HomeMy WebLinkAbout1995 Ordinance No. 045•
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10 bf ~cJ
BY AUTHORITY
ORDINANCE NO .%
SERIES OF 1995
COUNCIL BILL NO. 48
INTRODUCED BY COUNCIL
MEMBER HABENICHT
AN ORDI NAN CE AME NDI NG TITLE 4, CHAPTER l , SECTIONS l AND 2, OF THE
ENGLEWl)OD MUNI C IPAL CODE 1985 REQUIRING COUNCIL TO REVIEW AND
ADOPT AN I NV ESTME NT POLICY BY RESOLUTIO N ANNU ALLY.
WHEREAS , Ordinance I , Series of 1975 authorized the City of Englewood to invest in
interest-bearing obl igations of age ncies of th e U. S . and repurchase agreements were
allowe d: end
WH£REAS , collateral requi rem ents of ba nk s holding City monies we.s approved with th e
passage of Ordin an ce No. 60, Series of 1976; an d
WHEREAS , Ordinance No . 46 , Series of 19 82 authorized the City's partici pation in share
ce rtiticat Ps : and
WHEREAS , Ordi nance No . 42 , Series of 1990 a uthorized th e Gi ty's particip ation in ho
Colorado Local Gov ernment Liq u id Asset Trust Fund : and
\VHEREAS , th e proposed amendm en ts ~•ill prov ide fo r gr eeter Oexibility, redu ce ti.1\
ad opti on of le ngthy Code sec ti ons, and require th e Ci ty Co uncil to r evi ew an d adopt the policy
by re so lution ann ually;
NOW, THEREFORE. BE IT ORDAI NE D BY T HE CITY COUNCIL OF THE CITY OF
E NG LE WOOD , COL ORADO , AS FOLLOWS:
Smilm..1 . The Ci ty Counci l of the City of Englewood , Colora io hereby amends Titl e 4,
Chapter l , Section s I and 2, of th e Englewood Muni ci pal Code 1985 to re ed •• follow s :
4-1-1: DEPOS IT OF M UN ICIPAL F UN DS :
The Direc tor of Fin ancial Service s, ex offici o City Tr easur er, sha ll deposi t ell fun c.ts und
moni es of whateve r kind thot s hall co me into his possession by vi rtue of hi s office as s uch
Director in th e name of lhe City , in one or more responsi bl e bank s loca ted in th e State of
Colo rado which have theretofo re been approved and designat ed by re so lution adopted by a
majo rity vote of th e Ci ty Counc il. S1:1 eh b"nlt er hafllt s shall furHi sh a el el'&9 iter:, Bend e,
sha ll depe_i t iA ese re appre ed see1:1 rit ;e--J-!l'i see ur e an:, :;ueh elepesits . (1962 Cod e 5 .1;
a md . Ord . 63 Ser ies 1990)
4-1-2 : INVESTMENT OF MUNI CIPAL FUND S:
The Director of Financial Services, ex officio City Treasurer, shall invest all funds and
mon ies not immediately needed for th e operating expenses of the City, except for th e
~ FIREFIGHTERS Pen sion Fund , THE VOLUNTEER FIREFIGHTERS
PENSION FUND , the Police OFFICERS Pensio n Fund , etttl the Git, S,.,plo,eeo' Penoion
NON-EMERGEl'1CY EMPLOYEES RETIREMENT PLAN Fund AND OTHER CITY
EMPLOYEE RETIREM ENT PLANS , ~ PURSUANT TO AN INVESTMENT
POLICY WHICH SHALL BE ADOPTED BY COUNCIL RESOLUTION EACH YEAR .
A . Of tho fflo"e) in eoted , not leoo lhon Hll) pereent {68',;) oholl l,e in eot,ed in .
