HomeMy WebLinkAbout2011 Resolution No. 084RESOLUTION NO. 84
SERJES OF 2011
A RESOLUTION ACCEPTING CHANGES AND UPDATES TO THE CITY OF
ENGLEWOOD'S CNVESTMENT POLICY PER ORDNANCE 45, SERIES OF 1995.
WHEREAS, by Ordinance 45, Series of 1995, llte Director of Financial Services, ex orficio
City Treasurer. is em?owcrcd to invest all funds and monies not immediately needed for
operating expenditures/expenses of the City except for the Firefighters Pension Fund, the
Volw1teer Firefigbte,s Fw1d , t:lc Police Officers Pc:nsion fund and llte Non-Emergency
Employees Pension Fund and pursuant to an investment policy to be adopted hy Council each
year; and
WHEREAS , the passa ge of this Resolution will authorize changes and updates to the
Englewood 's !nvesunent ~olicy;
NOW , THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL or: THE CITY OF
ENGl,EWOOD, COLORADO, THAT:
Section I . The City of Englewood's Investment Policy, attached as Attachment 1, s,bmittcd
by the Director ofFimrnciul Services is hereby appro ved.
ADOPTED AND APPROVED this 3rd of October, 2011 .
\--~~~ (j James K. Woodward , Mayol'-
I, l,oucrishia A. Ellis, City Clerk forMity of Englewood, c,(ol-ado, hereby certify the
"°"'••<=oo,,o<Ro•lwio,'o ,Ssri•~
L/ u'crishia A Ellis, City !erk
City of Englewood, Colorado
INVESTME~T POLICY
Tlw t.>h c-u .. :lt.11 ur Fi11rJ1ll:c anc1 Adminis trntivl! Si!fVi~es of 111e City of E nglewund, Colnr:1rto 1!',
r:harg1::U wilh the rn:i 1:,cm :o ll.1ili1y lo p ~11<lnntly a nd pmporly r:,;m age a ny .111d ;-111 rund s or Ille Cily.
Pt:l:;:mst:: IIM:~c: f.1nd ~ mLJy IJO ca ll 0cl upon, ii i~ Hss1~11tia' that r1bsolulc m a lmity hori i rn,~; ~,re
ldt:nlifi:d,te ror th~ rurpo~;c of liquidily . Morc-u,vnr, thc::;e funrts inusl be f11lly collamralizc1 d rn1d
r1pp1 u ir i.:1lc,:ly i1 Ulltori1:ccJ . Tho lollowing lnver.lm ~n• Pol cy addmsses the methods, pruct·:dures
3nd p1 r 11 :lie r-:~ whk;t1 m11:1 1 b~ oxnrc sed to cnsum AffP.ctlvr. and scund fiscal management.
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·ff1i~ lnvc::~.1nie11l Policy sna!! apply lt.i the Investment of ::111 rir1;in r.i:-11 ;:\~S Cl!J and all furnlt. of the Ciiy
nf Eng lo w orn.J (hureafter referred l e, nr. th o "City") over which I exP.rr.ls<:::i fi:1~ncicil control, excep'.
l 1e City c,f E.nglr:wood r1 refi~Jhlorn Pori ~ion Fund, Vnlunlof!r Firr.fighter!'i Pensicm Fund, Polic~
Off1CP.r$ Pc115io11 Fund, lh:') Non-Emm~J<:mcy Ernplo yf!o~ Hr!·trt=:rn 0.nl Flr111 Fund :-::'11 o ther City
l ::11ploy(:)E! m lif~1nunt µI an~.
111 nrri e::r 10 l·!ffccliv<::ly makP. u:a: o f tho Cil)''!i r..i !:h re:.•s~1urcr•i:., all irories };1,all be:i pc nlr10 in to :ine
1nwi s :inr::11l rJu;unnl rind ;-:r;r.ount c;rJ for ,.e ji D~r1 l ely T Iie invr~!:111 11•:nl 111co rn e Ll c riv Ad fr o 1n th!s
~1 cc:011nt !;l1all liu di :;t·il,ukd to lhn vurio1m Chy runrl~ 1n acwrrl ;:nr.H with E nnlHwood Munlc.ipal c,,:t e, ~-·1-i-/1 ..
OB,IEC IWES
The City's funcl :1 shall IJ~ iuvu 5lt::d 111 uccnrnnnco with all cj :Jplici'.lhl -:? City pnlic: t·!S, C oloraCo
sl :ilu:e;:s, ;md F1 :rlt•:ral r<•:g11tu:~mi,, arid ir-" n1 0 11ncr tie!; :Jf1~d lo Jccoirq)li!;h th':"! followinQ
v h.:t:ic tlves, w/11 ch au:: lir.1od in p:irnil)• ord r::r :
Pre :;ervat:or, D1 CilfJll:JI a nd lht: rroludiu111.A 11west111c11t pnm :ip~1I.
Maintena nce of suflicm11t hquitJll~ lo nu-mt a11tidpi:.1 h·:d d ~h11r:;e mc11l 5 am.I c ;1::li fl ows .
Diven.Uic:alior. to av:Jid inc1irrn,g unreosonoblc ri s ~s :t:gm\!11 ry :.ecurltiM1 owned.
Attainme nt of mar<ol rate of return aqunl ID m higher tlia11 !ht:: p ur!urrn a nce llll':r.t s u-o
e 5tablir.h0d hy the Director of Finance and Ad1111rn~trative Services .
DF.I H,ATION OF AUTHORITY
Tlw ~1llirr.a lr.: respom,ibilily ancl authority for investment tn.msactior.s 1nv<Jlving u,e City . u ~ides with
111..: D ir::,r;lnr of Finan i;e and /\cJrni ni!olrativf! Sorvi ces (hereinaflcr referred 10 as the "Dlrecl u1 ") who
ha,: l.o eian nosiJ11•11er1 by tile C,ly M,11,auer as Iha lnveslmcnt Ulli<:er in accordan ce w ,lh
E11yl 0wood M,mii:ip,11 Coric . The Director may appoint other mem bers ot the City staff to assis l
l,iin in the cash rn ilni1yo11,nnt -.•nd inve~un ent funclion . Porsons w,o are authorizec to transctd
huoi ocm s and wir e f11n<ls on behall of the City will b e dcsiyn~tcd by tne Director by the WTe
tr~11zfer ~gre ernenl e,:m;11led with lh<~ C ity·~ a:m ·ovHd tkipo:;.lmy for bc~nk $erv1ces (see Appnr1dix
I}
T i m Dirc clor ~hall t.1<1 r~sponi:.ihl A ror all investment decisions and activities , r,nd sl1<:tll estc bhsh
wrillc n ot.lministrative µroct.-dum~ ft,r the operation :>f the City•~ in11eslmcnl program r.ons1stent
with thb lnvc:!;tmunt P:ilicy . Tlw \nvP-slrnAnl Officer aclin~1 wilhin these pro<;e dure~ ~•hall no! be?
h ~lc! p~rsonolly li.:ible for specific inveslmFml transactions.
The Director m~y in h is dis-:retion appoinl nne or more Investment Advisors, regi sl cred wilh lhe
Secu ri ties and Exchange Commission under lhP. 1m,estmenl Advisers Act of 1940, to manage a
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portion of the Cily's assets. An appointed lnvesun~nl Advisor rnay be granted limited investment
discretion within the guidelines of th,s Investment Policy with regard to the City's assets placed
under tis management. An Investment Advisor can only be appointed aher consultation with and
approval by the City Manager.
PRUDtNCE
The standard of prudence to be used for managing the Clly's assets is the "prudent investor' rule,
which states that a prudent Investor "shall exercise the judgment and care, undec the
circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the
management of !he propeny of another, not in regard to speculation but in regard to the
permanent disposition of funds, considering l~e pro~able lnr.nme rts well rl!. the prol::able safaty of
capital." (CRS 15-1-304, Standard for Investments .)
The City's overall investment program shall be designed and manag, d with a degree of
prolessionalism Iha! :s worthy of the public trust. The City recogni zes that no invest-nenl is tolali;
without ri-:::k ar.d that the investment activities of the City are a matter of public record .
Accordingly, the City recognizes Iha! occasbnal measured losses may occur in a diversified
porttollo and shall ue cunsid~red within the co11lexl of the portfolio's overall return, provided that
adequate diversi'icalion has been implemented and that the sale of a security is in the best long-
term interest oi the City.
The Director and other authorized persons acting in accordance with es:ablished procedures and
exe•cislng due diHgence shall be relieved of personal respon5lbili:Y for on individual security's
credll risk or market price changes, provided cevialions from expectations an3 reported in a timely
fashion to the Cily Council and appropriate action is taken to control adverse d evelopments.
ETHICS AND CONFLICTS OF INTEREST
All City employees Involved ir. lhe investment process shall refrain from personal business activity
that could conflict with proper execulior. ar the investnent program, or whi=h could impair thelc
ability to ma'<e impartial investment decisions . Employees and ilwestment officials shall disclose
to the City Manager any material financial interest in financial ,nstiluti:>ns tr.al conduct business
with the City, and !hey shall further disclose any large personal financial/investment positions Iha!
cou ld be related to the performance of the City's portfolio . Employees shall subordinate their
personal investment transactions lo those ol lhe CII)' particularly with regard to the timi119 uf
purchases aad sales .
ELIGIBLE INVESTMENTS AND TRANSACTIONS
All iavestmenls wlll be made in accordance with the Colorado Revised Statutes (CRS) as follows :
CRS 11 -10.5-10\ et seq. Public Deposit Protection Act; CRS 11-47-101, et stiq . Savings a11~
Loaa Association Public Deposit Protection Act; CRS 24-75-501, et seq . Funds-Legal
lnvestmP.nts; CRS 24-75-603, et seq . Depositories; and CRS 24-75-701 , et seq. Local
governments -· authority to pool surplus funds . Any revisions or extensions of these sections of
the CRS will be assumed to be part of this Investment Policy immediately upon being ena-cted.
