RDA Resolution 2010-006RESOLUTION NO. RA 2010 - 006
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY OF THE CITY OF LA QUINTA APPROVING AND
ADOPTING THE AMENDED INVESTMENT POLICY FOR
FISCAL YEAR 2010-2011
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 2010-2011; 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 15`" day of June 2010 by the following vote:
AYES: Agency Members Adolph, Franklin, Henderson, Sniff, Chair Evans
NOES: None
ABSTAIN: None
ABSENT: None
Resolution No. RA 2010-006
Amended Investment Policy for FY 2010/11
Adopted: June 15, 2010
Page 2
C
1~
LINDA EVANS, Chair
La Quinta Redevelopment Agency
ATTEST:
_VERONICA`~dlMONTECINO, CMC, Agency Secretary
`: L'a'Q~ inta (edevelopment Agency
..
,, =(AGENCY SEAL) y
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APPROVED AS TO FORM:
0
M. KATHERINE .9gNSON, A~ency Counsel
La Quinta Redevelopment Agency
EXHIBIT A
City of La Quinta
INVESTMENT POLICY
Fiscal Year 2010-2011
see City Council Resolution 2010-045
approved this same date
for the 40 page exhibit