1. Be,-als or ether il'tte re!lt bearing ebligatien:, of the 1:Jnit:cft S~tes oflmeriea.
3. Berub ,,, other ifllereot htaPi"g ohHgatiefts of a,:eneiee ef t.JrJe 1:Jnited Skit.ea af America .
EOrd. 1 Serie, 19?6l
a. Share eert:iHeete s for !Ml ;ngi_ eee ot:11'\t:s il'I en:, St:et:e or Federell:, ehaP'U:reft sa, ings a1ui
Jou, ft!lsoeiat:ie" in Col erode . J!IPO id ed, lie e er , t:Jsriet: saift as!loeia tieri is a ffltffleE:r ef t:Jrie
Fede r•I S• in~• ond bo81i (.,oronee Goepo rotion EFSblG), on,! fttrther , tl,•t tl,e full
ttmoun1: of e&eh eeeet:tnt is it'lsd reel 8.1 tb e 38id FSLIC . and further , t:Jriot Y.-,e h:111 en,ettRl: ef
eoeh oeeount is iA!lttrc8 b:, 1h e sa id FSLIC :s 8 iA an:, time eertifieate of de,Jo!lil: er 91!I:, ingr9
oeeeu.nt iA BRJ St.ate er noueAal bonh in Colorado in hie~ eertifieoleA of deposi t er
so inp aeeeunu are hlH . in:;u red b) the Federal Deposit ln s ttrance Gerperation er
•eeured b) ,ollot e rol oe,oriue, outho, i,ed a, Colorado lo . hose per ,olue is ot leool one
hundre,I pem nt 099C.) of the depooito hel,i a, Oft) l,o"I, i" t~e Si,,.,. ofGoloro<lo in lhe """''
of t h e Gil). EOrd . 46 Se, ie, 19S2 J
4. Depo si t s hieh ere o diree t ol,ligatien of U'c St:ete ef Celo ra8e er of an:, eettnl) er aeheel
di :!l triet thercir1 .
6. Stute ofGo lerodo, State ll 1eft a:, fur1d re enue aAtieipetioA, erronts.
6=--Eend s .. hieh e1 e o dir ee t ge11e rol ebligation of BA:, eit.:, and eeunt:, or irieorporatcd eit:,
or to n iA 1:he St:ote of Colora do hieh hss euisted eentiAttettsl:, as a la 'kil eorl'e ro tioA f:or a
f!_rio d of fiA:ec n {16}:, .ors prie r t o t'l'l e fflohing of s ueh iA estme nt.
?. Reporehooe oi:reemenh •• t}ie obo-,;ti.o. !Ord . 1 Series 1976 )
8. The Golo rodo Le,al Go e,.,,,.,,nl bi~uid A••e• T.uot F'und . !O rd. 13 Series 1999)
A. THE CITY SHALL DISTRIBUTE THE INV ESTMENT EARNINGS AND
LOSSES 11' THE FOLLOWI NG MANNER: ON A MONTHLY BASIS,
THE EAR.i'\11\'GS OR LOSSES S HALL BE DISTRIB UTED
PROPORTI O:-;ALLY, BASED 01' THE AVERAGE CAS H BALANCE
AVA ILABLE FOR INVESTMENT IN EA CH F ND . FU NDS
WITH NEGATI VE CAS H BALANCE \Vll .L NOT S HARE IN
EAR.i'I INGS OR LO SS ES .
B. Of the "'""ieo i11,eeteo , Aot more •h•A Hit) pereeat !69<;(,) oholl be iA,eoted iA .
1. ~1 egotioble eert:ifieet es ef deJ'OSit of tn e t CAL) H!O } lo,ge :!l t: 1'1 a tio Aol banlts ehertertlt
t:tHd t r the lo s of the U1Ht ed States of A,H eri ea . •
• a. Ceff\fflereial po per ef the t. ,ent:,_, h e 035 ) la,r:ut co , porationa ertot.e8 or e•ieting ttnlier
~• lo • oftl,e H"iltd S1e1t, or""' •1e1t, di •tri•t or terrilel') oft!,• H"it,ed Statee.
•· 8al'l her's aeeept:anee11 .