As a home rule Clly, Englewood may adopt a lisl or acceptable investment instruments differing
from !hose outlined in CRS 24-75 -601, e: seq . Funds -Legal Investments . Funds or the C ity oi
Englewood covered by this Investment Policy may be invested in the fol 'owlng lypes or secu •ilies
and transactions:
U.S. Treasury Obligations : Treasury Bills, Treasury Notes and TreasJry Bonds with matucities
not exceeding five years from the dale or trade settlement.
2. Treasury Sinps (book-enll)' U.S. Treasury securil 1es whose coupons have bean removed)
with ma1un11es not exceeding five yqar.; ,ram the date o: trade setllement.
Pilge 2
:1. Federal lnstrumMtallties -Debentures, Discounl Nole~. Medium -T erm Notes, Callable
Sacurll:e s and SIAp-up Securities issued by the following only: Federal National Morigage
/\nsocialion (;::NMA), Fodera! Home Loan Bank (FHLB), Federal Home Loan Morlgage
Corpc,rntion (FHLMC) anrl FAderal Farm Credit Banks (FFCB), wllh maturities nol excer:d lng
five: yearn from the dat e of tmde r,P.lllemcnL Sti:iord ·na',ed ciebt rn ay nol be pu ·c hma:d.
t1 _ Ropurchase Ag,eomontG wilh a lcrmirmlio ,, rlrilt?. nr AO riiiys or les s ulill7.ino U.S. Trea sury and
F0ch.:!rcrl lnstrumentr.1llly sccurilic s lir,tod abo\le, col :al crnli 1.F1d at a minimum market value or
102 µcm;tm i ul the doll ar vhlue of thu lr;:msacliun will1 the ;:1ccrued inlr.m:s i r1r.r.1n'lulalJd on the
colla\0ral ln::;luded i11 llu:i ca l::.1i 2Jl1on .
P.epun:tmsr. cJ grf.-!ements sl1;1ll l1e o:1l orud nto only wllh dci1lom who :
a) are r0<;n~n1z.(d ;.;1s Primary Om,li!fs by the Federal Reserve Bank of Now York, or with
r1r n,s lhol h~v e a p ·1111a1y LIE:aler wl\l1 h I l11eil l1 olding r.ompany struc ture ; and
IJ) have u,ewted a CII, approv~d Mas ter Repuruhase Agreement (s ee /\ppondi• II). The
D ircclor shall ;namlain a file ol all executed Master Repurcl 1<1se .O.gre s:, ,,,,,,ts.
;>n,n ;-1ry Dealers ap~rovcd as Repu rchase Agreement courterpnrt "~· if raled, shall I1av e a
shorl -term orP.d'I rating o' a: leasl A-1 or the equlvalenl and a long -le rm credit raling of at least
I\ c,r lhe equivalAnl
Cu llule:rol {pu rct,ased se:curilic.•s ) ,;h;1 1l JC held by th o Ci ly'r. t..:J~;toc lt-.-111 ban i< .:i~ ~~:r·ek ecplng
agent, and tho m::ir kat valuo r>f ll1e ct~lr11Hml ~c::curllles r,h;~l he marlm d-to -tho-maik el dai ly .
r-or ll 1~ puIµose:, of lhis se::lion . lho 10m l ·collateral" shall m~nn ·rnirr.hase d se curities" under
U'1a lt:ums of II lt" Cily .:1ppro·1(::d Ma~.lnr Ror,urc:h acA Agre ement. In no case will lhP. maturity of
u·1e collateral e>:cm.:d 10 yt~ilr s.
5. Heverse Repu rchase: Agreements "'i11 1 a llldlullly of 90 days or les s cxcr:ul cd only agains t
se c:urilie!: ow n0d by the Ci ty ano cullalera,lzed by th e Bctine t~pe or ~,ec.urily roverzed .
(i. Fler.ible Repurc:has 9 Agreements wi th a final malurlly or 10 years 01 le~s t.:tnl e,ed in lo by the
City witl1 approved counlorparlius. Those flet.ible cepurchase agreements may oo clos~d out
in varying amounts a11d al va rying times at lhe option of the C1 1y . I lle sc agrcemf:lnls c::11~
daarnc,d by both partir.s lo be purchases and sa les of ser:urilies and are not loans.
NI such fl exible repurchase agree 'llenls shall rneel the foHowing crileria:
B" ue!errnined as leg,, and valid for both earlies ;
Collateral shall ue lhniled to .
c1) !;;ecuri,ies Issued by. guaranteed by, or for which the cred it of any of the f.:itlowing is
pledged lor ~aymenl: lh e Uniti,;J Slates, Federal F a--m Credi! Bank, Fed eral Land
Bank, Federal Home Loan Ban i\, Federal Honie Lo an Mort gage Corporation, Federa l
National MMgage Associallon, Exporl Import Bank ur lhe Government Nolmn~I
Mortgage Associalion; or
b) Sr.cu rilics issued by, guaranteed by, or for which !he credit of the following is pledged
for p~ym Ant · An enti ty or organizalio11 which is not listed in parag rapl1 a) above, but
which is (1) created hy, nr the creation of which is authoriz ed by, legislation enacted
by lho Uniled States Congress ~nrl which is subject lo control by the federal
government which ir. at le as t as exltinsiv e ;is lhal which governs an entity or
u1yanization !is led in parag rl1ph a) above. anrl !?.! rated i:l 11s highest rating category
by u11t: or more nal,onally rccogri ze d .:-i rganrl cttious which rngularly rate such
obligallons .
Have a fixed rate during the entre life or u,e <1greement ;
The do il ar amounts and periods ot lime when the Chy may draw funds out of the
repurchase agreement shall be agreed u~on in wnling by both parlit,s and shall be pa rt of
th~ written repurchase agreement exercised by lhe Cl ly and the approved counl~r~arty;
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The City has lhe option or varying the dollar amouel and lhe liming of the draw down by
an agr"ed upon percentage of the ~ draw down and a specified number or days .
The City and the counlerparty lo the agreement will specify the details of the allowable
variance •·•hen lhe agreement is structured . In addition, the City may draw down in
excess ol the variance up to the rernalning balance in lhe agreement for a bona fide,
unanticipated cash need;
Collateral shall have a m ini m um market value (including accrued interest accumu:ated) of
~I least 102 percent o' the rloliar value of the transaction;
Repurchase agreements shall be entered into only with dealers who are authorized by the
Director and have executed a City approvod Master Repurchase Agreement;
The Director shall maintain a file or all oxecu led Ma ster Re purchase Agreements ;
The l i'.le to or a perfected security interest in securities, along with any necessary transfer
documents, must be ~anslerred and actually delivered lo, and shall be held by, the City's
th ird-party custodian bank acting as safe keeping agent. The market value of the
collat eral securities shall be narked-10-the-markel al least weekly based on the closing
b id price al tho lime the custodian lo· th e colloleral Issues ilo monthly slalecnenl lo the
:::ily,
For the purpose of the se::tion , lhe term •collateral• shall mer1 n "purchased securities .. under
th e terms of the Crly approved M1<sler Repurchose Agreement. In no case will the maturity of
the coltatoral exce ed 10 years .
7. Time Ce rtificates Ji Deposit with a maximum maturity of five years or savings accounts in
stalt:, ur national t;anks 01 state Of federally charte:-ed 5avings banks oµ~n:;1.tiny in Colon:~do
that are slate approved depositories (a, evidenced by a . ce rtificate issued by the Stale
Banking Board) and are insured by the FDIC. Certificates of deposit that exceed the FDIC
insured umounl shall be eollulemlized in accordonce with the Co!orsdo Public Deposit
Protection Act. The collate.-al shall have a market value equal 10 or exceeding 102 percent or
the difference between the insured amount and lhe City's total deposits for all funds within the
in stitut io n.
8. Money Markel Mctual Funds reg is tered under the Inve stment Company Act or 1940 Iha"' 1)
are "no-load" (i .e.: no commission or fee shall be charged on purchases or sales of shares):
2) have a constant net asset value per share of $1 .00; 3) limit assets of the fund lo securities
auU1orized by stale statute; 4) have a maximum slated matu1ily and weighted average
mat urity in accordance with Rule 2a -7 or the lnvestmenl Company Acl of 1940; and 5) have a
rating or AAAm by Standard and Poor's, Aaa by Moody's or AA/>N1 + by Fitch.
9. t.:::iorado Local Government L iquid Asset Trus t (COLOTRUST) as authorized under CRS 24•
75 -702.
10 . Prime Bankers Acceptances, rated al leas t A-I by Standard & Poor's, P-1 by Moody's and F1
by hlch al lhe lime of purchase by al lea 5: two services that rate them and shall be rated not
lei;g hy any i;e-vice that rates lhP.m, with r1 mr1t11rity of six months or less issued on domestic
banks or branches of fore ,gn banf.s domiciled in the U.S. and ope,ating under U .S . banking
laws . Accepting banks must have a senior debt rating of A2 by Moody·s and A !Jy Standard &
Poor's .
11 . Prirne Cu111r11t:rcic1I Poper witl1 a 111dlu1ily uf 270 days m le~;; wh ict 1, at th~ time of purchase, is
rat ed al least A-1 ty Standard & Poor's, P-1 by Moody·s and F-1 by Filch .
a) Al the lime of purchase , the co mmercial paper mesl be rated by ol lcool lwo of lhc
above staled ra ting agencies at lhe staled minimum rating.
b) If more than two of the above stated agencies rales an issuer. all of those ra ti ng
agenci e:. mJ:;I rate th e ,ssuer in accorda nce with ob ,Jve st.:ited rr inimurr. credit crite-ia .
"' If the cornm'1rciol paper issuer has snnin, debl outstandi1g. the senior debt must be
rated by coch oorvico that pub li shes a rating on the issuer as a! least A2 by Moody's , A
by Standard and Poor's ond A by Fitch.
