1991/12/10 City Council ResolutionRESOLUTION NO. 91- 240
RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARR
AUTHORIZING INVESTMENTS IN EXCESS OF FIVE YEARS
(PURSUANT TO GOVERNMENT CODE SECTION 53601)
WHEREAS, Government Code Section 53601 limits the term of
city investments to five years; and
WHEREAS, said Government Code Section also states that the
City Council may grant the authority to make investments which
have a term of in excess of five years; and
WHEREAS, in today's market, there exists a large difference
in the rates earned by investments which are considered short
term (maturity less than five years) and long term (maturity over
five years); and
WHEREAS, the City of Rohnert Park desires to maximize its
investment earnings.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Rohnert Park that the city may place up to $1,000,000 of city
funds in the long term market.
DULY AND REGULARLY ADOPTED this 10th day of December, 1991.
Y
ATTEST
CITY OF ROHNERT PARR
ayor
Deputy City Clerk
AYES: (5) Councilmemb rs Eck, Hollingsworth, Hopkins, Reilly, Spiro
NOES: (0)* -=None
ABSENT: (0) None