITS STATEMENT
OF INVESTMENT POLICY FOR FISCAL YEAR
2007-08, APPROVING AND ADOPTING
A STATEMENT OF INVESTMENT POLICY
FOR FISCAL YEAR 2008-09,
AND DELEGATING INVESTMENT OF
ORANGE REDEVELOPMENT AGENCY FUNDS TO THE TREASURER
OF THE CITY
OF ORANGE.WHEREAS, California Government Code Sections 53600 et seq. set
forth detailed provisions regarding permitted and prohibited investments by cities
and accountability
therefor; and WHEREAS, the City Council adopted Resolution No. 10197 on July
10, 2007 adopting the City's Statement ofInvestment Policy for Fiscal Year 2007-
08 (herein referred to as the FY
2007-08 SIP); and WHEREAS, the City Council desires to amend, modify
and supplement the FY 2007-08 SIP for the balance of Fiscal Year 2007-08,
effective upon the adoption of this Resolution, so that the City's Statement of Investment Policy
for the balance of Fiscal Year 2007 -08 will be the Statement of Investment
Policy attached to this Resolution, and incorporated herein by this reference (herein
referred to as the SIP); and WHEREAS, the City Council further desires to adopt
the SIP as its Statement of Investment
Policy for Fiscal Year 2008-09; and WHEREAS, the FY 2007-08 SIP
requires that the City Council annually review its Statement of Investment Policy and adopt
a policy annually within 120 days following the end of each fiscal year by a resolution and vote of
the City Council at a public meeting, and separately by the Board of
Directors of the Orange Redevelopment Agency (Agency); and WHEREAS, the
City's Investment Advisory Committee and Investment Oversight Committee have reviewed the proposed amendment
of the FY 2007-08 SIP, as presented at this meeting, and the proposed SIP for
Fiscal Year 2008-09 in the form attached to this Resolution and have recommended
that the City Council and the Agency Board of Directors a) amend the FY 2007-08 SIP
for the balance of Fiscal Year 2007-08 so that the SIP attached hereto will be
both the City and the Agency's Statement of Investment Policy for the balance of Fiscal Year
2007-08, and (b) adopt the SIP attached hereto as the
WHEREAS, the City Council desires to: (a) amend the FY 2007-08 SIP for
the balance of Fiscal Year 2007-08, commencing upon the adoption of this Resolution,
so that the SIP attached hereto will be the City's Statement of Investment Policy for the
balance of Fiscal Year 2007-08; (b) adopt the SIP attached hereto as the City'
s Statement ofInvestment Policy for Fiscal Year 2008-09; and (c) authorize the City Treasurer to invest
the funds of the Agency during the balance of Fiscal Year 2007-08 and
Fiscal Year 2008-
09 in accordance with the SIP.NOW, THEREFORE, BE IT RESOLVED by the
City Council of
the City of Orange as follows:Section 1. That the FY 2007-08 SIP is
hereby amended for the balance of Fiscal Year 2007-08 so that the SIP attached hereto
will be the City's Statement of Investment
Policy for the balance of Fiscal Year 2007-08.Section 2. Moreover, the
SIP attached hereto is the City's Statement of Investment Policy for Fiscal Year 2008-
09 and isduly adopted in accordance with State law and Chapter
2.49 of Title 2 of the Orange Municipal Code.Section 3. That the
Treasurer of the City of Orange is hereby authorized and directed to invest the funds of the
Agency on behalf of the Agency in accordance with the terms and provisions of the SIP in
the form attached for the
balance of Fiscal Year 2007-08 and for Fiscal Year
2008-09.Section 4.This Resolution shall
take
effect immediately
upon
adoption.ADOPTED this 8th day
of
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Resolution was duly and regularly adopted by the City Council of
the City of Orange at a regular meeting thereof held on the 8th day of April, 2008, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: Smith, Murphy, Cavecche, Dumitru, Bilodeau
COUNCIL MEMBERS: None
COUNCIL MEMBERS: None
COUNCIL MEMBERS: None
of Orange
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