12. Corpora:c Bonds issued iJ y a corporation or bnnl< with a fi1al m~turlty no: oxccedl11g tl·rnn
y(-lars trom lh e cJat e of trace settlement, rated ;it least AA -by .S·andard & Poor't;, Aa ] hy
Mo ody's, or AA by FIich at the time of pu rci,a,.t: by Mcl1 service lhal rates the cbbl.
l\ulho1i2ed corporate bonds ~hall be U.S. dollar <Je:iuruin ctlfict, an d limited lo corporatio113
organ !zcd and operated within lh e United ,Sla les wllh ;1 nf!t worth in •~xcess r.f S.250 111llhu11 .
S0curitk1s thal haVE1 Oeen downgrad ed below minimum rat in~s desc.:ribod hcre::in may tJe sold or
held of th e City's discretion. Tiu, rnrtrof10 wlU be hrouqlsl b,ock into compliance with Investment
Pol icy g·.1i<.Jc,i11 •~c nc 50011 as is r,r:-1cli c:.1I.
07 HER INVESTMENTS
II is the intn nl or thn :::1ty that the forogoing list of nutho·izod securities he strictly interpreted Any
clev1a :iot1 from this li st rnJst be pre-appruved by th e D ir ector in welling oftor cippmv:,I by the Cly
Mn,,aq,:r .
INVESTMENT DIVERf,IFIC:ATION
It 1:i lho in tent of the · (':lly tod r~rs ify lhP. ir.vI::.trncml inslrum P.111s w lhi ll the portfolio lo avoid
lnw11i11y unreasonable 1 •.;I<~ inherent in over invct:.lino in spr.r.ific instruments, indiv idual fii1anc1al
insillullons ur maturities The a5:mt Jllor.otion in the portfolio shn111d, however, be fle xible
depending upon the u1;1iuuk for the economy , tb<: occuri\ier. market. and the City·~ c-.nsh flow
neod3.
T he City may inve st to th~ following maximum limits within each cateyu ry:
50C/o in Certificates of Deposit
t.0% in Comm ercial Pr1pP.r
20%, in f3onkera Acc opl :=mcos
30% In Corpurc1lt: Bonds; 5% in any one i:l ~ucr or ii£ affiliates or sub sidia riA~
Tests f:,r lim itat ions on per:ent<.1gas of holtlin!J:s c:11 ,ply to lie composite oi the entire portf olio of the
Ci ly, r:ot lo individual portlolios maintained by the C ity. Percentage l imitations used for
measurwnents are based on the percentage al cost v<lluo of the portfolio.
INVESTMENT MI\TURITY AND LIQlllDITY
lnvt:stments shall be lim ited to ma!urilies not exceeding five years from the date of trade
s,,,ltlerncnt. 111 ,11Jdi:ion, the we ighted average final rnatu riiy of the total rortfnlio shall al no time
exceed three years.
SEI .t=r.TtON OF BROKERIDE(\LERS.
The Director shall ,raint~in a lh;t of broker/dealers approved for investment rurposes (see
Appendix 111), and it shall be the policy of the City to purchase sc,curities only from those
a uthori zed firms .
Io be eligible, a firm 1:iust meet at least one ol the following cri teria :
1. be re cognized as a Primary Dealer by the cederat Reserve Bonk of N o w York or have a
primary dealer within their holding company slructure,
2. report voluntarily to the Federal Reserve Bank of New York ,
3 . qualify under Securities and Exchange Commission (SEC) Rule 1 Sc -3 (U11•f"''" Nel Capital
Rule).
Pall(! 5
Broker/dealer.; wlll be selecled by the Director on the basis of t1elr expertise in public cash
management and their ability to provide service to the Cily's account. Each authorized
broker/dealer shall be required to submit and annually update a Sity approved Broker/Dealer
Information Request fo rm which Includes the firm 's most recenl r ,,anclal statements . In the evem
tha: an external investment advisor is not used in lhe process of recommending a particular
transaction in the Cily°s porttolio, any authorized broker/dealer from whom a competitive bid is
obtained for the troncacl ior will attest in writing that ho/c :1 o has roccivod a copy of this po :icy .
The City may purchase Commerc ial Paper from direct Issuers even though they are nol on the
approved lisl of broker/dealers as long as they meet the criteria outlined in Item 12 of the Eligible
Investments and Tr,msactions section of this lnvestrie~t Pol ;cy .
COMPETITIVE TRANSACTIONS
Each Investment transaction shall be competitively transacted with authorized broko·/dcolcro. Al
least lhree broker/dealers shall be contact ed for each lransaclion and the ir bid and offering prices
shall be recorded .
If the City is offered a security for 'Nhic1 there is no other readily available competitlv~ offering,
then the Director will docurr.ent quotations for comparable or alternative securities .
SELECTION OF BANKS AS DEPOSITORIES AND PRCWll)ERS OF r.ENERAL BANKING
SERVICES
The City shall maintain alls: of banks ap~roved to provide banking services or from Whom the City
may purchase ceMicates of depostt. Banks i n the judgment of the Director no longer offering
adequate safety to the City v.,11 be removed from the list. To be elig 'ble ior authorization, a bank
shall qualify 03 a dcpo:;itory of public fund:; in Colorodo o:; defined in CRS 24-75-603.
SAFEKEEPING AND C:LJSTODY
The safekeeping ar,d custod)' of securities owned by the City shall be managed in accordance
with ap~llcable Federal and Colorado laws and regulations.
The Director shall appr,ve one or more banks to provide safekeeping and custodial services for
the City. A City approved Safek eeping Agreement shall be executed with each custodian bank
prior lo uti,izing that bank's safekeeping services. To be eligible, a ,ank shall qualify as a
depository of public funds in the State of Colorado as defined in CRS 24-75-603 and be a Federal
Re !;erve member financial institution.
Gusi0<J;an banks will be selected on the basis of thel· abllily to provide service Jo the City's
account and the competitive pri cing of their safekeeping related services The City's designaled
custodian bank is set for th in Appendi• IV of this Investment Policy.
The purchase and sale of securities and repurchase agreement tran sact ions shall be settled on a
delivery versus pc· . ..,ent basis . Owners hip of all securities shall be perfected in the name of the
City, and suffici en. evidence lo title shall be consi:.;te:,t with modem inver.trnent, banking nnd
commercial practices .
All :nvestments except certificates of dernsil and local government investmP.nt pools purchased
by the City shall be delivered by either book entry or physical delivery and will be held in th ird-party
safol.eoping by the City's desiym.ted custodian bank, its curnes ,ond~ril bank or the Depos itory
Trust Company (OTC).
All Fed wireabla book •J ntry sc cur itic:i owned by tha City ~hall be evid 1;nccd by a :;afekeeping
receipt or a customer coniirm ation issued lo the Cily by lhe cu stodian bank sta:,ng <hal ihe
snc~ril ies orn hol::I in tile Federal Reserve system 1n a r.1J slorr:er Account for th e custodian bank
which will nnme the City as "cuotomer. •
All Dre ~1191~1• ""cu1ili<,s shall be held in lhe oti•lodion bank's Deposilory Trust Company (OTC)
parlic1;:m nl acwu1t and the C:."U ~lodlan bani~ shal l is5uo a snlcko c.,ping rec aip! i,,id~11c111g that the
securities arc held for lhe Cliy as •customm .•
All nan •bJok onlr)' (physk:a l clclive,y) sc:i c:urit icm ~~haK tm hH l<l Uy 1:10 custodian hank '!;
r.orre spondenl h ank and the cuslodian hank sl •~II issue a sofetceep,ng receipt 10 Jh o City
evidencing Iha! l~-e ~or., irilies are lmld by !lie cJrrcs~ondent b,mk for t.,e City as 'coslnmer. •
Th e: Cily's cu!!lloUinn will bo req1~irc:d to rurrn :;h Um Ci 1y wilh a monthly mport of se:Urit ie s hr;?ld ;1s
wel l a~ ::in aet.ounl arl.:1\yuis rcpo~1 of ,1·,onthly sC:tc..u,ifies activity .
PROVISIONS FOR ARBITRAGE
iiic Gill' periodic3lly issues r.ebl obligati ons w,ich are su hjecl to lhc pruvi,iu 11s uf lhe Tax Reforrr-
/,r:l or 1980 (secti,:in 148F), Arbllragc Rebati, l{og.,latinn s. Due lo th e le gal r.omplexilies cl
ar bitrage iaw and the necessary immunization or yield levuls, the procedures unrlertaken In the
rei11vu slmenl of all or " p~rlion of the proceeds of such debt issuance m~y extend beyond those
oulii nod in 11is lnv e!i lm ent Polir:y The Oireclor. upon ~vice from Bond Counsel ;md fi nn.1 ..:ial
;J dvi ~o rs, moy alter pruvis,onc of ll1is lnvos unon1 Pol c:y for mhilmge minted 1nveMl rn0nt s as ma~·
Lo /lt:!-Cessary to confnrm v.il h fnderal c.1rbltrage regulallon s ln ri ll r.r.1sos, however, investments
will be in r:0111pliance with Colorado Rcvisud Slalulos . Thi s suction is only applir.ahlP. to C:ily funds
subJn::t to ar!Jllrage re.!::lrictiu11s .
REPORTING
An invesl,ienl reporl shall :,e prepared, at lea sl on a mcnlhly b:.:ims, l1st1ng tha in vest 11,en1 s held
by the c :ty, t:u~ r:urrr.nl marke:tl valu atir:n of tho inve!.lments a11d performance results . The
mcnlhly invoslmenl r ep ort shall hP. submilled in a limal y manner to lhe City Managm and the Ctly
Council. A rocord ol,~I . be ,nainlainod by the Dnparl n1Anl of r-,nanoe and Adminislrative Services
of ull bids and offerings br ~c c:uriti es transaclions in order lo ensurn lhat lh3 City receives
competitive pr ici11g .
