MEETING DATE: 2/5/2019
DEPARTMENT: TREASURER/TAX COLLECTOR
DEPT HEAD/DIRECTOR: Melinda L. Casillas
AGENDA ITEM PREPARER: Melinda L. Casillas
SBC DEPT FILE NUMBER: 685.2
SUBJECT:
TREASURER-TAX COLLECTOR - M. CASILLAS
Adopt a resolution, delegating authority to the San Benito Treasurer to invest and reinvest County funds and the funds of other depositors in the County Treasury, or to sell or exchange securities subject to the guidelines set forth in the County's Investment Policy.
SBC FILE NUMBER: 685.2
RESOLUTION NO: 2019-12
AGENDA SECTION:
CONSENT AGENDA
BACKGROUND/SUMMARY:
OVERVIEW
The requested actions are required by the California Government Code in order to permit the County Treasurer to engage in specified investment, reinvestment, or sales/exchange of securities activities, in accordance with the Investment Policy approved by the Board. In addition, Government Code Section 53646 requires the Board to review and approve any changes to the Investment Policy.
Pursuant to Government Code Section 27000.1 and subject to Government Code Section 53607, the Board of Supervisors may by Ordinance delegate to the County Treasurer, for a one (1) year period, the authority to invest or reinvest funds of the County and the funds of other depositors in the County Treasury pursuant to Chapter 4, commencing with Section 53600 of Part 1 of Division 2 of Title 5. Additionally, pursuant to Government Code Section 53607, the Board of Supervisors may delegate the authority to sell or exchange securities so purchased to the County Treasurer for a one (1) year period.
On April 1, 1997, the Board adopted Ordinance No. 689 which implemented Government Code Sections 27000.1 and 53607, providing that the Board may delegate its authority to "invest and reinvest funds of the County and the funds of other depositors in the county treasury, or to sell or exchange securities so purchased to the Treasurer of the County of San Benito." Annually, upon written resolution, the Board may renew the delegation for a one year period or less.
BUDGETED: