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A. RESOLUTION NO. 2017-078 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACKNOWLEDGING RECEIPT OF, AND AMENDING, COUNCIL POLICY NO. 220-01, THE CITY OF CHULA VISTA INVESTMENT POLICY AND GUIDELINES; AND DELEGATING INVESTMENT ACTIVITY AUTHORITY TO THE DIRECTOR OF FINANCE/TREASURER
B. INVESTMENT REPORT FOR THE QUARTER ENDED MARCH 31, 2017
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution and accept the report.
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SUMMARY
Per California Government Code Section 53607, on an annual basis the City Council may delegate to the City Treasurer the authority to conduct the investment activities of the City. And per Government Code Section 53646, the City Treasurer may annually present the City's Investment Policy to the City Council to reaffirm or make any changes to the existing policy. The Investment Policy provides guidelines for the investment of idle funds and affords the City various investment opportunities, as long as the investment is deemed prudent and is allowable under Government Code Section 53600, et seq. The City received the Certificate of Excellence Award from the Association of Public Treasurers United States and Canada (APT-US&C) in August 2007 for its Investment Policy, and most recently, the Policy was reviewed and adopted by City Council on March 15, 2016. At this time, staff is recommending minor changes to the policy to reflect the recent revision of California Government Code Section 53601 to clarify that the Code's rating requirements specify the minimum credit rating category required for investment types at purchase.
Transmitted herewith is the City's investment report for the quarter ended March 31, 2017. To meet the reporting requirements set forth in the California Government Code Sections 53600 et seq. and the City of Chula Vista Investment Policy and Guidelines, a separate report was distributed to the City Council in April.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the...
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