HomeMy WebLinkAbout1974 Ordinance No. 017, .
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INTRODUCED AS A BILL BY COUNCILMAN SOVERN
BY AUTIIORITY
ORDINANCE NO. /1 , SERIES OF 1974
AN ORDINANCE AMENDING SECTION 2, CHAPTER 6, TITLE XIII
OF THE 1969 ENGLEWOOD MUNCIPAL CODE RELATING TO THE
INVESTMENT OF OPERATING AND SPECIAL FUND OF THE CITY,
SECURING OF DEPOSITS AND. A DISTRIBUTION OF INTEREST.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY
COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, as follows:
Section 1.
That Section 2, Chapter 6, Title XIII, '69 E.M.C.,
is hereby amended to read as follows:
13-6-2 Investments -Collateral Securities -
Interest Income
(a) The Director of Finance, ex officio City
Clerk-Treasurer shall invest not less
than 70% of such parts of all funds and
monies as shall not be immediately needed
for the operating expenses of the City,
and of all special funds except, however,
the Fire Pension Fund, the Police Pension
";"und and the City Employees Retirement
Plan Fund, in securities which are author-
ized for such investments by Article 1 of.
Chapter 83 of the Colorado Revised Stat-
utes, 1963, as amended. Said Director
shall invest not more than 30% of the above
Funds in securities, which are authorized
for such investment by Section 5, subsection
(1) (a) (b) (c) (d) (e) and (f), "C l sses"
1 through 5 inclusive, of Article 1, Chapter
83 of the Colorado Revised Statutes, 1963,
as amended .
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(b)
(c)
Said Director shall require collateral
securities whose par value is at least
100% of the deposits held by any bank
in the State of Colorado in the name
of the City of Englewood. These col-
lateral securities shall be those des•
ignated in Article 1 of Chapter 83 of
the Colorado Revised Statutes, 1963,
as amended.
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 cal-
culating 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.
Introduced, read in full and passed on first reading
on the 6th day of May, 1974.
Published as a Bill for an Ordinance on the 9th day
of May, 1974.
Read by title and passed on final reading on the
20th day of May, 1974. ·
Published by title as Ordinance No. 11 , Series
of 1974, on the 23rd day of May, 1974. . -~·· . .........., ..... _ ··----· ' .
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ATTEST:
/.jTNJL~
ex officio City Clerk-Tre~r
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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. t 1 , Series of 1974.
ex officio City Clerk-Tt.!88Urer
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