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• • <br /> RESOLUTION NO. 1378 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE <br /> TOWN OF LOS ALTOS HILLS URGING THE CALIFORNIA PUBLIC <br /> EMPLOYEES' RETIREMENT SYSTEM TO INCREASE ITS RATE OF <br /> RETURN ON INVESTMENTS <br /> RESOLVED, by the City Council of the City of the Town of Los <br /> Altos Hills , County of Santa Clara, State of California, that <br /> WHEREAS, cities in California have urged the California Public <br /> Employees' Retirement System (PERS) Board of Administration to <br /> review its investment policies in order to maximize the rate of <br /> return and to change its investment policies to take advantage of <br /> short term investment opportunities, such as Federal Treasury Bills <br /> which are guaranteed by the Federal Government; and <br /> WHEREAS, PERS has a 12 . 85 billion dollar investment portfolio <br /> on which PERS has failed to capitalize on the investment opportunities <br /> presented by short term investment vehicles currently paying high <br /> interest rates; and <br /> WHEREAS, adoption of a flexible and aggressive investment policy <br /> by PERS would be mutually advantageous to public agencies who make <br /> employer contributions and their employees who make employee contri- <br /> butions to PERS, <br /> NOW, THEREFORE, IT IS HEREBY ORDERED as follows: <br /> 1. The League of California Cities is hereby requested to do <br /> the following: <br /> a. To take appropriate action to influence the PERS <br /> Board of Administration to change its investment <br /> strategy in order that a significantly higher <br />