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HomeMy WebLinkAboutReso - CC - 067-1981that: RESOLUTION N0.67 - 81 RESOLUTION SUPPORTING INVESTIGATION AND ANALYSIS OF PERS INVESnvIENT POLICIES RESOLVED by the CITY COUNCIL of the City of Burlingame WHEREAS, the City of Daly City has adopted a resolution supporting an investigation and analysis of the investment poli- cies of the California Public Employees' Retirement System in an effort to increase the rate of return: and WHEREAS, said resolution, numbered 81-213, is concurred in by the City of Burlingame, and it is the desire of this City to express its support and to express its additional concerns on the subject; NOW. THEREFORE, it is RESOLVED by the City Council of the City of Burlingame: 1. Resolution No. 81-213 of the City of Daly City is hereby endorsed and supported by this City. 2. This City wishes to note that the PEPS investment policy as stated in both meetings and correspondence is based upon a fixed theory that inflation and interest rates will recede very sharply. This has been the underlying philosophy of the PERS investment policy for several years during which time substantial- ly all investments have been confined to very long maturities, the Fund has not taken advantage of the increase in interest rates, and various holdings of PERS have decreased. Because an impressive group of authorities differ with this policy, it would seem logical that the investment policy of PERS be altered to divide investments and consider both viewpoints. 8/24/81 11 1 3. It is the urging of the City of Burlingame that an independent firm of investment consultants be employed by the Public Employees' Retirement System to fully investigate their policies and make recommendations for the future. ayor I, EVELYN H. HILL, City Clerk of the City of Burlingame do hereby certify that the foregoing Resolution was introduced at a regular meeting of the Burlingame City Council held on the 8th day of September, 1981, and was adopted thereafter by the following vote: AYES: COUNCILMEN: Amstrup-Crosby-Mangini-Martin NOES: COUNCILMEN: None ABSENT: COUNCILMEN: Barton 7 7 Iel 7 City Clerk 2