HomeMy WebLinkAbout1974 Ordinance No. 011•
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INTRODUCED AS A BILL BY COUNCILMAN DHORITY
BY AUTHORITY
ORDINANCE NO. \ \ , '.3ERIES OF 1974
AN ORDINANCE AMENDING CHAPTER 9, TITLE V, OF THE 1969 E.M.C.
CONFORMING SECTION 46 ENTITIED "INVESTMENTS" WITH PREVIOUS
SECTION RELATING TO PURPOSES AND POWERS OF TRUSTEE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF ENGLEWOOD, COLORADO, as follows:
Section 1.
That Section 46, Chapter 9, Title V of the 1969 E.M.C.
is hereby amended to read as follows:
5-9-46 Investments
Should it determine to invest the Trust Fund,
either wholly or partly, and either directly or by con-
tract with a bank, trust company or stock exchange
member, the Trustee in its sole discretion, may invest
and reinvest the Trust Fund, without distinction
between principal and income, in such common stocks,
preferred stocks, bonds, notes, debentures, mortgages,
certificates, and other securities, investments, real
or persotlal property of any kind, inc l uding purchase
and lease-back transactions, interest~ in oil and
other depletable natural resources, investment in
mutual funds (open-end or otherwi~) as it may deter-
mine, without regard to ~hether such investments may
produce current income or whether such investment is
an authorized or appropriate investment for trustees
under the laws applicable thereto, provided, however,
that, should the Trustee determine to make investments
directly, without an investment management contract
with a bank, trust company, INVESTMENT COUNSELOR or
stock exchange member, then, and in that event only,
the following limitations_ shall apply:
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Section 2.
(a) The aggregate of monies invested in
corporate stock of all kinds, together
with the monies invested in corporate
bonds convertible to corporate stock,
shall not exceed thirty per cent (30%)
of the book value of the assets of the
Trust Fund being directly invested; and
(b) No investment in the stock, or convertible
bonds, of any single corporation, shall
exceed five per cent (5%) of the book
value of the assets of the Trust Fund
being directly invested; and
(c) At no time shall the Trustee hold more than
seven per cent (7%) of the outstanding
stocks or bonds of any corporation.
That all ordinances or parts of ordinances in con-
flict herewith are hereby expressly repealed.
Introduced, read in full and passed on first reading
on the 18th day of March, 1974.
Published as a Bill for an Ordinance on the 21st day
of March, 1974.
Read by title and passed on final reading on the 1st
day of April, 1974.
Published by title as Ordinance ~o.
of 1974, on the 4th day of ~pril, 1974.
ATI'EST:
ex o~~!tf "!;_~rer
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I, Karl Nollenberger, do hereby certify that the
above and foregoing is a true, accurate and complete copy
of the Ordinance, passed on final reading and published
by title as Ordinance No. fl , Series of 1974.
f.jEN~ll. ~
ex officio City Cler~asurer
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