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ITEM #15 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR THE COUNCIL MEETING OF January 15, 2008 <br />TO: Honorable Mayor and City Council Members <br />FROM: Aurelio De La Torre - Treasurer <br />SUBJECT: Delegation of investment authority to the City Treasurer <br />DATE: January 7, 2008 <br />BACKGROUND: <br />The California Government Code, section 53607, allows the City Council to delegate the <br />authority to invest funds of the city to the treasurer for a one year period. This authority is <br />valid for one year or until revoked. <br />ANALYSIS/DISCUSSION: <br />With the delegation of investment authority, the treasurer assumes full responsibility for <br />the planning, strategy and execution of investments for City pooled funds and bond <br />proceeds. The deputy treasurer/finance director provides backup in the absence of the <br />treasurer to insure a smooth operation and checks and balances. <br />ENVIRONMENTAL IMPACT: <br />There are no environmental impacts on this issue. <br />FISCAL IMPACT: <br />None. <br />RECOMMENDATION: <br />The treasurer recommends that the Council delegate the investment authority to the <br />treasurer. <br />REVIEW <br />City Attorney: <br />City Manager: <br />Finance Director: <br />OTHER: <br />