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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 2, 2009 <br />TITLE: <br />QUARTERLY REPORT OF INVESTMENTS AS OF <br />SEPTEMBER 30, 2009 <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Receive and file. <br />DISCUSSION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 15t Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />In 1995, the State of California enacted legislation revising the <br />reporting requirements relative to investment of funds by governmental <br />agencies. These requirements, which became effective on January 1, 1996, <br />mandate that a statement outlining the ability of both the City and the <br />Redevelopment Agency to meet the budgeted expenditures for the subsequent <br />six months be submitted to the City Council on a quarterly basis. The <br />legislation dictates that this quarterly report contain the seven major <br />elements listed below: <br />• Type of investments, <br />• Date of maturity, <br />• Par and dollar amounts invested in each security, <br />• Weighted average maturity of the investments, <br />• Market value as of the date of the report, <br />• Source of the market value information, and <br />• Any funds, investments or programs, including loans, <br />under the management of contracted parties. <br />State statutes require that a quarterly report be presented at a Council <br />meeting; however, our office continues to provide this information <br />monthly. The information is in compliance with State law and the City's <br />Investment Policy. The attached report (Exhibit 1) accurately reflects <br />all pooled investments held on behalf of the City and Redevelopment <br />Agency as of September 30, 2009. <br />19D -1 <br />