HomeMy WebLinkAbout09-116CITY OF LAKEVILLE
RESOLUTION NO. 09 -116
RESOLUTION ADOPTING INVESTMENT POLICY
WHEREAS, the City of Lakeville has custody of funds belonging to itself and others;
and
WHEREAS, those funds shall be invested prudently and in accordance with Minn. Stat.
§118A and the City of Lakeville Investment Policy; and
WHEREAS, the City Council approved an Investment Policy on June 3, 1991 by
adopting Resolution 91 -67; and
WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement
40, Deposit and Investment Risk Disclosures, and it requires that the local governing authority
report on investing risks addressed in the Investment Policy; and
WHEREAS, the Investment Policy adopted by Resolution 91 -67 does not meet the
requirements of GASB Statement 40.
NOW, THEREFORE, BE IT RESOLVED, that the City Council hereby adopts the
Investment Policy for the City of Lakeville, as presented; and
BE IT FURTHER RESOLVED, the Investment Policy will supersede the policy
approved on June 3, 1991; and
BE IT FURTHER RESOLVED, that the funds held by the City of Lakeville will be
invested prudently and in accordance with the Investment Policy.
ATFEST:
ADOPTED by the Lakeville City Council this 21st day of December, 2009.
Charlene Friedges, City
CITY C F LAKEVI E
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