HomeMy WebLinkAboutCC 6 COMINGLED INV'S 07-01-91CONSENT CALENDAR NO. 6
7-1-91
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TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: RONALD A. NAULT, DIRECTOR OF FINANCE
SUBJECT: AUTHORIZATION TO INVEST CITY SURPLUS FUNDS IN THE ORANGE
COUNTY TREASURER'S COMMINGLED INVESTMENT POOL
RECOMMENDATION:
Adopt Resolution No. 91-94 authorizing the Finance Director/City
Treasurer to deposit surplus City funds in the Orange County
Treasurer's Commingled Investment Pool.
DISCUSSION:
Section II 5.C, Investment Limitations, of the current City of
Tustin Statement of Investment Policy adopted by the City Council
in February of 1991, allows for the deposit of surplus City funds
with the Orange County Treasurer's Commingled Investment Pool. The
attached Resolution No. 91-94 is in compliance with Section 53684
of the Government Code and its adoption is a requirement for the
County Treasurer to accept deposits in the Pool.
During their evaluation of the City's Investment Policy the Audit
Committee evaluated the County Treasurer's Pool and recommended its
inclusion as an investment alternative. The County's Pool operates
very similar to the State Local Agency Investment Fund with some
minor differences for prior notification of withdrawals.
The County Pool will provide a viable investment alternative to the
City that generates competitive yields with very little risk. The
County Treasurer will provide monthly reports to the City in
compliance with Government Code Section 53646.
Ron ld A. Nault
Director of Finance
RAN: 1s
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RESOLUTION 91-94
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN
AUTHORIZING THE CITY TREASURER/FINANCE DIRECTOR TO INVEST
MONIES WITH THE COUNTY OF ORANGE TREASURER'S COMMINGLED
INVESTMENT POOL
WHEREAS, pursuant to Section 53684 was added to the California
overnment Code allowing local agencies to deposit excess funds
nto the County Treasury for purposes of investment by the Orange
ounty Treasurer; and
WHEREAS, the City council does hereby find that the deposit
nd withdrawal of money with the County Treasurer in accordance
ith the provisions of investment as stated therein are in the best
nterests of the City of Tustin.
NOW, THEREFORE, BE IT RESOLVED that the City of Tustin City
Council does hereby authorize the deposit and withdrawal of City of
Tustin monies with the County Treasury in the County of Orange in
accordance with the provisions of Section 53684 of the Government
Code for the purpose of investment as stated therein.
BE IT FURTHER RESOLVED that the following City of Tustin
officers or their successors in office shall be authorized to order
the deposit or withdrawal of monies in the County Treasury.
Title of Authorized Officers
City Manager
Director of Finance/Treasurer
City Clerk
Chief Deputy City Clerk
PASSED AND ADOPTED this 1st day of July 1991.
ATTEST:
Mary Wynn
City Clerk
w resolutn.inv
Charles E. Puckett
Mayor