The City has established reporll :,g and accou111i11y slcind"rds lor callabl-, U .S. lnstrumon:ality
securiti e s. Callable securilies may be retired at tse issuer's oplio11 pr'or 1" the staled ma<lmum
malurily. Ail socurilias holdinq reports for the City shall u,rclose the stated maturlly as well as the
fi rs I r.;,11 ,'.a t, of each callable security held. In the cas e or callable securities which are purct1t. ,ed
oriced lo lhe first call dale and, in lhe opinion ol lhe ')irer.tor, have an overwhel :mng probabll ily of
!icing c;:,llod on the first call date, weighled average mat«ritr. amortization a~ well as yield shall be
ca,cu l,ile d using the firsl call dale . The Di,ector may , ~owever, c hoose lo use a further call date
nrnlur ity dule for reporting purpose s whon conditions m·1nd2te .
PERFORMANCE REVIEW
The Di rector and the City Mana9er shall meet al least quarte1ly lo review the portfolio 's all1t11ence
to appropriate risk levP.ls and to compare the portlolio's lolal retum lo the cslabllshed Investment
objoclives and goals.
The Direclor shall periodically establish a benchmark yield for the City's inveshnents which shall
be equal to the av~rage yield on the U .S. Treasury cccurity wh;ch most clo sely r.ocresponds to lhe
porllolio's actual effective w~lyhled average maturi,y. Wher. comparing the performance of lhe
Clly's portfolio, all tees and e<penses involved v,th managing the portfolio should be included in
lhe computation of lhe portfolio's rate of return .
Page 7
POLl9Y REVISIONS
This lnveslmenl Policy will be reviewed periodica ll y by lhe Direclor and may be amended as
cond itions w.:Jrront by the City Mnnager and lhe City Council .
Preparec: by:
Isl
frank Gryglewicz
Direclor of Finance and Administrative
Services
Aoproved by Ci11· Council
Seplember 17, 1990
Amended by Ci11· Counci
December 16, 1991
Amendec by Cily Council
April 5, 1993
Amended by Cily CoJn ci 1
June 20, 2005
Amended by City Council
Nuveml.Jt:u 3, 2008
Stale ai Colorado, County of Arapahoe:
Prepared ~y:
Isl..,....,... ____________ _
Kevin Engels
Accounling Manager
Amended by Cily Council
Seplember 5, 199,
Amended by City Council
December 15, 1997
Amended by Cily Council
february 7 . 2000
Amended by C.ly Council
Oclober 16, 2006
Am ended t-y City Council
20i1
t, Loucrishia A. Ellis, City Clerk in and for the City or Englewood, in the State aforesaid, do hereby
certify that the foregolne is a full, true and correct copy of the Investment Palley as the same
appear::; L•pon the record~ of my office which are in rry cu::..tody.
Given under by hand and official seal . this __ .
Isl
Louorishia A. Ellis
City Clerk
rage o
Al"'PENDIX I
Authori7ed Personnel
T h e lol•owing p<•~r~;orn; di'\: nu thclriZ~d to i.;und11r.t 111vc.:~\ni<:11l trn11!:;1 c:inn r. and w ire lrarn;fm f111 ulr.
o n behalf ol 11 ,e City of E nglew ood:
l<r.:vi11 Enq<iis , /\1:cintn \11 ,g Mr1 11 ;1~1nr
l{r1 tl \Y Cassni, /\cco u1\a11 l II
Chfr•li11 n Hart. Acr.011nkUll II
I':, :u 11{ Gryalcwir.7, l1i ·udor u r Finarnl.~ and Adm1nis tr au-.,e Ser\'tCC5
Page 9
APPENDIX II
Repurchase Agreements
The following firms have executed a City approvad Master Re purchase Agreement with the City of
Englewood .
Banr. nr Am erica Securities , LLC
Morgan Stanley OW Inc.
Agreements main ta ined i,1 se pa rate file.
APPENDIX Ill
Authorized Brnkor/Dealers and Financial lnstitutior.s
The fol1owinq firms are app,oved rar inv er,t1 n C:!nl purposes 1.:-'l lho Cily of l':riylowoorl.
B,➔rr.lays Capital
Dculschc Bank Se cu ri ties Irie.
Gllldma n, s~~hs & Co
.IAff,.:ric~ & Compnnv, Irie .
.J .P. Mornc-m Securities Inc.
M cm ill Lynch, Pierce, Fenner & Smith lac
M izuho se:~::u-ities USA Inn
M orgM Kccgar, & Company, Inc .
Morgan St;;in e y Sm ith Bnrnoy -Citigrc:up Globc1l Mtlrk el !; rlatform
Mory.:1n Sl,ir1 -e y 5 m 1lh Barney -Morgan Slan f:l~• 1>!aform
l~B C Capil'11 M a, ke ls Corporation
U HS Finar,t:lrll Sur vb::; Ir IC,
Wund1:irhGh ~,(:}r.urltl r.~i . l11c:.
Paoe 11
APPENDIX IV
Designatud Custodial Banks
The following bank is authorized as :he designated cuslodial bank for the City of En.;lewood:
Wells Fargo Institutional Retirement and Trust
17 40 Broadway
MAC# ,: 7 300-105
Denver, CO 802 7 4
COUNCIL COMMUNICATION
Date Agenda Item Subject
October 3, 2011 9 Ci ResoL,tion Approving Proposed
Change, to the C,ty of Englewood
Investment Policy
Initiated 8)'
Department of Fin ance and Admin istrative Services
I Staff Source
Frank Gryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City Council approved Resolution 79, Se ries of 2006 accepting changes and updates lo th e City's
l11 vest 111e11t Policy u 11 October 16, 2006.
Th e Counc:I discussed propo s ed ch ,,nges lo the In ves tm ent Policy al th e study session held
September 19, 201 1.
RECOMMENDED ACTION
Staff recommends Council adopt ,, res oluti on a~p roving the chances and updates to the attached
Investment Policy. The nvestment Policy is applicable to the investment of all funcis 11ot immed'ately
needed for the operating expenditures/expense:. of lhe City, excepi for the firefighters Pens io n Fund, the
Volunteer Firefighters F~nd, the Poli ce Officers Pen11 0n ~•ind, and the Nun-Emergency Employees Pension
Fund.
Most of the change, involve clarifying language, removing ,ubordinalcd debt from allowable ilwestments,
updating authori zed personnel, updating broker/dealers, and in formation regarding the designated
custodial bank .
FINANCIAL IMPACT
There is no direct financial impact to th e City from adopting the proposed changes to the lnv est111 e11t
Policy.
LIST OF ATTACHMENTS
Inv estment Poli cy -Redlined Version
Proposed Resolution
City of Englewood , Colorado
INVESTMENT POLICY
n,e Olreclol 01 Finance and Adminlsvative SeNtces of the C:ty of englewood, Colo1ado i1 cha1ged with the resi,onsib:llty I to .P."\ldon:ly ond propo,ly ma~ any ond OIi fun-:ja of the C,ty, Oeoause these funds may be c.allW upon, ll i:, d¥S8rtlal
thll 1bsok.l" ma!l.Jliry horllon, ,,. idenbf.able fo, the purpose al llqukl1tv Moreover , u,,se IJndl must be fully
colla:tt.31tnd and ~pp,opnatety lUlhorized TM fnllnw1no lnvfJfltmltN Pnliey nddrttlH the mtthOdl, p1oc.clure!. ::ind
pflClloes whd'I must be e11erclsed to ensure effect-ve ard 500l'lel r,seal m,nagernent
~ Thi• ln.,..:i.11,,i:11l Pul k;y 11/Mil •wl~ tu the ,nvestmcn1t ul a .I ftnandal aue11and II lunels ol lllt Cttl ol Eng!eWOOd (hetealter
1ete«ec1 10 as tho 'City") over which it e•ercisM flt\illlcial conl!oL e•c:ePl 1M City ol Englhiood Fite(igllte. s Pension Fund.
Vnl unlDor F11-"'-'rlttts P1n1ion Fund , Police Offic.,.. Pension Fund , tM Hon Emor90ftC)' Er.,pbyeos Retirement ri.n rund I and othe1 City empk)yee ret11emenl plans .
In Oflff!, to eNe-c:ively make UM! cl the Clty'1 c.aSh resnwce:. • .al monl" lhal be pooled into one lnve11men1 account and
accounte<I for separately. Tne rn..-estment ina>me deovod lrom thi s accou,t slli,!t be disttib.rted to lho var10Us City funds in
ac:co,d1n::e WIii\ Engl&Nood MJnIcIpa1 Code. 4•l•1•A.
~llill
I Thi. c,sr I bmdJ :i;hj;l t bf 10Yli4fd to BfrC:91di(]Cf': IM lh '1ft A!'!Q!S:i'!!!t c:,rv P?hf'l!J ColO'fSO 111Mli pnq ~
19oy11)•QM IPd 11'1 a mp,ner Q!!ilQOCd Jo ICQJfflpl1~n 1ne lpl!gw,np ObteCl1'1f!l Wh\Ch t'.P hMtd 10 DODfl!Y Otder
• .P11nerv1t10n of capita I Al'.'~ u,, i,rotteli0n of uwes1mont pn:iopal • • . · f n.tf'tf!dI nw c,t(• prnap1I ._,."'.,..
tJalnlenar.ct 0f1uffic1en1 liquidity lo meel anlicil)aled dlsbt.:rsements and cash flows . 1_,.~·K_,._•_• •-•~''-------
CiversificaUon t-avoid Incurring unreasonable risk5 regarding secun\Jes ownod .
