HomeMy WebLinkAboutResolution - 1763 C= 'TY c�F SAN ,�'ACSN'TO
SNVES`rm== PALS CY
Fiscal Year 1988-88
The City has a fiduciary responsibility to maximize the productive use of assets en-
tnusted to its care and to invest and manage those public funds wisely and prudently
to assure a steady source of income; long-and short-term needs; protect against fin-
ancial catastrophies and getting further ahead each year. Therefore, the City of
San Jacinto handles its inactive funds under a prudent man's rule. This affords the
City a broad spectrum of investment opportunities so long as the investment is deemed
prudent and is allowable under current legislation of the State of California and
the local ordinances of the City of San Jacinto.
In addition, the City recognized that it has an equal obligation to be aware of the
social and political impacts of its investments and subsequently to act responsibly
in making its financial decisions .
The City of San Jacinto shall strive to maintain the level of investment of all in-
active funds as near 100 percent as possible, through daily and projected cash flow
determinations. Investment transactions are the responsibility of the City Treasurer
and investments are made in the following media ;
(a) Securities of the US Government or its agencies
(b) Certificates of Deposits (or Time Deposits) , placed with commercial
banks and savings and loan companies
(c) Local Agency Investment Fund demand deposits (State of California)
(d) Criteria for selecting investments and the order of priority are;
1 ) Safety, 2) Liquidity and 3) Yield
Government and agency paper are the highest quality investment available in terms of
safety and liquidity. Certificates of deposits are insured or collateralized.
Most investments are highly liquid, with the exception of collateralized certificates
of deposits held by banks and savings and loans . Maturities are selected to antici-
pate cash needs, thereby avoiding the need for forced liquidation. The primary goal
of liquid cash management is to make operating cash available to meet the routine
and recurring expenses of the City and further anticipate the more infrequent, yet
significant cash needs of capital equipment and facility commitments
The City shall attempt to ladder its maturities to meet anticipated cash needs in
such a way that new investment money can be placed in maturities that carry a higher
rate than is available in the extremely short market of thirty days or under.
The City operates its investment pool with many State and self-imposed constraints.
It does not buy stock or deal in futures or options. Longer-term investments (over
one year) are _generally limited to maturities of five years or less and only rarely
do they extend beyond ten years. Investments in which principal balances are consid-
ered market-sensitive in relation to changing interest rates are limited to a small
portion of the total investment pool .
The basic premise underlying the City's investment philosophy is to ensure that money
is always available when needed and at the same time reaping the highest and best
return.
RESOLUTION NO� 1763
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SAN JACINTO, CALIFORNIA
2 ESTABLISHING THE ANNUAL ASSESSMENT
FOR PARCELS WITHIN ASSESSMENT
I DISTRICT 87-1
4 WHEREAS, the City Council approved the creation of
Asses+=ment District 07--1 , on Februa�-y 1! 9971 hy adopting
5 Rec�olutiori No . J.679.- and
6 WHEREAS, Municip,-.il Imorovement Ae- t of 1113, Qpction
10000 et . -'eq . ")-,F Govey-ninent code C a 1 1 f'o i.-n i a and
TMprovealent Act Band cff 1915, Section 8500 et- . seq . of
Gove,Tnmerit Cods, of Cal if"orrlia' allews the levy 0-f a changes,
8 �o
I pay -for the cast of improvements authorized by t-hL,
Asses5ment DistT ict ; and
9
WHEREAS, the char-ge is related to 2 PrQPev tY ' 5 tiPnefit
10 *rom the and is -riot based on the Value Off the
proloorty; and
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WHEREAS, T'he ChaYgP_ C(-+)ISt1tLltL=S 0 TPeClcil assessme�-)t
12
NOW, THEREFORE, BE IT RESOLVED th�'.at the annual charge.,
fn" all parcels involved in Aszee�-_,ment Distri,ct 87--1 , is ill
6'c-c-
rdave with Exhibit A, attalzhed hey-erin.
14 �
MOVED, PASSED and ADOPTED t I i e 5 t h day of July 1990 .
151
AYES, Councilmen Redding, Stevens, Ford and Stuart
NOES , None
ABSTAIN: None
ABSENT - Councilman Divine
ATTEST,
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23 :-0, otlaty C; ty C I E k
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C F,R j Fj I 10 N
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h,F? 1 0 1-e o C"i nQ I CPV"t j f i ed t.C-3 hp 0 true copy 0 F
26 Rasolution No . 1763 du I v adopted by said. City Council of
the City of- F r) Jacinto arm the daite t-herL-in set fcrth .
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29 .......
'tt(epuhy Fity C.1erk
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CITY OF SAN JACINTO
Assessment District 87-1
District
Assessment Parcel No. Fund No. Amount
No. 1 433-160-027-4 68-2805 7,846.42
433-160-027-6 7,846.44
No. 2 433-160-033-9 17,842.76
No. 3 433-160-035-1 22,428,12
No. 4 433-160-036-2 14,135.18
No. 5 433-160-038-4 15,366, 16
No. 6 433-160-039-5 24,919.68
No. 7 433-160-037-3 13,688.78
No. 8 433-160-024-1 6,139.16
433-160-028-5 " it 6,139.16
No. 9 433-160-029-6 " it 6,297.24
433-160-034-0 6,297.24