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HomeMy WebLinkAboutAGENDA REPORT 2004 0317 CC REG ITEM 09CMOORPARK CITY COUNCIL AGENDA REPORT ITEM 0(- C - 3- 17 -ao,0�4. _.. '77A0,0 TO: Honorable City Council FROM: Cynthia L. Borchard, Administrative Services Director DATE: March 4, 2004 (CC Meeting of 3/17/04) SUBJECT: Consider the Ventura County Investment Pool for Deposit of City Funds BACKGROUND The City currently invests available funds in the State Local Agency Investment Fund (LAIF) and also purchases additional government securities through Bank of America. We have consistently run up against the $40 million maximum investment stipulation with LAIF and we would also like to diversify our portfolio. We have recently researched various investment options available to the City in accordance with our Investment Policy including CalTrust - Joint Power Investment Authority Pool and the Ventura County Pool. DISCUSSION As of the last quarterly investment report (12/31/03), we had $56.5 million invested in LAIF and $9.5 million in U.S. Treasuries and Agencies for a total of $65 million invested. LAIF is currently paying about 1.5% and the U.S. Treasuries /Agencies range from 1.0% to 2.3 %. Staff recently explored other investment options including the League- endorsed CalTrust Pool. This Pool is a bond -like fund with a fluctuating net asset value. It provides a short term, medium term and long term fund. Because the funds are not held to maturity, there is fluctuation in the principal. As interest rates go up, the price goes down. You are not guaranteed $1 in $1 out as with LAIF. There is market risk involved and therefore we are not recommending investment in this Pool at 0000.3"t Honorable City Council March 17, 2004 Page 2 this time. The Board of Directors of the California Municipal Treasurer's Association took an official position at their January meeting of NOT endorsing the CalTrust Program. The County of Ventura operates an investment pool and accepts excess funds from local agencies for investment with the County Treasurer. All investments are made in accordance with the Treasurers Statement of Investment Policy as authorized by Government Code. Current portfolio holdings include Government Treasuries and Agencies, Commercial Paper and CD's. The average yield for 2002 was 4.86% vs. 2.67% for LAIF. The current yield is about 2 %. The pool is rated for credit quality and volatility and has received the highest ratings from Standard and Poor's. Current holdings appear to be less risky than LAIF. It should be noted that withdrawals from LAIF do not require any advance notification except for a 24 hour notice for withdrawals exceeding $10 million, however, Government Code 53684 provides for the local agency to give the County Treasurer thirty days notice of intent to withdraw. The total portfolio is currently about $1.3 billion and consists of 132 participants including water and sanitation districts, health care districts, park and recreation districts and school districts. Currently there are no cities participating in the Pool. Investment in the Ventura County Pool will provide an additional investment option and diversification for the City's excess funds and a potential increase over our current LAIF earnings. The Budget and Finance Committee (Mayor Hunter and Councilmember Harper) reviewed the information at their meeting on February 4th and concurs with staff recommendation to participate in the Pool. STAFF RECOMMENDATION Adopt Resolution No. 2004- authorizing investment in the Ventura County Investment Pool. Attachments: 1) Ventura County Pool Investment Procedures and Policy 2) Resolution No. 2004- 0 0 li 0.3 8 ATTACHMENT 1 j.L VENTURA COUNTY TREASURER -TAX COLLECTOR DEC' 2 3 2003 STATEMENT OF INVESTMENT POLICY r- ITT' OF NICfGi PAY I January 1, 2004 INTRODUCTION The Treasurer -Tax Collector of Ventura County manages pooled cash under the prudent investor rule. This rule states that: "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived." This rule allows the County the option to operate over a broad spectrum of investment opportunity defined within Section 53601 et. seq. of the California Government Code. Therefore, the County's portfolio will be made up of a selection of investments that ensure diversification and meet the liquidity needs of the organization. The major overriding premise underlying the County's investment philosophy is to ensure that funds are always available when needed. Investment Philosonhy The investment process is an art form and not a science. Therefore, the basic objectives of the investment art involve: 1) The safety of principal. 2) Maintenance of liquidity to meet cash flow needs. 3) To earn a competitive rate of return (i.e., yield) within the confines of the California Government Code, this policy, and procedural structure. In order to accomplish the objectives of safety, liquidity, and yield, the economy and various financial markets are monitored daily in order to assess the probable course of interest rates and thus maximize yield on the County's temporarily idle funds. In a market with increasing interest rates, the Treasury will attempt to invest in securities with shorter maturities. This strategy allows funds to be available for other investments when interest rates are at higher levels. Conversely, when interest rates appear to be near a plateau the Treasury will attempt to lock in a higher rate of return. The length of term for all investments shall be commensurate with the short, medium, and long -term cash flow needs of the County. 