DATE: December 4, 2018
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Adoption of FY 2019 Statement of Investment Policy and Delegation of Authority
End
RECOMMENDATION
Recommendation
That the Council adopts the attached resolutions reaffirming the updated Fiscal Year 2019 Statement of Investment Policy and extending the delegation of investment authority to the Director of Finance.
End
SUMMARY
There was a recent clarification to the language related to asset backed securities and mortgage backed securities in CA Government Code 53601(o). AB1770 was chaptered on September 6, 2018 and will take effect on January 1, 2019. Staff recommends an update to the policy as the additional language included is meant to provide clarification on the maturity of these types of bonds. Highlighted in bold below is the additional language from the code revision that is included in the redline version of the attached policy.
“Securities eligible for investment under this subdivision shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO and have a maximum remaining maturity of five years or less.”
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution - City - Reaffirming Statement of Investment Policy
and Renewing Delegation of Authority to Make Investments
Attachment III Resolution-Housing Authority - Reaffirming Statement of
Investment Policy
Attachment IV Resolution-Hayward Redevelopment Successor Agency -
Reaffirming Statement of Investment Policy and Renewing
Delegation of Authority to Make Investments
Attachment V Resolution-Hayward Public Financing Authority - Reaffirming
Statement of Investment Policy and Renewing Delegation of Authority
to Make Investments
Attachment VI FY 2018 Statement of Investment Policy (red-line version)