•tta:nmen1 Of markel ,a1e or :etum eQual to or higher than the perfCJmance measure 11tabllshe~ by the Director of
Finance ana Adm ini strative Services
DELEGATION OF AIITHQPITY
The \lllin1 ■ respons,t:tlity Ind aU'ilorit-, for irweslment uansacUons inVOMng the City rnide1 with the Dfectot of Finance
Ind AdmltlilrntNt Sefvitel (htrenatter relerred to II tht 'Oir1t1or") ¥if1o MS been dlsignaled by the City Manager M tM
lnvestmtnt Ofl'ieer in accou:sance w,th En;lewooc:1 Munic ipal Code The Director may appoint otter membef1 of the City
staff :o nsis1 hr.I m the cash management and inYellment func:ban Persons who .. IUlhorud to transact bulinesa ""&t WIit lu-ldl on behalf of the Clf'f WUI bl dlllpnated by uie Owector by lne we tr1n1te1 agreement 11.ecutld With Ille
City's owovtd depository fof' bin.'< 11Me11 (see k>pendi11 I).
The Onctor shalt be retpons,blt fDf al investment decis°"s and adn;iti11, ond shatt n1abtish written admirisltatrvl'!
l)(OCldu,es for the operation ol tne City's ,nvntment program CDnsi~tf!l"'.t with th"-lnvl!Slment Polley. Tl• lnvnwnant
Offic:l r ldtng w.ltin these procedutlt!'I Wlf nol be tietd perSOM\ly lia!lle kr spec.flc uwestmtnt lninsacbons.
The Olfec:cOt' may 1n hrS d1sc,ebon lppolf\t Ml ex more lnve1;tr.1en1 Advlsorl, registered with tht Securtlt~ and E,.ehange
Commis.slon under the Investment Advisers Act of 19'40. to manage a po1'on of the City's asseb . M awc,inled
lrwc~nl l\dvt:.ot moy bO 9t11nted limited inwe5tn1ent tfi1oC1t>liu11 wiUlio lhe yuldtlmes of Ulif 1nWStme-:1 Policy Wllh ~ard
to the Cily'• ilS.Hl5 placod unoer •ts management. An Investment Ad'll&Or cnn only be appoin~ oft.tr c:onsullati:>n Wllh
and a)l)loval by the City ManA{)f'r
~
The lt.lndard or prudonce to be used lor managing the City'a assets II lhe •~ruelent Investor• ,ule, wtuch states that •
prudent investor "al'l.1a e•ercise lht Juctum•n1 and care, L:n:1cr lhe draJmstances !hen Pl"evailing, whlc:tl mtn ol p,udene.e,
tll~rehuu, a11d lr4elligen,;e extrase in u,, manaQemenl 01 tne property of onothe1 not In reg1rd to 1p0Culation Dul in
109ard 10 the i,ermanent disposit,cn of funds. consdering tne gro~tH income u •:.1':N II lhe prooable !.3fety of capi1a1.~
(CRS 1~.1-304 , Standard for lrwe)tmenU,.)
nm r.uv·s OVt ill',11 invr.sI1nc1 •I pngrnn !l"ltll1 00 tlesitncd a:id rmm;:19fld wiln ,1 <Jou,o't of prolc111.10riahsm thu1 is worlh'f ot
I IIW) fMibl ic lrusl. The CilV 1c::og11izes lhnl no ,nvn JITI'l!n' IS 101nlly~.J!M:l.1l"!tm1tl II~ 1110 lnllltSITIIOf'll 11::li111t1u :. u: II~ C•IY,
n1 e n mnllttl of 11\IIJliC. •er.ore. M.COtd!ngty, lhU City 1t1cogni(Gll 111 .. 1 nr.cn~0\01 IIUIU3U•Od loo:;cc 111:,y ~ !fl .n ~,.~l}l~I
1,or\10110 Lllld shnll DO C0l\!'lirlc10d within lho cnn1ox1 ol \110 potllo~o·w IMtr/1111nt11m, p1nvidP.d lhnl Rdl'lfltli'IC di\lflllif.cali:,n
hn'I hmn lmn1t1mon 1nd nnd thlll the :;a1uof a securttv is n Ul-l bus& 11 .. ,'J••crm inl crct.l :>f U1e Glly.
ll!!!..Q!!•™~LMirizo!!_pttr!U)ll!I ,,ct nn.m..:?fm.!l~n wnr r.~4,'lllli!:r.td 11•~un111111•• ;i11(1 u.o.u r~~
ltl!i!:i...JJ~...L!il.!!.l,vnq nl urn -~urn1l 1c;,u1~.ll!.....ml ,nd111iduol f!PCU:IIX:ri tlOCl~ ·** 9! IDOJkel ?"F'! Chi!'.!fln~
.~~~IW5ii!nl!2n.L~~nb: ,,.~hloo IQ lhf.~a.B.M.lml)Jj!pJJ!11Q_i:,r.1l:>11 lr._ti'~
i11\Y.ClfiC.Ctln'.ltlgr,u.1t\fl11,
(!THICS AND CONFLICTS OF INTtRCPT
All Clly c mployaai: i1wa1 1101I iii lhc in•1e:t11\Cnl fUCV':l'\!I, \hAII ffth .t•1 ~om personnl hti&JrlOSS activ.ty tnat could eonfltet Wl\h
I1101-JOr nH1cutI011 ol the 11w11s1mon1 ;,rog,om, OI' whc.h COUid hnpai• their abili ty to mn~o imp3t11&I lnve:strnel'II decisions.
EmI,lovett!i untS h1v4:t;lincr1t officinl:. shal tSlsclose to the City Moragor ony nn1erI111ImuncIaI intaresi In flnancIaI inslitu1h .. rI ~
11ml C".OlldUC! l>usirms w th Ille t: ty, OO:;I they snail 'tMV'IUI discloiw lUlf ld'OO pe,~'8I fin :mclft1Anvo3(menl po~•ion~ l l'I0I
eoulll hu 1ul,1h:!J lo the performnnce :,f :ho Clly'c portfolio. Emplo1N1 shal cubofdlnal1' lhl'N n,11-.M.il inve5lmen1
1rout:,ct1011c to lhoi.o <)I ll•e r .i1y r,artlr-J11,uly with 1ogerd to t'lo 11m1nQ or purchoso, nnd ,nlos .
~e uwesrMeNrs ANO TRANSAcr10Ns
All •rwus11ne111:-. w1 'I he mnco o nr.cord:mec With 111u Cvh . .11i4tlo P.tiYJi»od 51ntult!• (c n r.J n, rn11ow:1 . ens 11 .10 5.101, 01
11uq. l'ul.ilk: Do:')()~11 rroluc.ho1 lv:1, C.:RS 11 1.1 .101, el soq. Siwmgs .ind l.u,,n A11.c;rv:i:'lhnn P11hlir. ~co~il P•oletllon Act.
CRS 21..1,:,.1.01, f'I t'l't\ l':'umt,;•Luont lnvoslmonts: CRS 211.·15.o c:i. nl !l&q Ocpo!lltn11cs : .100 CilS 2'1 •7!',,70 1. el ~ru,
I 1.oc.11 c1oyo1ru11opl1....:...1~v.lbnti!!_g>..P.22!..J1.!!P.!UE.JL1fl.mi. _Any ,~vis ion-. r,1 oxto·1sio11;S of tl1c!',Ct ~o ctic:n!i ol ihn r.flG wtll hn . ( Oeleted:~....i1t,,,onlFU'llll-l oc.iGO¥.mm.tj
os~umcd lo be PM of lh·s l :1 1,estment Fo~cy inimcd!.iltlly upo:, being c11:1CJOll . 1'uQlt1141 _ -----·
A~ 11 nomo rulo C,1y, Englewood mov odopl a Iii.I al .,ccaptable lnvellmti"1 lnr.lmmnnls difforhg tram 1:-iote 01.1Ilinod In
CRS ?1\,7£..sn,. nf ~r.q Funds-Laoal lnvestmon1t Fund~ of lhC Ci:y c1 EnglltWOOCJ ::O\ICICd tiy this. lnv~:;•mont l·'olley may
ho investM in lho lollOWTig types of socurltlos ;md 1rn11s11c:,orr.·
1. U.S. freBSJly 01.il lyatlorn• T11Jcnu,·1 041 s. T1ou:.u1y Notus n,'Ct l1ccr.ury ik111di::. Vtl1h mo1111llin 'l ool oYC~l'(i llQ lr,,p yPRf ~
hom the doll.I ol 11.:Kto eetllelflont.
2. r,easurf Strips (book-entry US. lr1ta~ur; securities whose couplfls hove l)(ICn ,ernovcd) with mmurmas nm
elc:eeding hvo ycnrr. from the data of 1:000 scmemcn1.
I L.fodmf1_I lnr.11,_inJ11n!?!il!I?~ _ •. nnhn_n!•'!'r:'\, _f?1¥.-0:t!!\I .. NQ\OS, M9~iLi;t:1 :l.f'!~--~-q1e~. CoUabte Sftcur iUe,_ ~ri.~ .. ~!~P.•UP ..
Sor.u,ihos 1souocl by the !olluw111g onlr: Fe:Jttml Nationtll r.1or1on~ 4·;\C'ldalion (FNMA), Fecorat Homo loon Dant.
(FHL0). Fcdainl Home Loan Mongaga Cocpotalio, (fHLMC) and Fed:'ra1 Farm Credit BonK& (FFC0). with rnatu,litts
I nm ttxceocing hw yoous from the aa1cot tutd11 wllknnent. ~~ 1101 be purctppecf , ..