000039 Investment and the Notion of Risk In order to accomplish the investment philosophy outlined above, the concept of risk must be clearly defined as it relates to the investment of public funds. This concept of risk finds its ultimate translation into a structured and well - diversified portfolio. The County shall ensure the safety of its idle funds by limiting credit and interest rate risk. These are the two types of risk that can clearly damage a public sector portfolio. Credit risk is defined as the risk of loss due to the failure of the issuer of a security and shall be mitigated by: 1) Prequalifying financial institutions with which it will do business through the utilization of Moody's Credit Review Service, Standard and Poor's Financial Institutions Ratings, and Moody's Commercial Paper Record. 2) Diversifying the portfolio so that the failure of any one issuer or backer will not place any undue financial burden on the County. 3) Monitor all County investments on a daily basis to anticipate and respond appropriately to a significant reduction in the credit worthiness of a depository. Interest rate risk is defined as the risk that the market value of portfolio securities will fall due to an increase in interest rates. This risk shall be mitigated by: 1) Structuring the County's portfolio so that securities mature at times to meet the County's ongoing cash needs. 2) Restructure of the County's portfolio to minimize the loss of market value or cash flow. 3) Limit the average maturity of the County's holdings to 350 days. The investment program of Ventura County shall be managed with a degree of professionalism that is worthy of the public trust and adheres to the tenets of modern portfolio theory. The Treasury is very cognizant of past losses of public funds by local agencies throughout California. Those losses resulted in a loss of confidence by the public in public sector investment expertise. This policy seeks to ensure that proper controls are maintained by the Treasurer and subordinate staff. 000040 There are times when it becomes necessary for losses to be taken: A) Interest rates appear to be rising and the funds can be invested shorter term at higher rates. B) When swapping opportunities arise that will result in an increase in overall interest income to the County. C) When cash needs are greater than expected. Therefore, in order to mitigate these event risks to the County's portfolio all investment losses shall be approved by the Treasurer -Tax Collector, exclusively. This authority shall not be delegated. Liquidity The County's portfolio will be structured so that securities will mature at or about the same time as cash is needed to meet demand and in accordance with the economic projections mentioned above. The Treasury will construct a portfolio that will consist of securities with active secondary and resale markets. Any investments for which no secondary market exists, such as time deposits, shall not exceed 375 days and no investment will have a maturity of more than three years. Yield The Treasurer shall always attempt to obtain a competitive rate of return on any investment type consistent with the required safety, liquidity, and other parameters of this policy, departmental procedures, and the laws of the State of California. Internal Controls The Treasurer shall establish a system of internal controls, which shall be documented in writing. The controls will be designed to prevent losses of public funds arising from fraud, employee error, misrepresentation by third parties, and unanticipated changes in financial markets. Safekeepina of Securities To protect against potential losses caused by the collapse of individual securities dealers, all securities owned by the County, including collateral on repurchase agreements shall be held in safekeeping by a third party bank trust department, acting as agent for the County under the terms of a custody agreement executed by the bank and the County Treasurer. All trades executed between the County and a dealer will settle on a delivery vs. payment basis with a custodial bank. All security transactions engaged in by the Chief Investment Officer shall be countersigned by another authorized treasury department employee. 000041 Qualifications of Brokers, Dealers, and Financial Institutions The Treasurer shall transact business only with direct issuers, broker /dealers licensed by the State, National, or State chartered bank or savings institutions and primary government dealers designated by the Federal Reserve. Any broker /dealer interested in conducting business with the County must have an office within the State of California and is required to fill out an extensive questionnaire maintained by the Chief Investment Officer. This questionnaire is then reviewed by the Treasurer and upon acceptance permits the County to deal with the broker /dealer. No broker /dealer may have made political contributions greater than the limits expressed in Rule G- 37 of the Municipal Securities Rule Making Body to the Treasurer, Board of Supervisors, or candidate for those offices. The Treasury staff shall investigate dealers with which it will conduct business in order to determine: if the firm is adequately capitalized and meets the Federal Reserve's minimum capital requirements for broker /dealer operations, makes markets in securities appropriate to the County's investment policy, the individual covering the account has a minimum of three years dealing with large institutional accounts, and receives three favorable recommendations from other short term cash portfolio managers. Ratings With the exception of LAIF, insured deposits, and U.S. Treasury and Government Agency issues, investments shall be placed only in those instruments and institutions rated favorably as determined by the County Treasurer with the assistance of Moody's Commercial Paper Record, Moody's Credit Report, and the S & P Financial Institutions Ratings Service. If the rating of any depository drops during the course of time with which the County has placed an investment, the investment will be matured at the earliest possible convenience. If any one security rating drops below A -1 or P -1 resulting in a split rating, the investment will be sold if no significant loss of principal is involved or matured at the earliest possible convenience. These sales must be approved by the Treasurer -Tax Collector. U.S. Agencies The purchase of U.S. agency securities shall be limited to issues of the Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corp. (Freddie Mac), Student Loan Marketing Association (Sallie Mae), Tennessee Valley Authority (TVA), the Federal National Mortgage Corporation (Fannie Mae) or in obligations, participations, or other instruments of, or issued by, a federal agency or a United States government- sponsored enterprise. Agency holdings shall be 4 000042 limited to $500 million dollars with any one issuer (with the exception of TVA notes which are limited to $300 million). The maximum maturity of any one agency investment shall be three years. Commercial Paper Commercial Paper is a short term unsecured promissory note issued to finance short term credit needs. Commercial Paper eligible for investment must be of "prime" quality of the highest ranking or of the highest letter and numerical rating as provided for by Standard and Poor's Corporation or Moody's Investors Service, Inc. Eligible paper is further limited to issuing corporations that are organized and operating within the United States and have total assets in excess of $500 million and an "A" or higher rating for the issuer's debt, other than commercial paper, if any, as provided for by Moody's Investors Service, Inc. or Standard and Poor's Corporation. Purchases of eligible Commercial Paper may not exceed 270 days to maturity nor represent more than 10 percent of the outstanding paper of an issuing corporation. Purchases of Commercial Paper may not exceed 40 percent of the agency's surplus money that may be invested. No more than 10 percent of the agency's surplus money that may be invested may be invested in the outstanding paper of any single issuing corporation. The Treasurer shall establish a list of approved Commercial Paper issuers in which investments may be made. Medium Term Notes and Deposit Notes The California Government Code restricts counties to investing in Medium Term Corporate Notes of a maximum of five years maturity issued by corporations operating in the United States. Securities eligible for investment must be rated in the top three note rates categories ( Moody's designates AAA, A2, A, Standard & Poor's designates (AAA, AA, A). Medium term corporate notes may not exceed 5 percent of the County's portfolio and may not have a maturity of longer than 24 months. This market still lacks the dynamic liquidity necessary for it to operate as efficiently as the County would like. U. S. Government United States Treasury Bills, Notes, and Bonds are backed by the full faith and credit of the United States Government. There shall be no limitation as to the percentage of the portfolio which can be invested in this category. The maturity of a security is limited to a maximum of three years. Bankers Acceptances A Bankers Acceptance is a draft or bill of exchange accepted by a bank or trust company and brokered to investors in the secondary market. Bankers Acceptances may be purchased for a period of up to 180 days and in an amount not to exceed 40 percent of surplus funds with no more than 30 percent of the surplus funds in the Bankers Acceptances of any one commercial bank. The Treasurer shall establish a list of those banks deemed most credit worthy for the investment in Bankers Acceptances. 5 000043 Negotiable Certificates of Deposit Negotiable Certificates of Deposit (NCD) are issued by commercial banks, foreign banks, and thrift institutions against funds deposited for a specified period of time and earn specified or variable rates of interest. The Treasurer may invest up to 30 percent of surplus funds in NCD's. Negotiable certificates of deposit shall be limited to those institutions rated "AA" or better by Moody's and "AA" or better by Standard and Pooes C.D. Rating Service. NCD's differ from other Certificates of Deposit in that they are liquid securities which are traded in secondary markets. The maximum term to maturity of any NCD shall be 6 months. The Treasurer shall establish a list of eligible domestic commercial banks, thrifts and state licensed foreign banks (Yankee Certificates of Deposit) which will be eligible for