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VOTE: AYES: Benavides, Pulido, Sarmiento, Solorio, Tinajero, <br />Villegas (6) <br />NOES: Martinez (1) <br />ABSTAIN: None (0) <br />ABSENT: None (0) <br />55D. RESOLUTION APPROVING THE CITY'S INVESTMENT POLICY WITH MINOR <br />MODIFICATIONS (STRATEGIC PLAN NO. 4, 1) - Finance and Management <br />Services <br />Mayor Pro Tem Martinez, opposed to any investment or business dealing with <br />companies in Texas. <br />Councilmember Sarmiento, concerned with contractors that have hostile <br />intentions; thorough vetting of all businesses. <br />MOTION: Adopt a resolution approving the City's Investment Policy, <br />which includes the following minor modifications: <br />A. Sets out requirement to establish written investment procedures in <br />accordance with current industry standards. <br />B. Allows the City to sell a security for the purpose of pre -paying a debt or <br />contribution servicing obligation when it is financially advantageous <br />(for the City) to do so. <br />C. Amends existing language to comply with current statutory changes, <br />changes in industry terminology, and recommended best practices. <br />RESOLUTION NO. 2017-049 - A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF SANTA ANA APPROVING THE CITY'S STATEMENT OF <br />INVESTMENT POLICY <br />MOTION: Martinez <br />VOTE: AYES: <br />NOES: <br />ABSTAIN <br />SECOND: Benavides <br />Benavides, Martinez, Pulido, Sarmiento, Solorio, <br />Tinajero, Villegas (7) <br />None (0) <br />None (0) <br />�nA 0303 <br />CITY COUNCIL MINUTES 22 JULY 5, 2017 <br />