HomeMy WebLinkAbout4579 - MINUTE ORDERS - 6/6/1990 MINUTE ORDER NO. 4579
APPROVING CHANGES IN THE CITY'S
INVESTMENT POLICY TO DECREASE THE AMOUNT
OF FUNDS WHICH MAY' BE INVESTED FOR
A PERIOD OF THIRTY-SIX MONTHS OR MORE:
FROM 10% TO 5%; INCREASE THE AMOUNT
OF FUNDS WHICH MAY BE INVESTED FOR
A PERIOD OF TWELVE TO THIRTY-SIX MONTHS
FROM 5% TO 10%; PROHIBIT THE PURCHASE
OF REVERSE REPURCHASE AGREEMENTS WITHOUT
FIRST OBTAINING FORMAL APPROVAL FROM
THE CITY COUNCIL; AND PROHIBIT THE:
PURCHASE OF MUTUAL FUNDS.
I HEREBY CERTIFY that this Minute Order, approving changes
in the City' s Investment Policy to decrease the amount of
funds which may be invested for a period of thirty-six months
or more from 10% to 5%; increase the amount of funds which
may be invested for a period of twelve to thirty-six months
from 5% to 10%; prohibit the purchase of reverse repurchase
agreements without first obtaining formal approval from the
City Council ; and prohibit the purchase of mutual funds,
was adopted by the City Council of the City of Palm Springs,
California, in a meeting thereof held on the 6th day of June,
1990.
d . ITH SUMICH
City Clerk