HomeMy WebLinkAbout112-2015RESOLUTION NO. 112-2015
APPROVING CHANGES TO THE TOWN
OF DANVILLE INVESTMENT POLICY
WHEREAS, the Town of Danville has an adopted Investment Policy which sets forth the
objectives, policies and guidelines for the investment of all Town funds;
WHEREAS, the Investment Policy complies with all applicable federal, state and legal
requirements to ensure the prudent investment of public funds, including California
Government Code (CGC) Section 53601; and
WHEREAS, investments can only be made in legal securities as described by the
Investment Policy and invested in a manner that assures adequate liquidity to meet
forecasted disbursement requirements; and
WHEREAS, the primary objective of the Investment Policy of the Town of Danville is
safety; and
WHEREAS, Section 17 of the Investment Policy requires that the Policy shall be reviewed
and re -approved annually by the Town Council; and
WHEREAS, the Investment Policy has been reviewed by the Town's Treasurer, and
independent investment advisor who have recommended the following changes:
1) Section 11, Paragraph b - Delete SLMA (Student Loan Marketing Association); and
include FHLMC (Federal Home Loan Mortgage Corporation);
2) Section 11, Paragraph 1 (3) - increase the percentage of the portfolio that may be
invested in the money market mutual funds category from 15% to 20% pursuant to
California Government Code (CGC) Section 53601;
3) Section 11, Paragraph n - delete reference to "the Community Development Agency
(CDA)";
4) Section 11, Paragraph o - add "Supranational Securities" to comply with CGC
Section 53601 (q), effective as of January 1, 2015.
5) Section 14, Paragraph 3 - increase the percentage of the portfolio that may be
invested in money market mutual funds used to hold proceeds until an appropriate
investment is made from 10% to 20%.
6) Update Glossary of Investment Securities to add Paragraphs o.
"Supranationals"and p. "Supranational securities"; and
WHEREAS, The Danville Town Council has duly reviewed and considered these changes
and finds them to be consistent with the intent of the Investment Policy; now therefore be
it
RESOLVED, by the Danville Town Council, that these changes be made to the Investment
Policy and that all investment control and reporting procedures outlined in the Town of
Danville Investment Policy continue to be applied and implemented by the Town
Treasurer.
APPROVED by the Danville Town Council at a regular meeting on December 15, 2015, by
the following vote:
AYES: Stepper, Morgan, Arnerich, Doyle, Storer
NOES: None
ABSTAINED: None
ABSENT: None
Q5
APPROVED AS TO FORM:
CITY ATTORNEY
A TTFC,T-
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