FA Resolution 2011-003RESOLUTION NO. FA 2011 - 003
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY 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 2011/2012; 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 Financing Authority 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
Financing Authority, held on this 21 day of June 2011 by the following vote, to
wit:
Resolution No. FA 2011 -003
Investment Policy for fiscal Year 2011/2012
Adopted: June 21, 2011
Page 2
AYES: Authority Members Evans, Franklin, Henderson, Sniff, Chair Adolph
NOES: None
ABSTAIN: None
ABSENT: None
V �"j
DON ADOL H, Chahknan
La Quinta Financing Authority
I`i
;?ARONICR MONTECINO, CIVIC, Secretary
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ut- 6jinta- F inancing Authority
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XAUTHO`RITY SEAL)
APP OVED AS ;FO F M:
KATHERINE JENSO , Authority Counsel
La Quinta Financing Aul
Resolution No. FA 2011 -003
Investment Policy for fiscal Year 2011/2012
Adopted: June 21, 2011
Page 3
Exhibit A
INVESTMENT POLICY FOR FISCAL YEAR 2011/2012
The Policy is attached as Exhibit A to City Council Resolution No. 2011-053