6. Rtl'ttrel-.eoe ag,-ecmel'lt:3 Ol'I abo e seeu rit:ies . ~Ora . 1 Se, ies 1976 ~
C. Saiel E>ireetor s hall requi1 e eellftttral seeu rit iu , fleoc ft'larhet. ahte is at least. one
l,o"dred pereeAl (199%) ,f th• depo•its l,•ld I>) "") ho"h i• tl,e Stele of Ge lerode in ti,•"""'•
eftl,• Git). Tl,•se •ollot••-' ......,.;..;., •holl he YI••• de•i,:r,oted i" orliele 76, till• QI , of~•
1973 Golo rod o R• i,ed 61e101<•. f9rd. 69 Seri•• Ill~
Q. ,\II funds ef the Ci~ sha n 9har e in ti,e interest inco me earn eel 9) in,eslfflents lflael e b)
t:l,ie Qiree1:er , in the pr eper1:ion tJr1al their ,c!!peeti e ea9h halanees hear le t:hc Mt.el eo sft
~fer iH ,Cllflotfll elttring ii<ie :,ear . T~e ffltl~od ofealett lat:ing cash halanees 1ftall
~an eqttitah le e ero r,;ng of tflc 1,olanees a:, de be rmin ed ~ U'le E>ireeter . All intil!1"e9t-
wl,iol, oold ""'"'"II) he eredit•d "' ti,• Sp•eiol •'••••••"'•"! f'ood •l,oll he .rediltd -1&-tfte Gffle,.: f'u••· f9rd . I Serie, 1976 . ••••· 9 rd. &a Serie• 1999).
Tabled on th e 7th d ny of Au i:ust , 1995.
Intro du ced , read in full , and pa ssed on fi r st re a ding on th e 21 st day of Aui:ust, 1995.
Publish ed as a Bill for an Ord inance on th e 24th day of Aui:u st , 1995 .
Read by titl e and pa ss ed on final reading on th e 5th da y of September, 1995.
Publ is hed by title as Ordinance No .;/!;. Seri es of 1995 , on th, 7th day ofSepte mbt,. 1995.
~!£
~-~,~;"' /
Loucris hia A. Elli s, City Cl erk
I. Lou cri shia .A . Ell is, City Cl erk of the Ci ty of Englewood, Col or ado, hereby certify tha t
the above and fo regoin g is a tru e CO PY. of the Ordin ance pa ssed on final reeding and ~.,;,,,, •• ,;.,, .,nro;.... ··""·~.; .... ·~a
Loucri shin A. Ellis
COUNCIL COMMUNICATION
Date
August 21 , 1995
Initiated By
De artment of Financial Services
Agenda Item
11 a i B ill for an ordinance making
changes to Title 4, Chapter 1,
Section 1 and 2 of the
En lewood Cit Code
Staff Source
Frank G lewicz, Director
COUNCIL GOAL ANO PREVIOUS COUNCIL ACTION
Council has updated Title 4 , Chaple•: 4 , Sections 1 and 2 relat ing to the investment of
mu n ic ipal funds on a •1umber of occasions. Ordinance 1, Series of 1975 allowed the City to
invest in interest-bearing obligations of agencies of the United States of America. Ord inance
46, Series of 1982 allowed the City to partic ipate in share cert ificates . Repurchase
agreements were all:Jwed by Ordinance 1, Series of 1975. Ordinance 42 , Series of 1990
all o w ed ity participation in Colorado Local Government liquid Asset Trust F u: d . Collateral
requirements of banks hold ing City monies was approved by Ordinance 60, Series of 1976 .
RECOMMENDED ACTION
Staff recommends Council approve the attached bill for an ordinance making changes to th -
C ity Code T itle 4 , Chapter 4 , Sections 1 and 2 .
BACKGROUND, ANALYSIS , AND ALTERNATIVES IDENTIFIED
T he C ity's D irector of Financial Services, ex officio City Treasurer is charged with investing all
monies not immediately needed for operating expenses. The w orld of financial investment is
constant ly changing, so a flexible investment policy is required . Although the Council has
reviewed ct·anges to the C ity's Investment Policy in the past, no official action has been taken
on the doci..ment as a whole. The City's investment policy is comprehensive , and lengthy.
T herefore , th is change does not incorporate the ent ire text of the Investment Policy into Code,
but only makes reference to it in T itle 4, Chapter 1, Section 2 of the Code. The attached bill
fo r an ordinance provides for greater flexibili ty , reduces time to adopt lengthy Code sections,
and requires Council to review and adopt the policy by resolut ion c1nnually.
Fl~ANCIAL IMPACT
None
LIST OF ATTACHMENTS
Proposed bill for an ord inance