City Council

c. RESOLUTIONS ADOPTING INVESTMENT POLICIES AND INTRODUCING A\nNEW INVESTMENT OPTION UNDER THE JOINT POWERS AUTHORITY\nLOCAL GOVERNMENT INVESTMENT POOLS\nSummary:\nThe City’s Investment Policy provides guidelines for the prudent investment of\nthe City’s available resources and outlines policies for maximizing the efficiency\nof the City’s cash management process. The Investment Policy serves to\nenhance the City’s economic status while protecting its pooled cash. In\naccordance with California Government Code Section 53646(a), an annual\nrendering of the City’s Investment Policy shall be presented to the City Council\nfor consideration. Staff does not propose changes to the Investment Policy at\nthis time. In addition, the City Council, as Successor Agency, will consider the\nadoption of a companion policy addressing the Successor Agency funds.\nAs permissible under Government Code 53601(p) which includes the ability to\ninvest in joint powers authority local government investment pools, and as\nallowed by the City’s current Investment Policy, the City is introducing a new\ninvestment option and participation in California Cooperative Liquid Assets\nSecurities System, also known as the California CLASS Prime Fund portfolio.\nStrategic Plan Goal(s):\nGoal No. 1 Financial Stability: Ensure the City’s long-term financial stability\nand resilience.\nRecommendations:\nAdopt the resolution, entitled:\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,\nCALIFORNIA, ADOPTING ITS INVESTMENT POLICY FOR PUBLIC FUNDS\nSuccessor Agency:\nAdopt the resolution, entitled:\nA RESOLUTION OF THE CITY COUNCIL AS SUCCESSOR AGENCY OF THE\nCITY OF SIGNAL HILL, CALIFORNIA, ADOPTING ITS INVESTMENT POLICY\nFOR PUBLIC FUNDS