HomeMy WebLinkAboutCity Council - 2020-40 RESOLUTION NO. 2020-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH AUTHORIZING THE DEPOSIT AND INVESTMENT
OF EXCESS FUNDS WITH THE TREASURER-TAX COLLECTOR
OF THE COUNTY OF ORANGE, CALIFORNIA
WHEREAS, Section 53684 of the California Government Code allows "City of
Huntington Beach", to deposit excess funds into the Orange County Treasury for
purposes of investment by the Orange County Treasurer-Tax Collector"Treasurer"; and
The City of Huntington Beach has determined or may determine from time to
time, that excess funds of Local Agency exist which are not required for immediate use;
and
The City of Huntington Beach has added the Orange County Investment Pool to its
Investment Policy Statement; and
The Treasurer may accept for investment deposits of the City of Huntington Beach,
provided that the local agency is located within Orange County.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS
FOLLOWS:
1. The City of Huntington Beach hereby finds that it may, from time to time,
be advantageous to make deposits for purposes of investment in the Orange County
Investment Pool.
2. The City of Huntington Beach has received and carefully reviewed the
Treasurer's Investment Policy Statement (the "IPS"), and, is familiar with its
contents. Having considered and weighed the risks of investing (including, but not
limited to, the risks of loss of interest and principal), the City of Huntington Beach
finds and determines that it is appropriate and legal to invest its moneys in the
Orange County Investment Pool as permitted by the City of Huntington Beach
Investment Policy Statement. The City of Huntington Beach understands and
agrees that the IPS may be amended at any time by the County Board of Supervisors.
3. The City of Huntington Beach further acknowledges that it has reviewed
and understands Net Asset Value ("NAV")risk that is described in Section V of the
IPS.
4. The City of Huntington Beach City Council hereby finds and determines
that excess funds of the City are not required for immediate use and that the
investment of such funds in the Orange County Investment Pool is an appropriate
investment of its moneys.
20-8648/230093 1
RESOLUTION NO. 2020-40
5. The City of Huntington Beach authorizes the deposit of moneys of the
City of Huntington Beach into the Orange County Investment Pool for
purposes of investment by the Treasurer in accordance with the provisions of
Section 53684 of the California Government Code and the "Agreement for the
Deposit and Investment of Excess Funds into the County Treasury" (the
"Agreement"), which has been presented to the City of Huntington Beach and
which is approved in the form presented. The City of Huntington Beach Treasurer
is hereby authorized and directed, for and in the name of the City of Huntington
Beach, to execute the Agreement on behalf of the City of Huntington Beach.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 15th day of June , 2020.
or
VIE D A OVED: A ROVED S O F
City Manager qv-, City Attome
INITIATED AND APPROVED:
City Treasurer
20-8648/230093 2
Res. No. 2020-40
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ROBIN ESTANISLAU, the duly elected, qualified City Clerk of the
City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do
hereby certify that the whole number of members of the City Council of the City of
Huntington Beach is seven; that the foregoing resolution was passed and adopted
by the affirmative vote of at least a majority of all the members of said City Council
at a Regular meeting thereof held on June 15, 2020 by the following vote:
AYES: Posey, Delgleize, Hardy, Semeta, Peterson, Carr, Brenden
NOES: None
ABSENT: None
RECUSE: None
City Clerk and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California