-4 . ~apure1ost1 A{)re cmnnl~ ~l~.~J,1'11.V\IJl'l!J .~~~-c;! .W. -~~V-.QI: le$> ulilizhg U.S. T1easu!')'_o~.fe~~f;tl,lr,s1 1.~.~,'J-tJ!i.1y
sacuriUcs !i stod above . colla1e,anzed al a minimum markel val:lo of 102 percent vi !he dollar valu! oi the transactton
with the o,c,uod intor~r.t acaJmUl&lod on tho cdleleret indudto ,n the cab.llatlori
Rupwr.nm,tt or ::r,t~ :;tv;l1 lJo cnl•ec 11'11o enly'Ni1h dtal:u , wtn
.1) me 11tr.ng r111:nd -'S Jlumn.y Oo;11e1s by the Feder.al Reserve Bao._ of NL-w Yotk . or with fitm!I l,h.'11 havo ·1 pri-nnrv
de.1l01 wilhln !hair hohJlng company !lln.JClurc, and
b) h.'J\'8 execut!?d A City approve:t Mo:.iw RepwChase Ag,oe1nen1 (5811 ~11di.l II). Tho Cirec.10, aha11 ,r~·:,ta1, a
hie Of alt Olr!C\llt:ll M u:ttt!r ROl)lHt,h,l,o Agreeme,u
Primmy Ocolms amrovod as Rciuc:-iasc Ag1domcn1 cour.icr:>ar.loa, 1f rn led. ,tioll havo n shor1•torm tteC:ll ral lng of
al leust A· 1 or lhe oquivalcnt and i lo.,g-lOfm aectit rating Cl nt lea:t A or 11\r eQUIValcmt.
Collaloral 0.11.ncha~ securitict1) then bo hold by lhc Cilyu cualOdian bank as ,ofll!'ltMflinO :,U""'· nnct 11\e markot
\nluc cf 1ho wllalomt 1eCU1'11if.\1 shaU n .. mR1k11,1 .10-1he,mat\utdary.
F01 !he pu,pose, ot lhlt secUon, :he term 'co'latorar shall mean 'P1,11c:1ased secuu:.ies· ~.fide, llm lt1ms uf lhtt City
approved Mosler Heptirtna,e Agreement In no QIH will U ti 11tilturil1 oftne colote,aI exceed t0)·c.i:s.
Oole\e"FadDfGll111~,£9QJ!ilin
Ullllbt .... htw .... Mt'"8CU.-,'Y
ftlltUI IMINolli'llldttR~~ltilllcM
ka1.-. O,,ll'Q~• (NA!JR01)1MI flll• lhn.
end 1h11 bl la\Od ntl 1111 lip-,, NltSRO It.al
f«Hlhldatll .
. D.teteit:I
5. Rtvttlt Repurchase Ayftements with I matunty of 90 daf$ or Jess elier.utad only ogalnst securilJes owtu!td bV the City
and r.oilateralized by the same type ol seetmty reversed .
6 . Flexible Repurehast Agreements with e final maturity ol 10 )"9ilf5 or less entered into by the City with opprnvoa
C(.IUM tt1rpart1e1 . These fle•ible 1epu1chase agreemer.ts mav bl Closed oul in va,ying 1m0Lr.ts and al \larylng times e:
the o,tion ol tht City. These a;reements are deemed by bOth prtles lo b8 purchases and sales ol securities and 11u1
no1 loans..
All such fla.,,i ibll repu,Chaae a;rHmenlC shnll mnct the loUowing cr11on.:1:
Be determined H legal and \lalid for both oarti11:
Collatsr.it sh.ill bt limited to·
a) Securities issued by, guaranleed by. or fOf which the credit ol any ol lhe following is pledged for pa1men1 the
Llrv!Rtf ~1111P1.. Fr.ril!rnl Farm CrMit ~nit, Fed•ral Land Danie , F9d■ra1 Home Loan Bank, Federal Homo loan
Mortgage Coll)Otalion . Federal NaUonal Mortg~e Associatkm , E>cpor1 Import Bank or the Go\lemment
Na\ion11 Mor1o,oe AssociaUon : or
bl Secu1lties lssuocl by, guaranteed bv, or for Whld'I tne credil ol lhe lollow:ng is pledged '°' payment An entity
or organ ital ion wh:Ch Is not !isled In paragraph a) above, but whic:h is ( 11 C't88lild by or tte creation ol which is
alt.horlz!!d by, leg llla!ion ena1.:l!!d bv the Unlled States Coogress and which is aub1ect lo contror by the federal
QO'ternment whldl is at leas! as oxlensive es lhal whleh govems 1n enUy o, Olganization listed ln pa,agraph
a} above, and (2) rated i.i Its highest rating calegory by one rn more nationoUy recognized
01 Qantuil1ons whten ,egulilrlv rate such obliga:iona .
Have a fh(ec rate dutinjl the entire hfe ol the ag,etment
The dollai amounts end periods ol time when the CilV may draw funds oul ot lhe rcpurchas, agreement shalt be
uyr~d upon in 'M1Ung by beth partle, ,na WU bt pan cl !he wr,r.en rePtJrchase agreement exera~ed by the City
and the approv1dcount11pa1)'.
Tne City has thi, upliao Q/ vu rying 1h~ tlulh:11 t;mounl and the timing of 1ne eraw down b\' an agreed u;ion
pe,cen!age of the ~ draw down and a specified number or davs Ttle City trld the eounlerµrty to the
ograomont wiU :,pocify lho dotoil:s ol tho eltowable variance when tne agreement i1 ttrui;.tul\tl.l. 111 Wtlltiori, the City
may draw down in excess. ol the variance up to the remaining ba!an~ in the agreement lor a bona hde,
URRnticipal~ cash ne«I;
C::-Uatoral Shall have a m inimum rnArket value (in:!uding eccruod Interest ac.:umUated) of ill least 102 percent of
lhP dnl~r vR IUe ot the tran1.iction:
Repurchote agreements shall be enltrvd into only 'Mth dealers whO are oulhOn.ttd by the Olrector and have
executed a City a:ipmYRr1 M1111tP.r RenurCNttte AgreemMt;
Tne DiceCl.Of shall maintain I file of all ,xeeuled · 1astet Repll'chaa.e Agreements;
The bUe lo or a perfected ser:unty inttrl!lsl tn seair1hP.!il , ~lmg Mh 11ny necessary transfer doc:um•nts, mv,t be
transferred and actua'ty delivered to, and shall be held -,,,, !tie Ci:y's. U"tirO-party custodian bank aCUng as
salekNping agent. The market value ol Uie co11c1tera1 securities ahaD be m.1rked ·ID-IM-m1u1u,1 111 le11sl we81y
based on the dosing bid price at lhe lime the CUitodian for the collateral issues it£ monlhlv sta1emen1 to !he C1tv.
Fot lt'le purpose of the aeetion, the tenn 'COiiateral" shaD mean "pudlased securities" under Che terms of the City
app,cr.-ed Master RepJrehase A;teement. In no case wiU lhe ma:unty of the conatoral e,,;ceed 10 years.
7. Time Certif.cates of Dep0&1I with a maximum matu rity of five years or saYlngs a:counts in state Of nntionaf bank.s or
sU.ttt u, federally cttanereci savings bank& operalnlg in Co!Of'8d0 Iha! are st.ie appf0\le::I deposrtories (as evi~enced bV
• certJfic.ate Issued by the Stale Banking Board) and .s,e insured bv the FDIC Certificates ot dopotll Iha! exeerd the
fOIC insuroel amount W1MI be cu11t1111u,IILt'U ill ...cordariw With the Coto-ado Public Deposit ?roteccton Act 11,e
c.oltateral shall have a marlel value equal to or ei:ceawng 102 percert of lhe difference be1weer the flsu~ amount
and the C1ty'n totD:1 dopooit:; to , 1111 tur'lds within the instrtution
8 Money Mmtlf!t MubHW Fu~a r90islt'1MS under the lrwestmam Comp,1ny kt of 1040 thol 1) arc "no-loecr (i e.: no
oommission oc fee shall be Charged on purchases or 681es of 5hares); 21 hove a constant net asset value per stuwe ol
$1 .00; 3) hmit asset£ of the hind to seci.u•ie5 nulhorirAft hy s!P.te ,;tatute; 4) havc a maximum stated m1turity and
weighted average maturity n accord;mce with Rule 2a. 7 of ".he lnvest1nent Company A.:t of 1940; and 5) h.Jve a rating
of AA.Am by Standard and Poor's. Alla by M>ody't or AAA/111 + by Fitr:h
9. Col0r..!d0 Local Govemmert LIQuid Asset T1ust (COLCTRUSTI as authorize:, under CRS 24 ,75-702 .
10 Prime 8an►.ers .A.eceptancC$, ,at9d al teast A-1 by Standa1d & Poor's, P-1 by Moody's anr1 F 1 by Fitch et the time of
putehase b·1 at 1east two sCfVices lhal rate them and Shall be rated not less by any service that rates Ulem. With a
maturity o: six months 01 leH issued on domesuc bar.ks or branche~ of l01e~n banks domiciled in lhe U.S. and
P-;•3
oi,1 ,,:1til,9 w11Jrv U.~ IJrniku~ 11111,1<,: /u"'rn111~1u hnnks mu11 have, n !>C11lur LIP.hi mlii•tJ of A2 hy Moody's nnd A. t>,
S1and1.1t1J t. Poof's
1t. r>1in1c Comiocrcin' r~ilper wtlh o inn·ur11y ot 27 0 doys 01 lu!\:. ...,ii1c.:11, .i1 Ille :imo or purchnao. i, 11\tod uI ton~ A-1 ht
SlmKJut dt. Pt.u':. p , I lty Mood~'s Md F -1 by 1:ilch.
fl} Al lho tome ol i,u1 cJ 1,:ue, 1hc c::,m111ercitil 1m11e r must ho mle/J by nt IO UI two 0 1 the above ::laled rntin;1
nvc•v:lc!l a! 1110 slnled ,mnmum rnllug
11) If mom ll1a:1 two ot :he nonve 11.110a on11ncle1 ,1111~; ,,11 l!iistic,1, 1111 ol lhOlc 1t1llng agonchn1 mut11 rolo th• l11u11
h, ac..::011lnnc.t1 wi:h atxuo i\ll'llod minimum c101J1 rJitnrla .
c) II 1110 001n1norciol p:tpttr i~!:l.11u· l•m; r.Mio· debl ou:stondina . !he seruor deb! musl be roted by each serwc.e lhal
publlshes .i mll•"IR on lho 1ssrnt1 ns at least A2 by Moody's , A by Sl :moar0 and l=oor's anci A 'JY Filch.
l l . C~potnto C!nntti. ~,uoc b~ a corpota\lon o, ban, wttt111 lr1 w1 I m•tui ll)' not ttxcoecJing th,co )'eDfl from tho date ol trada
sumu111u;1t, l,\\ttll at l!UHI M· by Ct1111do1d & POOf''I, A..,3 by Mooefi/'I , Qf AA by Fi:rh Al rhtt time of pu1Cl'lase oy each
ocivieo lhol m 1ec 1111 doh!. Al1thortzed rnpn,nt11 bon:ls ShaQ be U S <loM::ir <lenominatcd, an-1 lhdtetJ to corparn:ions
cvon11izo:I nnd opernlod wJll1in lhe United Stotes will a nel wonh in O)Cte£s of $250 m~lion.
