1981-61 RESOLUTION NO. 81-61
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE, CALIFORNIA, SUPPORTING AN INDE-
PENDENT STUDY OF THE INVESTMENT POLICIES OF THE
PUBLIC EMPLOYEES RETIREMENT SYSTEM
WHEREAS, cities, counties, and other public agencies are realizing
from 15 to 20% on their idle funds while the Public Employees Retirement
System (PERS) investments are returning a relatively low 7.5 to 7.9%; and
WHEREAS, while prudent investment strategy demands that a well-
balanced portfolio include a proper proportion of conservative long-range
investements, the PERS investment program appears to be too heavily weighted
in this direction; and
WHEREAS, the City of Grand Terrace at one time gave consideration to
participating in the PERS retirement plan; and
WHEREAS, in the best interest of its employees, the City of Grand
Terrace chose to participate in a plan with a more flexible approach toward
the investment of the funds entrusted to it, take advantage of the high;
interest rates currently available and attempt to harness the -economy to share
some of the retirement load for which it is partly responsible; and
WHEREAS, although the City of Grand Terrace is not giving considera-
tion to changing its employee retirement plan, it does feel a duty to support
those agencies requesting that an independent study be made concerning the
investment policies of the Public Employees Retirement System;
NOW, THEREFORE, .the City Council of the City of Grand Terrace DOES
HEREBY RESOLVE to support an independent study concerning the investment
policies of the Public Employees Retirement System.
ADOPTED this 24th day of September, 1981.
ATTEST:'
or of the and errace
pity erk_of the City of Gran and of th Cit ouncil thereof.
Terra_ -e-\Ind of the City Counci 1
th.r_eof,.
Approved as to form.
J
City Attorney
STATE OF C_ALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, City Clerk .of the City of Grand Terrace, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
City Council of said City at a regular meeting of the City Council
held on the 24th day of September, 1981, and that it was so adopted by
the following vote:
AYES: Councilmen Grant, Petta;
Mayor Tillinghast.
NOES: None
ABSENT: Councilmen .Nix and Rigley.
i,- _
City CIV of the City of Grand Terrace
and of the City Council thereof.
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, City Clerk of the City of Grand Terrace, DO
HEREBY CERTIFY that the above and foregoing is a full , true, and
correct copy of Resolution No. 81-61 of said City, and that the same
has not been amended or repealed.
DATED: September 24, 1981.
I-
City Cl&fk of the City cf Grand Terrace =
and of the City Council thereof. - � =