06 Treasurer Appointment
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City Hall
10300 Torre Avenue
Cupertino, CA 95014-3255
Telephone: (408) 777-3220
Fax: (408) 777-3366
CUPERJINO
DEPAR1MENTOF ADMINISTRATIVE SERVICES
SUMMARY
Agenda Item No. (p
Meeting Date: February 7,2006
SUBJECT AND ISSUE
Adopt a Resolution Accepting the Treasurer and Deputy Treasurer Appointment
BACKGROUND
Chapter 730 of the statutes of 1976 Section 16429.1 was added to the California Government
Code to create a Local Agency Investment Fund in the State Treasury. This Section requires
government agencies to appoint a treasurer and deputy treasurer on an annual basis. The attached
resolution extends the current appointment of the City's treasurer and Deputy Treasurer.
This legislation was intended to provide ongoing review of investment issues by the governing
body.
RECOMMENDATION:
Adopt the resolution accepting the Treasurer and Deputy Treasurer appointment.
Submitted by:
Approved for submission:
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Director of Administrative Services
David W. Knapp
City Manager
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Printed on Recycled Paper
DRAFT
RESOLUTION NO. 06-031
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
RESCINDING RESOLUTION NO. 05-149 AND APPOINTING
TREASURER AND DEPUTY TREASURER
WHEREAS, the City has available funds to invest in accordance with principles of sound
treasury management; and
WHEREAS, the City annually adopts an investment policy;
WHEREAS, the City invests funds in accordance with provisions of California
Government Code Section 53600; and
NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of Cupertino
hereby rescinds Resolution No. 05-149 and appoints Carol Atwood City Treasurer and David
Woo as Deputy Treasurer; and
BE IT FURTHER RESOLVED that the City Treasurer is empowered and specifically
authorized to invest and reinvest City funds in accordance with California Government Code
Section 53600; to buy, sell, trade and deal in authorized securities on margin or otherwise in
connection therewith and to pledge any and all securities for future delivery thereof.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 7th day of February 2006 by the following vote:
Vote
Members of the Citv Council
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
Mayor, City of Cupertino
ATTEST:
City Clerk
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