HomeMy WebLinkAbout1975 Ordinance No. 001•
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INTRODUCED AS A BILL BY COUNCI LM AN MANN .
BY AUTHORITY
ORDI NANCE NO. I , SERIES OF 1975
AN ORDINANCE AME NDI NG SECTION 2, CHAPTER 6, TITLE XIII OF THE
1969 ENGLE OOD MUNI CI PAL CODE RELATING TO THE INVESTMENT OF
OPERATING AND SPECI AL FUNDS OF THE CITY, SECURING OF DEPOSITS
AND A DISTRIBUTI ON OF THE INTEREST INCOME.
BE IT ORD AI NE D BY THE .CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLOR ADO, as follows:
Section 1.
That S ection 2, Chapter 6, Title XIII, '69 E.M.C., is
hereby amended t o read as follows:
13-6-2 INVESTMENT S; COLLATERAL SECURITIES; INTEREST INCOME
The Di rector of Finance, ex officio City Clerk-Treasurer,
shall invest all funds and monies not immediately needed
for t h e op e rating expenses of the City except for the
Firemen's Pension Fund, the Police Pension Fund, and the
City Employees Pension Fund, as follows:
(a} Of the monies invested, not less than fifty per cent
(50%) shall be invested in:
1 . Bonds or other interest bearing obligations of
the United States of America.
2 . Bonds or other interest bearing obligations of
agencies of the United States of America.
3. Share certificates for savings accounts in any
state or federally chartered savings and loan
association in Colorado provided, however, that
said association is a member of the Federal Savings
and Loan Insurance Corporation (FSLIC) and further
that the full amount of each account is insured by
the said FSLIC and in any time certificate of deposit
or savings account in any state or national bank in
Colorado in which certificates of deposit or savings
accounts are fully insured by the Federal Deposit
Insurance Corporation or secured by collateral
securities authorized by 83-1-1 (13) of Colorado
Revised Statutes, 1963, as amended, whose par value
is at least one hundred per cent (100%) of the
deposits held by any bank in the State or Colorado
in the name of the City of Englewood.
4 . Deposits which are a direct obligation of the State
or Colorado or of any county or school district
therein.
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5. State of Colorado, state highway fund revenue
anticipation warrants.
6. Bonds which are a direct general obligation of
any city and county or incorporated city or town
in the State of Colorado which has existed con-
tinuously as a lwaful corporation for a period
of fifteen years prior to the making of such
investment.
7. Repurchase agreements on the above securities.
(b) Of the monies invested, not more than fifty per cent
(50%) shall be invested in:
1. Negotiable certificates of Deposit of the twenty
(20) largest national banks chartered under the
laws of the United States of America.
2. Commercial paper of the twenty-five (25) largest
corporations created or existing under the laws
of the United States or any state, district or
territory of the United States.
J. Equipment Trusts -AA or better (railroad), S & P,
Moody's .
4. Banker's Acceptances.
5. Repurchase agreements on above securities.
(c) Said Director shall require collateral securities
whose par value is at least one hundred per cent (100%)
of the deposits held by any bank in the State of Colorado
in the name of the City of Englewood. These collateral
securities shall be those designated in Article 1 of
Chapter SJ of the Colorado Revised Statutes, 1963, as
amended.
(d) All funds of the City of Englewood shall share in the
interest income earned by investments made by the
Director of Finance, in the proportion that their
respective cash balances bear to the total cash
available for investment during the year. The method
of calculating cash balances shall reflect an equitable
averaging of the balances as determined by the Director
of Finance. All interest which would normally be
credited to the Special Assessment Fund shall be
credited to the General Fund .
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Introduced, read in full and passed on first reading on
the 17th day of December, 1974.
Published as a Bill for an Ordinance on the 24th day of
December, 1974 .
Read by title and passed on final reading on the 6th
day of January, 1975.
Published by title as Ordinance No. 1, Series of 1975
on the 9th day of January, 1975.
ATTEST:
ex city erk-Treasurer
I, Karl Nollenberger, do hereby certify that the above
and foregoing is a true, accurate and complete copy of the
Ordinance, passed on final readi ng and published by title as
Ordinance No . 1, Series of 1975.