investment. Certificates of Deposit Certificates of Deposit are deposits by the Treasurer in commercial banks or savings and loan associations within the State of California and pass the same ratings criteria as outlined under the above mentioned section "Negotiable Certificates of Deposit." Local institutions shall receive preference for deposits up to $100,000 if competitive rates are offered. These investments are non - negotiable. The maximum tern to maturity shall not exceed 375 days and shall be insured by the FDIC. Repurchase Agreements The County may invest in repurchase agreements with banks and dealers of primary dealer status recognized by the Federal Reserve . with which the County has entered into a repurchase contract which specifies terms and conditions of repurchase agreements. The maturity, of repurchase agreements shall not exceed 90 days. The market value of securities used as collateral for repurchase agreements shall be monitored daily by the Chief Investment Officer and will not be allowed to fall below 102% valued quarterly of the value of the repurchase agreement. In order to conform with provisions of the Federal Bankruptcy Code which provide for the liquidation of securities held as collateral for repurchase agreements, the only securities acceptable as collateral shall be certificates of deposit, commercial paper, eligible bankers' acceptances, or securities that are direct obligations of, or that are fully guaranteed as to principal and interest by the United States or any agency of the United States. Furthermore, this collateral shall not exceed five years to maturity. There shall be a $75 million dollar limitation in repurchase agreements entered into with any one institution. 000044 Securities Lending Securities Lending is permissible as an agreement to lend securities to a borrower who provides collateral to the local agency. The local agency retains ownership and continues to receive all interest, dividends, and capital appreciation. Both securities and collateral are held by a third party. At the conclusion of the agreement, the securities are transferred back to the local agency in return for the collateral. Local Agency Investment Fund The County may invest in the Local Agency Investment Fund (LAIF) established by the State Treasurer for the benefit of local agencies up to the maximum permitted by State law. Local Agency Debt and State Warrants The County may invest in bonds, notes, warrants, or other evidences of indebtedness of any local agency within this state, including bonds payable solely out of revenues from a revenue - producing property owned, controlled, or operated by the local agency, or by a department, board, agency, or authority of the local agency. The County may invest in registered state warrants or treasury notes or bonds of this state, including bonds payable solely out of the revenues from a revenue - producing property owned, controlled, or operated by the state, or by a department, board, agency, or authority of the state. Asset - Backed Securities The County may not invest in asset backed securities such as Collaterized Mortgage Obligations. Authority of The Treasurer The Treasurer has the authority to react to unstable market conditions in order to preserve the safety, liquidity or yield of the portfolio. The Treasurer's reaction may temporarily change the investment parameters or investment practices of the County until the market has stabilized or until the Board of Supervisors has approved a revised Investment Policy. The Treasurer shall immediately notify the Treasury Oversight Committee members and the Board of Supervisors at their next scheduled meeting of any changes to the investment parameters or practices that were precipitated by the unstable market conditions. Authority To Execute Investment Transactions The authority to execute investment transactions on a daily basis is limited to the Treasurer and the Chief Investment Officer. This function may be delegated to the Assistant Treasurer and/or other Treasury personnel at the discretion of the Treasurer. 0000 45 Competitive Bidding All purchase /sales shall be made only after a process of competitive bidding, unless information provided on electronic market quotation services, faxes, or email transmissions show current market rates. A minimum of three offer/bids should be obtained before an investment is purchased or sold. Exceptions to the above would involve transactions in U.S. Treasury or agency obligations, repurchase agreements, securities possessing unique characteristics which would make competitive bidding impractical, or market circumstances in which competitive bidding could be adverse to the best interest of the Treasurer's investment program. Place and Time for Conducting Business Investment transactions shall not be conducted from any other place other than the office of the Treasurer during normal business hours established for Treasury operations. Exceptions must have the approval of the Treasurer. Conflict of Interest No agency employee nor Treasury Oversight Committee member may directly or indirectly accept or solicit from any persons, corporations, or group having a business relationship with this Agency anything of economic value as a gift, gratuity, or favor which would be in conflict with the County Administrative Policy. No agency employee nor Treasury Oversight Committee member