I ~\L!!ili:~Lllfil~tiWll')IOdQd pglgw m10.lmun, mlln1r, tJU/iGIU\!tl IM.!ICIIJ ml\l'~'l.21U...i!L..h:J~ib'..:si
a,,~311Qf.t..l!!Y.J8lll ru:i n will hu IJ!l'HICJh! hnck 1010 oomQ'.iO!J!tL~.~~f.s...aono~
00TtieB iNYEStMEN'TS . . . . . . . . . . . .. .. . . . .. . . . . . . . . . . .. . . .. ~--: f
II Is lhe ihl Cmt e,f !he Cily lh."ll tho IOfDU0tn g u,1 of .aulhOfi.!ed 1ocurllies ho ~lie.Uy nle·protcd . An,· Oevl:i\lon from lt\lS 11!-ol
n111~I l:tt prC •i'PfllO..od by lll!t lllfCciOI Ill Wflllllg after approval by lhv City M;m,,ger.
INVESTMENT OIVERSlfh ' tl!Qli
11 h1 tho intent of the City h, diversify tho 11'\ve,1 Imont IN:lrumonls wilhln lho po111olb to avokl incur,ln~ umononable 11sks
:oh-:fronl 111 ovw lnveshnO in &ptrdllc lll!:lrumonls. indi,,.,dual lmuocial · o;!Jlutiom or In11uritlos. The ni.:st:t .a.1oc.,tlon in tho
porllolio shr.ulel, h:JWttver, 00 118)hl1e dtt !>CrKlir,y 111:on lhc oulk.'Qk for th l'I o.:;ooomy, dlO aor.untior. m;uket, onrt lhe ".:hf"
t;;t~ll How nec<J :..
The Cll't mi,y invr.st to lt'e folle7Nlng max imum limits wi1 hfn eod, c.alegOfy:
50% m Ctutifk;atcs of Oopo~I
'10% In Commerclal P3oer
• :lU% in Dn11ko1s Aca,plUFl:tl)i
• 30'>'e in Corpo,ale Oonus ; 5% In nny ono 1:.&uor or It• a!Ulnte1 or suh•1illi111iA!l
Tcs1s ro. liruUallons on po1c.on1ages of hokhngs apply lo lho eompos ila of lhe en,11, po1Uoho of the Cily, not 10 individual
porUnlios rnainlalnct1 by the Cily. Percenlage llmllall0ns u:.ec ror measul'@men11 a:a bll!it!d ui, 11111 .,e1c..en\age o! cost
11nl~ ol 1h1: porUot10
INVESTMENT MATURrrY ANO LIQUIQITY
I 1nvesImon1s shalt be limited 10 mmurlti es not exceeding rive years 1,om [ha dliO of l!P®. sourem,m 111 wdilion, the
weighlco nverauo lInaImntur1ty011110 IOtal pu,tfotiu :illiill1111110 time 011coed~ ...............•....
SELECIION OE "RO.Kt;~
The Director snaU maintain a hst of bro11er/dealen app10ved tor lnvcstmen1 purpos,es (see Appenc1x RI), an:J 11 sttilU bo U\8
policy of the City \o pu1d\llso securlies 0nty from th~ uullui.i:mJ fir m•.
l o be 9',gltte, a irm musl meel at loar,t nnr. o: 11\e f0Uowiig crilefla:
1. be ri,coofVzed as a Pr in1a ry Dealer by the Federal Rcser-.-e Bank of NeoA-YOfk o, have a pri mary dealc, w,thin 11:elf
t'Dlcllng compnny sllucture,
2 report W>lunLitrtly to the federal Re,e,ve Bunk of NttW Y/Jlk ,
3. quattty unt1eI Sucurllialo •1ld EAc.honge Com1ni"lon !SEC) Rulo 15c:•3 (;Jndorm NM Capll111 Ru le).
OrokP.r/dealers '-Alil be scleclod by Ule Director,.,,, the b1u ls of Ulelr expo11l&e In pub~c cash management .ind lhel1 abl1ity 10
provide service to lh!I Clly's accounl Each authorized brok61/dealcr 1han be requrec to submtt and anr1J.ily upd .. 11:1 a Clly
approved DrokerlOeale r lr.l0rma11on Hequesl form which lm:tucvs 1111:1 Oun'& mo,1 recen1 frnondGI ,1e1omonu.. In th• ev1n1
P,:,g•4
tl\M an extomal •.rwestment advisor Is not used In !ht proce11 of rt00mmenclng o particula, transaction In the City's
p()'tfoUo, anv auJlOflzed ~er/dealer trom whom a compe~ive bid is obtained for lhe transaction will nttesl In writing thnt
hetshe has received a copy of tnls pobcy.
lhe Cilr m•r pucNlse Co rm nercial Pape, ftan ctr-ect •s st.e:s tven lho1J9t. they are not on Irie approved lilt of
bnW.er/dealert as ·ong as lhlty meot the a itena ouUlned In llem 12 of the Eligible lrwe1tmcr11 ancf T11nuaions ~ of
th1, lnvc,tmen1 f"dic:r.
CQMPETIJIYE TMNSACifONS
E1eh tnvottmcnl tron-wc:tion Chall bo c.ompe:itivcl, b.sn:tcteWd "1111U 1 aulhoizod br0.,ertctea1er1. Al leas! ttree
brck e1/dealers &hall be oont.a:::ted 1or cl!tth transaction and !.heir bid and ottering pnces lho.U be tecorded
If t'le C ty ;, offered a seo.d lr IOf which thefe Is no othe r readi ly available competitive offer ing, then tte Oltecto( ".;11
docum ,m1 C'\Ut'ltatlons lor comparable o, all•m:abvc r.ocuritiea .
SELECTION OF BANKS AS DEPOSITORIES ANO PRQVIQERS OF GENERAL BANKING SERVICES
Tht Cit\' sha, ma ·ntaln a !,st ol bank, Ar,riro'ittd to provide l:anklng Hrvice~ or from whom tnc City mti)' 11u1ch11&t1
eer-.ificates of depos ll Banks 11 tho Judgnenl cl the Om!tclOI' no long,, offering 1deq1.ale safety to ttie City will be
removed fr011. lhe h t To be eligible fr:, authOrizatlon , n ~ ~~n quafifv as a dllposioiy of public fund, in Cobrado as
oemed 1n CRS 24 -7 S-6~3
SAFEKEEPING ANQ CUSTODY
I ne Hfekeep11,g and euilOdY ol &ecuriuss C'll'ntd b)' the Ciiy sha , be managed in accetdance with appicablt Feoeral and
Colotado l8WS and ·egulations .
Th~ Oire::1or Shl\1 appr&1e one or more blnks to IJ'Ovide 11f1ketoing and eustod,al services lor the C11y A C11y ~-rirvnved
Salekeeplng Agreement lhlll be executed wl:h eael eustOOlan bank prior to utJlmng 1h11 bank 's sarekeeping servees . To
~ligible, a banle shall ~ualily as a depository of puDlic luncts in t-ie StJte ol Colorado as denned In CRS 24• 7S-a03 and
Ft:clt:rCII fh!:iie1 ·,e member ftna,'lClal nstitullOn.
CtJllodia, bankS wll t,e, se1tu.tcd cu u,. bal$ of t.'lelr ability 10 ~oVlde Hrvic:e to the Clty"s acceunt and the c:ompetitive
pricing of their saftkeel!ing rtlaled serA(;es. The City's CIHlgnllec:I OJllodinn t-ank IS sel forth In Appenctix IV of t:ii~
ln\/OGtmcnt Policy.
Thl' purehaH and '411• rA ~ccuritie, ond repurd\a11 agreement t1;a-1!Ntcti0ns shat! oe Sealed on a dehvery versus p,yment
basis. Owners.nip :>f all securitJes shal be oerftdod in lhe n3me ol lhe City, and lllffiactnl evidence 10 title Shill be
cnns.1st111nt with modeni 1rv111tmtnt, banking and OOTlme rc:ial ~•ct1e.es
All investmenlS. flllt'"'fl' ee rtifcate1 of depoli1 alld loul govcmmont inveatmenl pools 1,1U1 i.:hased by the City shall be
d11tlvered by either bOOk entry or physical dtl!VII')' and win be held in th ird-part, safekeeping b)' the City's designated
cus!odian ~nk. Its COJJesponnenl b.lnk or the Otpoc i'.ory Tn.,tl Company (OTC).
All fed wireatle book ~try securities owned hy th e City shall be ev13 nced by o !IDfekccping receipt o, e cu 11om~r
eonritmation issued ID the City by thO cuslDdian bank slating tnat tf'le 50curil1es are held in lhe Federal Reserve S)Stem in
t Ct.,!ome, Aax>un1 for !be custodian b.1nk which 'AiU nama the C':iTy A!I •cu~tomer •
All OTC eligibll" securtties shal be hokt 1n the cua1oc:han oank's Df!,pos1tnry Tn1st Com~r (OTCI participant acc:cunt •nd
the wstodian tank 5haa is.sue o safekeeping reeerp; evidencing lho.1 the ,ec1mties 11e held for the City as 'customer .'
