8E Consent 2010 0621 - Laserfiche WebLink

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Investment Policy -June 21, 2010 1. Page 2, Section III Delegation of Investment Authority/Prudence -The recommended changes are as follows: • Added the word "Prudence" to the title of section III and added CGC Section "53600" regarding prudent investments, which is consistent with the remainder of section III 2. Page 4, Section VIII Authorized and Suitable Investments -Added the first sentence since it relates to CGC 53600, et seq. • "All investments shall be made in accordance with California Government Code Sections 53600, et seq. and as described within this Investment Policy." 3. Page 5, Section VIII, "The State of California Local Agency Investment Fund (LAIF)" -Paragraph changed: • "$40 million" to "the maximum program limit", in order to broaden the explanation rather than propose exact dollar figure changes in subsequent years. • Page 5, Section VIII, Paragraph "Money Market Mutual Funds" -Added to the title "Money Market" since this is what the paragraph defines. This change is for clarifying purposes only. 4. Page 7, "Reporting" Segment -deleted the last 2 paragraphs as follows: • "In accordance with AB943, the City will submit a copy of its investment report for the second (October -December) and fourth (April -June) quarters of the fiscal year to the California Debt and Investment Advisory Commission (CDIAC) within sixty (60) days of the end of each respective quarter. The City will submit a copy of this investment policy to CDIAC within sixty (60) days of the end of every calendar year. The City will also submit an updated copy of this policy to CDIAC within (60) days of any City Council approved amendment to it." These reporting requirements to California Debt and Investment Advisory Commission were dropped in 2009. References on Appendix A also reflect above proposed changes. Previous City Council Action(s) The Investment Policy is reviewed annually and was last reviewed by the City Council on July 20, 2009 by Resolution No. 2009-108. City Council Committee Review and Action Finance Committee reviewed and approved on May 18, 2010.