shall, outside of regular working hours, engage in any profession, trade, business, or occupation which is incompatible or involves a conflict of interest with his duties as a county officer or employee, or which in any way may reflect unfavorably on this Agency, the appointing authority, or his fellow employees. Reporting The Treasurer shall prepare a monthly Investment Report to be presented at a regularly scheduled meeting of the Board of Supervisors, including a succinct management summary that provides a clear picture of the status of the current investment portfolio, market conditions and strategy for the coming months. The report will also include a listing of all investments by type, name of issuer, date of maturity, par and dollars amount invested in each security, investment, and the money within the Treasury. There will be a separate statement advising the Board of the longest maturity of a security in the portfolio. The report will contain a statement assuring the Board that the anticipated cash flow needs of the participants will be met. The report will also include a statement that the investment practices and portfolio holdings are in compliance with the investment policy or an explanation as to why there is a condition which exists outside of the investment policy. The Treasurer will also provide a copy of the monthly Investment Report to the Treasury Oversight Committee members each month. s 000046 Extraordinary Withdrawals The Treasurer will maintain a schedule of seasonal deposits into and withdrawals from the investment pool by participating districts. Constant contact with the pool participants will be maintained to ascertain any cash needs beyond the anticipated cash -flow patterns. Our investment strategy is based upon the known cash -flow patterns, which allow the Treasurer to maximize interest earnings for the pool participants. Extraordinary withdrawals could create a liquidity problem and negatively impact the earnings of the remaining pool participants if the Treasurer is forced to liquidate securities before their scheduled maturity date. A pool participant who wishes to withdraw from the pool or make an extraordinary withdrawal, will be encouraged to work with the Treasury to arrange a withdrawal schedule that would prevent losses to the withdrawing district or the remaining pool participants. Losses experienced by the county investment pool, which were precipitated by the unnoticed extraordinary withdrawal of funds, will be born by the district who caused such losses to occur. The Treasurer reserves the right to choose which securities to liquidate and could choose to sell the securities that have the lowest earnings. Apportionment of Interest and Costs: Interest shall be apportioned to all pool participants quarterly, based upon the ratio of the average daily balance of each individual fund to the average daily balance of all funds in the Investment Pool. The amount of interest apportioned shall be determined using the accrual method of accounting, whereby interest will be apportioned for the quarter in which it was actually earned. The Treasurer may deduct from the gross interest earnings those administrative costs relating to the management of the Treasury, including salaries and other compensation, banking costs, equipment costs, supplies, the cost of information services, cashiering, accounting, reporting remittance processing, depositing of public funds, audit, and any other costs as provided by Section 27013, 27133(f), and 27135. Terms and Conditions that a Local Agency May Participate in the Pool Local agencies may, by resolution of their governing bodies and the approval of the Treasurer -Tax Collector, deposit excess funds in the County Treasury for the purpose of investment by the County Treasurer. The procedures for this process are contained in the Treasury Procedural Manual. LLM:st f:users/childse/invpW2004 000047 INVESTMENT OF LOCAL AGENCIES EXCESS FUNDS JUNE 2003 I. Subject: Local agencies; excess funds, investment by the County Treasurer. Policy: Local agencies may, with the approval of their governing bodies and the County Treasurer, deposit excess funds in the County Treasury for the purpose of investment by the County Treasurer. Purpose: To provide additional investment opportunities for local agencies. Authority: Government Code Section 53684, adopted by the Ventura County Board of Supervisors on July 21, 1987. II. Procedures A. Initiate Investment Program Local agency contacts Treasurer for approval to deposit funds with the County of Ventura Treasury. 2. Legislative or governing body of the local agency must adopt, and submit to the Ventura County Treasurer, a resolution authorizing the deposit of excess funds with the County Treasury for the purpose of investment. The resolution shall include the following. a. Name and address of local agency. b. A statement that the local agency agrees to deposit or withdraw money in the County Treasury in accordance with the provisions of Government Code Section 53684. C. The names and titles of the officials authorized to order the deposit or withdrawal of money in the County Treasury. d. Resolution number and the date passed by the governing body. e. Signature of the person authorized to sign resolutions on behalf of the local agency. f. Seal of the local agency if one is usually affixed to resolutions. 