1999 06 29 FA La Quinta
Financing Authority
SPECIAL MEETING
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
June 29, 1999
1:30 PM
CALL TO ORDER Beginning Res. No. FA 99-01
a. Roll Call
PUBLIC COMMENT
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
a. Approval of Minutes of January 5, 1999
BUSINESS SESSION
1. CONSIDERATION OF ADOPTION OF THE INVESTMENT POLICY FOR FISCAL YEAR
1999/2000.
A) RESOLUTION ACTION.
CONSENT CALENDAR - None
DEPARTMENT REPORTS - None
CHAIR AND BOARD MEMBERS' ITEMS - None
PUBLIC HEARINGS - None
ADJOURNMENT
Page
t AGENDA CATEGORY:
BUSINESS SESSION: I
COUNCIL/RDA MEETING DATE: June 29, 1999 CONSENT CALENDAR:
ITEM TITLE: STUDY SESSION:
PUBLIC HEARING:
Consideration of a Resolution of the :
Financing Authority of the City of ka Quints,
California Adopting the Investment Policy of
the City of ka Quints for Fiscal Year 1999/2000
RECOMMENDATION:
Approve a Resolution of the Financing Authority of the City of La Quinta, California
adopting the Investment Policy of the City of La Quinta for Fiscal Year 1999/2000.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 99 .-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 1999/2000
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's
investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the 1999/2000 Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of , 1999 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
JOHN J. PE~A, Chairman
La Quinta Financing Authority
ATTEST:
SAUNDRA L. JUHOLA, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
DAWN HONEYWELL, City Attorney
La Quinta Financing Authority