r-10735Council Meeting: February 26, 2013 Santa Monica, California
RESOLUTION NO. b0l�(CCS)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA ESTABLISHING INVESTMENT INSTRUCTIONS FOR THE
CEMETERY AND MAUSOLEUM PERPETUAL CARE FUNDS
WHEREAS, City Council previously adopted investment instructions for
the Cemetery and Mausoleum Perpetual Care Funds; and
WHEREAS, the City from time to time establishes and /or revises
investment instructions the Cemetery and Mausoleum Perpetual Care Funds; and
WHEREAS, the earnings of the fund can only be used to pay perpetual
care activities, and therefore there is a need to maintain a long -term investment horizon
for the principal of the fund,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. That the investment instructions for the Cemetery and
Mausoleum Perpetual Care Funds shall be:
1. A maximum of 60% of the portfolio (cost basis) shall be invested in
equities (common stocks).
1
2. The balance of the portfolio shall be invested in fixed income
securities or in cash or cash equivalents.
3. In making investments, the Investment Manager shall comply with
the socially responsible guidelines contained in the City's
Investment Policy including divestment from fossil fuel companies.
4. The Investment Manager shall maximize the total rate of return to
the Cemetery and Mausoleum Perpetual Care Funds consistent
with the protection of the invested principal within the guidelines
noted in paragraphs 1,2, and 3 of this section.
SECTION 2. Any provision of any Resolution inconsistent with the
provisions of the Resolution, to the extent of such inconsistencies and no further, are
hereby repealed or modified to the extent necessary to affect the provisions of the
resolution.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution,
and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM
Marsh ones utne
City ttorneyr
2
Adopted and approved this 26th day of February, 2013.
Pam O'Connor, Mayor
I, Sarah P. Gorman, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10735 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 26th day of February, 2013, by the following vote:
AYES: Councilmembers: Davis, Holbrook, McKeown, Vazquez, Winterer
Mayor O'Connor, Mayor Pro Tern O'Day
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
Sarah P. 6orman, City Clerk