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RESOLUTION NO. 2020-11 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH, CALIFORNIA, FINDING <br />CONSISTENCY WITH STATED INVESTMENT <br />OBJECTIVES AND AMENDING CITY COUNCIL POLICY F- <br />1 TO ADD CLARIFYING LANGUAGE THAT IS <br />CONSISTENT WITH GOVERNMENT CODE SECTION <br />53600, ET SEQ. <br />WHEREAS, the City Council of the City of Newport Beach ("City") through City <br />Council Policy F-1 has adopted a Statement of Investment Policy ("Investment Policy"); <br />WHEREAS, City Council Policy F-1 requires the Director of Finance/ Treasurer to <br />review the Investment Policy with the City's Finance Committee at least annually to ensure <br />its consistency with the overall objectives of preservation of principal, liquidity, and return, <br />and its relevance to current law and financial and economic trends; <br />WHEREAS, the City's Finance Committee reviewed changes to the Investment <br />Policy at its November 14, 2019, meeting and found consistency with the stated objectives; <br />WHEREAS, City Council Policy F-1 requires the Director of Finance/Treasurer to <br />review the Investment Policy with the City Council at a public meeting if there are <br />recommended revisions to the Investment Policy; <br />WHEREAS, the Director of Finance/Treasurer has reviewed the written Statement <br />of Investment Policy and recommends revisions to better align the policy with State law and <br />allow for greater investment diversification; and <br />WHEREAS, the City Manager has reviewed the recommended revisions suggested <br />by the Director of Finance/Treasurer and recommends the City Council amend City Council <br />Policy F-1, Statement of Investment Policy as provided in this resolution. <br />NOW, THEREFORE, the City Council of the City of Newport Beach resolves as <br />follows: <br />Section 1: The City Council does hereby amend Council Policy F-1, Statement of <br />Investment Policy, in its entirety and replaces it with the attached Council Policy F-1, <br />Statement of Investment Policy, which is incorporated herein by this reference. <br />Section 2: All prior versions of Council Policy F-1 that are in conflict with the <br />revisions adopted by this resolution are hereby repealed. <br />