All roo-bOOk flltr'y (physical delivery) s«:uri!ies shal be held by U'le custodian ban.e's oorrespondent bank and !he
cusllldian bank w n is~ • ufekeeping rece ipl tc lhe City evidencing that thr. M'('J.lril!M arto hl''d by the canei;pc,ndcnt
bank tor uie City as 'cuslorner:
lt'le C1(Y"s cusl0d 1an wil be required lo tumlSh lhe City ,.,th a montnty repcn ol seeu,iUes held as ...,ell ;15 an account
anal,sis rtpon :,f mc.otnly sect.riU es activity.
PflOVIStQNS ,aR ••~ .....
lhe t,;11y r)(W"IO:licall,' hi S\10:i dt,bl nbligAlK>n:J which aro sOOJKI to 1hr. niov1slons ol U1e lax Rolorm /\cl of 1986 (Hellnn
l llllF) l\r11i11;t\lU Rc1Ja1e Rogul~tion1;. Due to lhtl IR(l~I r.omDku(itits of atbilraue l:iw and lhe notCZNl' immuruzation of
y,cltl lr,voln, lh,J 111~;0dlUf>W. undc>r1r:uton ill tte IOII IVtl Sllllent ol All Of ll f.Klfll:'lll ol lhc riroc..,nd~ ol !!,c-, dtm\ l:i!:tJ:10(0 mnt
oxIa1MI l:ftVOntl t'iosA nutlinart in lhis lm-ostmen; Pnltey. Tno O.octo,. cpnn .t<Jv1ttr Imm Oonu Coun:ict cJ11\J flnonci.N
lllMM,rs. mnv n11e, provisionc ol this lnvHtmont Polley lor offlllrnyt r1111eo i1111e1tmor1v u~ 11111y be nec.Hr.11,y to 1,onlorm
wi11i fedcrnf m~rnoo rcgulatior.a. In al C85'!'1 h:JWOVef , lrwestmttu·s Nii! be In complinncc wll'I Colorudo Rov.!.l'>d
S1arutm; This seainn is only {JJ)pltc.11btc to C1tyl:t11(Js ~1,\IJ1:c: 10 mbltmg<' ,c:mk;llam;
REP(lRTINO
,.., invostmcnt re1x,11 th:)\l tn:., p1cf',,r11tl, .it rum.I on i ,uonlhly ho"'· listing the hweslmcnl1 hold b) Iha C11y, 111e c urrenl
:nri,kut v.iluAtinr, n! lhc 111vostmr.n1s o\nd IJf':r.tou,mnce res,~ts. 7he mor.th~ investr:'lent 1epon 5h11 oa SU..Wnilhtd In a
lln1P.I)' m,,n'M'lr 10 the Cilv Mm1r.iucI rnd tht Cl!y CouncJ A 1eeorc sholl be malntai\ed hy 11111 Oeparlment of fir.once and
/\diui,11!1 :ral!\IC SOIYir.os of nH IJl (I!; and oftc1Wl{l5 IOI S8:Ulllics './fllt5aeli)tl'i in Cllder to en,u,o lhAt .,_ Chy ,ecefvC!s
con1110li :1v<' r,rit:l,n.
The t;,ty l\ns CSli'hli!ih!!t.l 1t,1Kirllng end oce.ountlng stondards for tAll-1hln U.S. 1ns11umr.nt11ily sott11 il1t!S . Calablc
110:!Ullllti:. 11111, l.n 1elired ac lho 1:i~uol'r. Qp&ion pria,r 10 the ~Ated -naximum mulu1ity. Al i;ecu-i\lH holding ,epcr1S fer !ho
Cily 1hnll d1K1o,0 llto cI:1tnd maturllv 11, "'fdt as lhe flf'SI call data of each cnU:1ble secuitr hekl. h the c.a~ ol callable
GUC1.1tili H which :un f)!Ur.holed J)fic:ed 10 lhl fQI ca'f Cole and. if'I the opiliOfl of tie D1~101, have an ovc:wt11.:!111b1u
rw,it1;ihili1v of hcn1g c.~lt~cJ on the first c.all date. welg htOO aven1ge maturity, omorllznlloo 11!; wi,11 a• y111kl sNN he Cft !c':u:atod
USIRtJ the lll !l1 cnll t1;1to. The llirec!OI may, howevor dloosC' 10 Ur.ft a ltlltl1CI t:.11 tl ,l lt!m,1hmty,lnl11 !Of mpotlirl{l ~rpotot
whr.n r.011(!iho11u 111m,llate
PERFORMANCE REVIEW
Thu Di,oc:Of oncJ tho Cily ~inngo, ch:ttl :nACI ,'\I lrm;\ qo.,ruu1y lo roviow \he porlfolb's mthofcn::e lo .appropnl'lte osk
In .. 01, Pnd 10 COIT11)tlf0 lho p:.V1fnlirl11 IOUl l llhJm 10 the CS•~hlilhOO lnvustmolll ubjocii"8S M'J yualS .
Tht1 Oi1ec:nr :11,.111 pcrioclic.:>lly cslilbllw ii bonehmork yietd tor lht CMt s 1nvu:.111umlE w 1kh Wlal be cquo.1 to tho ;,vorag•
vlelcJ on the U.S. 1·,cosury saeu11ty whch moat Clo'JO:ly COfrtti.11u11r.;s 10 the por11oHo's octu:il offedi'lf 'M'J ightecl nv11rAge
niaturilt. Whun comparins.i Iha pe1totn1arir..e of lhtl' Cll(s porlfollo, ftll icd :inu OXJM!n&~ h111nhlfJ<I Wllh nlClllOOIIYJ !hit
portloho snould 00 mc.lucJed hi 1'10 co111pJl11Uon ot the por1f011<,'i; r:itu ol return.
POLICY R!VISIONS
Ttn lnllfftmtnl Poflc:y will be re't'lewed ptnoclicalty by the 0 1rec;to, and may be amended 1'!1 conditi:in!l 't\'lrrll'II by the City
Manage: ai:d U'le City CO\J ncil
Pt1pated '!"f.
I Frank G'YQt ,:i~::,:------
01 '!'lctot ol F:!'lance and .'dminlstra11~e
S~:vices
A"l•·cr-«1 l'!'yCilvCoundl
~P(i'f''";~r 17, 199()
Ame1-dr.1 t,y Ci:y Coon~
OecambC1 16 199 1
AlnendfJ;I bf City Counci
Aoril5.1993
Amende d by City Coun cil
.IUM 20, ?.005
I Am~ndei;I by City Councl"
November 3. 2008
Sta:e of ColotldO, Count,-of N!ji.' H~
~~~"::nce::,.::.-,,-.--------
Ae:ountino Manaol!r
Amended by City CounO,
Seritember S, 199?
Amended by City Counct
Docemoer I~. 1997
Am1tnded by City Cou~
February 7, 2000
Amendod by Cily Ccuna
Oc!cblr 16, 2006
!.'.°Tl'-nrfPrt nv City Cpy nc,1
ill.!
I, Louct1Ulia A Ellis, City Clerk in and for the C1ty of Englewood. in the State aforesaid , de-hereby certify that the foregoing
ia atuH , true aid eoneet eopyofthe I0\'lstmenl Poli cy as the same appears upon the records or myornce which are in nw ·ooy.
t..,1ven under by han;I and c.:ric;iolt Mill, I/ii i. __ .
loucrichi::I A. El:.
CityCieit.
~PPENDIX I
Authorized Personnol
Thn :olk,wi,10 (M19011S 111n RlllhOl'iZ(.-d lo ("/'J lldUCl 1n\-c~tn11.111 1rnMnCli<."r.• ~nd w,e 1 11m;h:1 fund~ QI\ Liehalf ot lh~ Clly or
c"!lk!wOod
I J(!ilh/~!.S/'\i,Ac-.r.CM ,n \:l n l},l
Kc vio C l~:::ll!\. Acco1 .111nnl_!\
F,;11\k Giy(IIOVOCZ . Ol10<:I01 nl Fm nttcc :11 1<1 /uhumr,,tra:ivo Son1 cr.s
,lm.Y~~.!mr,1,£i!yJsfil!.!!!!l'll
, ....
. -·ri);i;td~~:Accm.f'olllQMlln0001 1
: Otktflt:1 l
~~lhett.111,Au.vtnaN ••
APPENDIX 11
Repurchase Agreementa
The following fitrr ~ ha~e exe;u!e d a Cny ap;m:Ned .._,as tor Repurchase Aar~en: with the C~y of Engle~.
liilnt ot Amen ca Secur.t111s, LLC
Mo,g:111 Slanltty CW In:
Ag1Nments maintained in s,para1e file
Ar'PENDIX Ill
A11lhorlz.od Broknr/Oo alors and Fln.inc l.11 lnr.lllutions
I 110 IOlll tWllt(J l111 trn lllU u 11111oved \OI 11,vo M1IICIII l)W 1i.o~,1~ by Iha en, nf Er~)l"U(\111 1
ll;:,r~ay_F_J~_Hfl..!l_;_ll
J}Ju l\SC:l'lr. lt:11~~~.!l2~!~..!!.1E.
~~!~
JJ.ll!mi.91:i..!.Cmn...l!.i!'.l'lJ Pf-
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APPENDIX IV
Deslgn•ted Custodl■I Banks
The foUowing bank is a ithor 1z.t.-J as lhe tlL"S~ri:.1e1J custodlal bank for tnt Cltf of Englewood :
I
WelsFargoln5toyt1gnM Reurl!rne~~_l:!.':~ ~-.... MAC•C7JDQ-1Q!j
Damar CO 00214. .. .. .. _
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o.laled: toll S~ A'ltl .. llth Flaorl
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