1991 AGN JAN 03 I06 - Laserfiche WebLink

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III. The Treasurer"s Authority for Makinct Investments The Treasurer's authority for making investments has been granted by the City Council. Resolution #4298 - dated March 15, 1983, as required by Section 53607 of the California Government Code. Further statutory authority for the Treasurer's investment functions and responsibilities may be found in Sections 53601 and 53630 et. seq. of the Government Code. IV. Legal Restrictions Pertaining to Investments The law establishes certain restrictions on the types of securities and deposit classifications that are to be used in making investments of public funds. In certain instances, the law defines the maximum maturity, credit rating, and other criteria intended to minimize risk. The statutes containing the types of securities and deposits permissible for investment purposes may be found in Sections 53601 and 53635 of the Government Code. While the law defines the parameters for making investments, it does not define the risk. The Treasurer reserves the right to further restrict the investments permissible by law and to use his own discretion, in Tight of prevailing market conditions, the economy, and other factors, to limit the degree of risk at any moment in time. Except for specific policy restrictions which follow, those investments presently authorized by the Treasurer are shown in Schedule I. V. Treasurer's Specific Restrictions and Guidelines Governing Investments The following restrictions apply to all investments purchased by the Treasurer: 1. All investment transactions shall originate and be conducted at the office of the City. Treasurer. 2. Although permissible by statute, no investments are authorized in: (a) Reverse Repurchase Agreements (b) Small Business Administration Notes. (c) Eurodollar Time Certificates of Deposit (d) Bond Mutual Funds 2