CC Resolution 13074 - Issuance of (RFP) for Investment Advisory Services RESOLUTION NO. 13074
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING SPECIFICATIONS FOR AND AUTHORIZING ISSUANCE OF REQUEST FOR
PROPOSALS (RFP) FOR INVESTMENT ADVISORY SERVICES
WHEREAS, as of the quarter ending September 30, 2023, the City's total pooled investment
portfolio equaled $93.21 million; managed exclusively by City staff including the Finance
Director and one (1) Accountant; and
WHEREAS, of the $93.21 million invested, $47.65 million is restricted Measure 0 General
Obligation (GO) bond proceeds to renovate the City's Library and to construct a new City
Police Station; and
WHEREAS, the City Council approved the Fiscal Year (FY) 2023-24 City of Campbell
Investment Policy Update, which included allowing for the use of qualified external investment
advisors, on September 5, 2023; and
WHEREAS, managing a portfolio of Campbell's size is challenging given limited staff
bandwidth and capacity as well as the complexities of not only earning maximum return on
bond proceeds, but also adhering to IRS arbitrage restrictions on tax-exempt debt (i.e., not
earning investment returns over debt service costs) and laddering investment maturities so that
funds are available right as they are needed for project construction costs; and
WHEREAS, an external investment adviser could provide additional expert support and access
to daily investment data and tools, improve monthly, quarterly, and annual investment
reporting, help staff to navigate the complexities of investing Measure 0 bond proceeds, and
potentially generate added return; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell
authorizes the Finance Director to issue a Request for Proposals (RFP) for Financial
Investment Advisory Services; and
BE IT FURTHER RESOLVED that that the Finance Director, a City Accountant, and the
Finance Sub-Committee will review the proposals and make a recommendation to the City
Council.,
PASSED AND ADOPTED this 7th day of November, 2023 by the following roll call vote:
AYES: Councilmembers: Lopez, Scozzola, Furtado, Landry, Bybee
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPRO D:
ATTEST: Anne Bybee,Mayor
Andrea S nders, City Clerk