R-7213
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RESOLUTION NO. 7213(CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SAt-PIA 110NICA ESTABLISHING INVESIHENT
INSTRUCTIONS FOR THE CEMETERY PERPETUAL CARE
FUND
WHEREAS, city council previously adopted investnent
instr~ctions for the city's Cemetery Perpetual Care Fund of up to
20% cash or liquid investments, 40% bonds and 40% equities; and
WHEREAS, the total rate of return to the fund could be
increased by eliminating the requirement for short-term liquidity
and increasing to 50% the amount of the fund that may be invested
in equities; and
WHEREAS, the earnings of the fund can only be used to
pay for perpetual care activities, and therefore there is not a
need to naintain short-term liquidity in 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
cemtery Perpetual Care Fund shall be:
1. A naximum of 50% of the'portfolio (cost basis)
invested in equities (stocks) consistent with the
city's south African divestment policy;
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2. The balance of the portfolio to be invested in long
and/or short term bonds and certificates at the
discretion of the Investment Manager;
3. ~he Investment Manager shall maximize the total
rate of return to the Cemetery Perpetual Care Fund
using the investment instructions stated above.
SECTION 2. The City Clerk shall certify to the
adopting of this resolution, and thenceforth and thereafter the
same shall be in full force and effect.
APPROVED AS TO FOill1:
(1..r1.r-..7T \-. \.,. -- --0-
(City Attorney)
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A1opte~ an~ approve1 thIS 13th ~ay of May, 1986.
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~ Mayor 'Pi0 Tempore,/''.
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I hereby ~ertIfy that the foregoIng ResolutIon No. 7213(CC8)
was 1uly a1opte1 by the CIty Cou~~ll of the CIty of Santa MODIca
at a lleetIng r,nereof helrJ. 0:1 May 13, 1986 by the followElg
CouncIl vote:
Ayes:
Councllmembers:
Conn, EpsteIn, Jerlfnngs, H. Katz
a'.irJ. lane
Noes: Councllmembers:
None
AbstaIn: Councllrnembers:
None
Abse~t: Councllrnernbers:
A. Katz anrJ. Mayor ReerJ.
ATTC:ST:
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