HomeMy WebLinkAbout18926 - RESOLUTIONS - 11/6/1996 RESOLUTION NO. 1.8926
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, ADOPTING
AN INVESTMENT POLICY GOVERNING THE
INVESTMENT OF CITY FUNDS.
WHEREAS, Section 53646 (a) of the State of California Government
Code requires that an investment policy is annually rendered to and
considered by the City Council in a public meeting; and
WHEREAS, the City Treasurer has prepared an investment policy which
meets the standards delineated in the California Debt Advisory
Commission's report on Local Agency Investment Guidelines; and
WHEREAS, the revised investment policy was reviewed by the City
Manager, City Attorney, and the Ci.ty's outside Auditors, Conrad &
Associates; and
WHEREAS, the comments and suggestions of these parties were
incorporated into the revised Investment Policy document before
Council; and
WHEREAS, the revised Investment Policy describes the City's
commitment to safeguarding its funds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs, that the Investment Policy recommended is hereby
adopted. ,
ADOPTED this 6th _day of November 1996 .
AYES : Members Barnes, Hodges, Oden, Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: clt OF PALM SPR (yY�_ALIFORNIA
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City Clerk ity Managls
REVIEWED & APPROVED AS TO FORM ""'