3. Funds and Accounts. If the local agency does not have an established fund with the County, then a request must be sent to the Ventura County Auditor - Controller to establish a fund- account in the name of the local agency, by transmitting a copy of the local agency resolution as in Section A2. 000048 F:U \T\IIPOLICIES\LOCALAGC.DOC 1 Investment of Local Agencies Excess Funds Page 2 B. Deposit of Funds After Confirmation that a fund- account has been established on behalf of the local agency, deposits may be received. The local agency must notify the Treasurer's office no later than 10:00 a.m. the prior day, of the intent to deposit funds. Deposits must be in multiples of $1,000.00 and the minimum transaction size is $25,000.00. Notice should also be given to the Chief Investment Officer at (805) 654 -3733. 2. Funds may be wired to: Wells Fargo Bank ABA# 121000248 Account# 417- 4387100 Ventura County Treasurer Or make deposits by check, payable to the Ventura County Treasurer. 3. Upon either receipt of the district's check, or, confirmation by the bank that funds transferred have been credited to the Treasurer's bank account, Treasury personnel will prepare a cash receipt to credit the local agency's fund- account. A copy of the cash receipt will be mailed to the local agency as a confirmation of funds received. 4. All deposits will be invested as part of the County's commingled investment pool. 5. All investments shall be made in accordance with the Treasurers Statement of Investment Policy. F:U \T\N'OL[C[ES\LOCALAGC.DOC 2 000049 Investment of Local Agencies Excess Funds Page 3 C. Interest Earnings The County Treasurer shall, quarterly, determine investment earnings on the accrual basis and apportion earnings from the investment of funds in an amount proportionate to the average daily balance of the amounts deposited by the local agency in the same manner as other participants. 2. Interest earnings shall be distributed in two separate apportionments. 3. Interest earnings shall be credited to the fund- account established for the local agency. 4. Prior to the distribution of interest, the Treasurer shall deduct the actual costs incurred by the County in accordance with Government Code Section 27013. D. Reports The Treasurer shall, quarterly, submit to the local agency a statement of interest earnings which shall include the average daily balance of funds on deposit, the quarterly apportionment rate, total interest earned, and the amount of each of the two apportionments. 2. Treasurer shall provide to the local agency a copy of the monthly investment report in the same manner as to the Board of Supervisors. E. Withdrawal of Funds All requests for withdrawal require written notice. The notice may be submitted by mail or FAX (805) 654 -3766 and must be signed by an authorized official designated in the Board's resolution. Government Code Section 53684 provides for the local agency to give the Treasurer thirty days notice of intent to withdraw. This requirement is applicable at the discretion of the Treasurer. RUMTOLICIESTOCALAGC.DOC 3 000050 Investment of Local Agencies Excess Funds Page 4 2. The Treasurer will settle withdrawals by wire transfer of same day funds when wire transfer instructions are included with the request for withdrawal. Requests for withdrawal, which are not accompanied by wire transfer instructions, will be settled by check. Checks will be drawn by the County Treasurer, made payable to the local agency, and will be mailed or picked up by agency staff. F. Any monies deposited in the County Treasury pursuant to this section are not subject to impoundment or seizure by any county official or agency while the funds are so deposited. G. The County Treasurer reserves the right to discontinue investment on behalf of any local agency at his or her discretion. The Treasurer shall give the local agency a 90 -day notice of such decision. 00 () 05�. F:U \T\I \POLICIES\LOCALAGC.DOC 4 ATTACHMENT 2 RESOLUTION NO. 2004- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT OF EXCESS CITY FUNDS IN THE VENTURA COUNTY INVESTMENT POOL WHEREAS, the Investment Policy of the City of Moorpark states that excess City funds may be invested in accordance with the principals of sound treasury management and the provisions of California Government Code § 53600 et seq.; and WHEREAS, the Investment Policy of the City of Moorpark further states that the City Treasurer may invest in County Pooled Investment Funds in accordance with the laws and regulations governing those Funds and State law; and WHEREAS, the Ventura County Treasurer -Tax Collector has established an investment pool for local agencies, regulated by Government Code Section 53684, and adopted by the Ventura County Board of Supervisors on July 21, 1987. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The City Council does hereby authorize the deposit and withdrawal of City funds in the County Treasury in accordance with the provisions of Government Code Section 53684; and SECTION 2. The following City officers or their successors in office shall be authorized to order the deposit or withdrawal of monies by either mail or facsimile in the County Treasury: Steven A. Kueny, City Manager Cynthia L. Borchard, City Treasurer Johnny Ea, Budget and Finance Manager PASSED AND ADOPTED this 17th day of March, 2004. Patrick Hunter, Mayor ATTEST: Deborah S. Traffenstedt, City Clerk 000052