HomeMy WebLinkAboutRES NO 94-00RESOLUTION
A RESOLUTION OF THE COUNCIL OF THE
CiTY OF BAKERSFBELD AUTHORIZING
~NVESTMENT 'FERMS LONGER THAN FiVE
YEARS;
WHEREAS, Section 53601 of the California Government Code requires City Council
authorization for investments thai wHi exceed a term of five years; and
WHEREAS, lhe City of Bakersfield desires to authorize investments with terms
longer than five years so as to maximize its rate of return; and
WHEREAS, the City desires to authorize staff to make investments in triple A rated
callable federaB agency bonds, notes or debentures with a maximum term of ten years from
purchase date with a rate of return of at least 8%.
NOW, THEREFORE, BE BT RESOLVED, by the Council of the City of Balkersfield
as follows:
~n accordance with tile City's Envestment Policy:
1. Staff is authorized to make investments in triple A rated callable federal
agency bonds, notes or debentures with a maximum term often years from purchase date
with a rate of return of at Beast 8%; and
2. Investments shah be in any of the following authorized agencies: Federal
Farm Credit Bank, Federal Home Loan Bank, Federal Home Loan Mortgage Corp. and
Federal National Mortgage Association; and
3. AH investments with terms between five and ten years will be limited to the
lesser of $10 million or 10% of the portfolio at the time the investment is made,
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i HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
Councit of the City of Bakersfield at a regular meeting thereof held on AUG t ~ ?riO0
by the foBlowing vote:
AYES:
NOES:
ABSTAIN:
ASSENT:
COUNCILMEMBER CA~SON, DEMOND, MAGGARD, COUCH, SULLIVAN, SALVAGGIO
COUNCIl_MEMBER NOr'~__ '
COUNCILMEMBER ~
COUNCILMEMBER
APPROVED:
By:
AUG 1
Mayor
Council of the City of Bakersfie~d
APPROVED AS TO FORM:
BART J, THILTGEN
City Attorney
By MI~EL G. ALLFORD/
Deputy City Attorney
COUNTERSIGNED:
MGA:ISC
S:\COUNCIL\Resos\investTerm5+yrs.wpd
July 27, 2000
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