REQUEST FOR CITY COUNCIL AND
CORONA PUBLIC FINANCING AUTHORITY ACTION
DATE: 07/07/2021
TO: Honorable Mayor and City Council members
Corona Public Financing Authority
FROM: Finance Department
SUBJECT:
Title
Resolution approving the City of Corona's Investment Policy; Resolutions updating the City's authorized officers' contact information for the Local Agency Investment Fund.
End
EXECUTIVE SUMMARY:
The City's Investment Policy requires annual review and adoption by Resolution. The Treasurer manages the City's portfolio consisting of short and long-term investments to ensure compliance with the City's Investment Policy. The Investment Policy is evaluated annually on substantive issues such as authorized investments, guidelines for managing the portfolio, applicable benchmarks, and performance standards. The City Treasurer, together with the City's investment advisor, Chandler Asset Management, recommended two changes (shown in Attachment A "Allowable Investments") in Fiscal Year 2022's Investment Policy to incorporate the passing of SB 998 on Jan 1, 2021. Both provisions have a sunset date of January 1, 2026:
1. Commercial Paper - increasing the allowable amount the portfolio can be invested in Commercial Paper to 40% from 25%.
2. Zero-Coupon Bond - permitting the investment in zero or negative interest securities backed by the United States Government.
The Treasury Committee concurs with the above recommendations. In addition, the Committee recommends updating the City's authorized officers' contact information for the Local Agency Investment Fund.
RECOMMENDED ACTION:
Recommended action
That the:
a. City Council adopt Resolution No. 2021-056, approving the City of Corona's Investment Policy.
b. City Council adopt Resolution No. 2021-057, updating the City's authorized officers' contact information for the Local Agency Investment Fund.
c. Corona Public Financing Authority adopt Resolution No. 2021-058, updating the City's authoriz...
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