HomeMy WebLinkAbout09 - Investment Policy Review and Update - Amended September 8, 2015
Item No. 9
RESOLUTION NO. 2015-74
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH FINDING CONSISTENCY WITH
STATED INVESTMENT OBJECTIVES AND AMENDING
CITY COUNCIL POLICY F-1, STATEMENT OF
INVESTMENT POLICY, TO ALLOW THE CITY TO INVEST
IN SUPRANATIONAL BONDS; AND TO MAKE
APPLICABLE THE INVESTMENT POLICY'S
PERCENTAGE LIMITATIONS FOR ALL TYPES OF
SECURITES ONLY ON THE DATE OF PURCHASE,
CONSISTENT WITH CALIFORNIA CODE SECTION 53601
WHEREAS, the City Council of the City of Newport Beach ("City") through
City Council Policy F-1 adopted a Statement of Investment Policy; and
WHEREAS, City Council Policy F-1 requires the Director of
Finance/Treasurer to review the Investment Policy with the Finance Committee at least
annually to ensure its consistency with the overall objectives of preservation of principal,
liquidity and return, and its relevance to current law and financial and economic trends;
and
WHEREAS, the Finance Committee reviewed changes to the written
Statement of Investment Policy at its August 13, 2015, meeting and found consistency
with the stated objectives; and
WHEREAS, the Director of Finance/Treasurer shall review the Investment
Policy with the City Council at a public meeting if there are changes recommended to the
Investment Policy; and
WHEREAS, the Director of Finance/Treasurer has reviewed the written
Statement of Investment Policy and recommends changes to better align policy with State
Code and allow for greater investment diversification; and
WHEREAS, the City Manager reviewed the recommended revisions
suggested by the Director of Finance/Treasurer and recommends the City Council amend
the City's written Statement of Investment Policy.
NOW, THEREFORE, the City Council of the City of Newport Beach resolves
as follows:
Section 1: After considering the City's written Statement of Investment
Policy at a public meeting, and reviewing all associated written and oral testimony, the
City Council finds the City's written Statement of Investment Policy is consistent with the
overall objectives of preservation of principal, liquidity and return, and is relevant to
current law and financial and economic trends.
Section 2: City Council Policy F-1, Statement of Investment Policy is
hereby amended in its entirety and replaced with the attached Statement of Investment
Policy, which is incorporated by reference into this resolution. This amendment will align
the policy with State Code and allow for greater investment diversification.
Section 3: The City Council finds this action is not subject to the
California Environmental Quality Act ("CEQA") pursuant to Sections 15060(c)(2) (the
activity will not result in a direct or reasonably foreseeable indirect physical change in
the environment) and 15060(c)(3) (the activity is not a project as defined in Section
15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3,
because it has no potential for resulting in physical change to the environment, directly
or indirectly.
Section 4: If any section, subsection, sentence, clause or phrase of this
resolution is for any reason held to be invalid or unconstitutional, such decision shall not
affect the validity or constitutionality of the remaining portions of this resolution. The City
Council hereby declares that it would have passed this resolution and each section,
subsection, clause or phrase hereof, irrespective of the fact that any one (1) or more
sections, subsections, sentences, clauses and phrases be declared invalid or
unconstitutional.
Section 5: This resolution shall take effect immediately upon its adoption
by the City Council, and the City Clerk shall certify the vote adopting the resolution.
'4 ADOPTED this 8 th day of 04m er 2015.
Edward D. Selich
Mayor
ATTEST:
Leilani I. Brown