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Resolution approving the City’s Investment Policy for Fiscal Year 2019-20.
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WHEREAS, each fiscal year, the City of South San Francisco’s Investment Policy is presented to the City Council of South San Francisco for consideration; and
WHEREAS, Assembly Bill 1770 (“AB 1770”) was signed into law in 2018 and became effective on January 1, 2019; and
WHEREAS, AB 1770 amended state law with respect to certain rating requirements for issuer’s debt for asset-backed securities; and
WHEREAS, the Fiscal Year (FY) 2019-20 Investment Policy, attached herein as Exhibit A, contains proposed minor changes that would incorporate the new state law language as amended by AB 1770; and
WHEREAS, staff will continue to work with the City’s investment advisor to review the City’s Investment Policy to ensure compliance with best practices and consistency with state law.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does hereby approve the FY 2019-20 Investment Policy.
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