HomeMy WebLinkAbout2021-087-3642_-_Updated_to_City_s_Investment_Policy_-_Adopted.docxRESOLUTION NO. 2021-087-3642
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MIAMI GARDENS, FLORIDA, ADOPTING THE UPDATED CITY
INVESTMENT POLICY, ATTACHED AS EXHIBIT “A”;
PROVIDING FOR CONFLICT; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, to assure the safety, liquidity and return of the City of Miami Gardens
Capital, staff seeks to update the City’s Investment Policy, and
WHEREAS, the proposed updated investment policy seeks to address the
changes in available investment products, accounting and auditing standards, and to
clarify the roles and responsibilities of those involved in executing the City’s investment
program, see hereto attached, and
WHEREAS, sections in the investment policy were updated to reflect current
terminology, continuing education requirements, risk diversification, limits per investment
type, sector minimum rating requirements, and maximum maturity parameter, as shown
in the section “Permitted Investments,” and
WHEREAS, additionally, a section was added entitled “Glossary of Cash
Management Terms and Investment Types” to facilitate interpretation of the Investment
Policy, and
WHEREAS, staff recommends that City Council adopt the updated City
Investment Policy.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI GARDENS, FLORIDA AS FOLLOWS:
Section 1: ADOPTION OF REPRESENTATIONS: The foregoing “WHEREAS”
paragraphs are hereby ratified and confirmed as being true, and the same are hereby
made a specific part of this Resolution.
Section 2: APPROVAL: The City Council adopts the City’s updated investment
policy.
Section 3: EFFECTIVE DATE: This Resolution shall take effect immediately upon
its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON JULY 14, 2021.
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Resolution No. 2021-087-3642
________________________________
RODNEY HARRIS, MAYOR
ATTEST:
________________________________
MARIO BATAILLE, CMC, CITY CLERK
PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: CAMERON BENSON, CITY MANAGER
Moved by: Vice Mayor Leon
Seconded by: Councilman Stephens
VOTE: 7-0
Mayor Harris Yes
Vice Mayor Leon Yes
Councilwoman Campbell Yes
Councilwoman Ighodaro Yes
Councilwoman Julien Yes
Councilman Stephens, III Yes
Councilwoman Wilson Yes
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