RDA Resolution 2011-024RESOLUTION NO. RA 2011 - 024
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY OF THE CITY OF LA QUINTA APPROVING AND
ADOPTING THE AMENDED INVESTMENT POLICY FOR
FISCAL YEAR 2011 /2012
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 for Fiscal Year 201 1 /2012; 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 Redevelopment Agency of the City
of La Quinta to adopt the Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency, held on this 21 s` day of June 2011 by the following vote, to
wit:
AYES: Agency Members Adolph, Evans, Franklin, Sniff, Chair Henderson
NOES: None
ABSTAIN: None
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Resolution No. RA 2011-024
Investment Policy for Fiscal Year 2011 /2012
Adopted: June 21, 2011
Page 2
Chairperson
ant Agency
0
it La Quintaedevelc
1
(AGENCY SEAL)
APPROVED AS TO
I-- ...
D, CIVIC, Agency Secretary
Agency
M. KATHERINE JENSRN, Agency Counsel
La Quinta Redevelopment Agency
Resolution No. RA 2011-024
Investment Policy for Fiscal Year 2011/2012
Adopted: June 21, 2011
Page 3
EXHIBIT A
INVESTMENT POLICY FOR FISCAL YEAR 201 1 /2012
The Policy is attached as Exhibit A to City Council Resolution No. 2011-053.