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28--09
RESOLUTION No.
A RESOLUTION OF
THE CITY COUNCIL OF THE TOWN
OF LOS ALTOS HILLS AUTHORIZING
THE CITY MANAGER TO EXECUTE A CONTRACT
WITH COMERICA SECURITIES,INC. FOR THE
EXCLUSIVE PURPOSE OF PARTICIPATING IN THE
CERTIFICATE OF DEPOSIT PLACEMENT PROGRAM
WHEREAS, the Town of Los Altos Hills' 2008-09 Investment Policy was adopted by
the City Council at its regularly scheduled meeting on the 12th of February 2009; and
WHEREAS, federally insured time certificates of deposit are an authorized and suitable
investment in Section 6.0 of the Town's Investment Policy; and
WHEREAS, Comerica Securities, Inc. provides a cost-effective and efficient program to
purchase federally insured time certificates of deposit; and
WHEREAS, the Town's Finance and Investment Committee has recommended that the
Town invest in federally insured time certificates of deposit;
NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby
resolve as follows:
1. The City Council does hereby waive the collateralization requirement of any
time certificate of deposit that is federally insured in accordance with Section
6.0.4. of the Town's Investment Policy.
2. The City Manager is hereby authorized to execute a contract with Comerica
Securities, Inc for the exclusive purpose of participating in the Certificate of
Deposit Placement Program.
REGULARLY PASSED AND ADOPTED this 14th day of May, 2009.
dBY:
Jean Mordo, Mayor
-ATTET•
Karen Jost:Cit 460