HomeMy WebLinkAbout2005 Resolution No. 048•
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RESOLUTION NO . L
SERJES OF 2005
CONTRACT NO. 48-~oor
A RESOLUTION ACCEPTING CHANGES AND UPDATES TO THE CITY OF
ENGLEWOOD'S INVESTMENT POLICY PER ORDINANCE 45, SER IE S OF 1995,
ADOPTED ON FINAL READING SEPTEMBER 5, 1995 .
WHEREAS , by Ordinance 45 , Serie s of 1995, the Director of Financial Services, ex officio
City Treasurer, is empowe red to inve st all funds and monies not immediately need ed fo r
operating expendi ture s/expenses of the City except fo r the Firefighters Pension Fund , the
Volunteer Firefighters Fund, the Police Officers Pensi on Fund an d the Non •Emergency
Employees Pension Fund and pursuant to an investment policy to be adopted by Council each
year; and
WHEREAS, the passage of thi s Reso luti on wi ll auth orize changes and updates to the
Englewood Inv estmen t Policy;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNC IL OF THE CITY OF
ENGLEWOOD, COLORADO , THAT:
Section I . The City of Englewood Investment Policy , attac hed as Exhibit I, sub mitted by the
Director of Financial Services is hereby ap proved .
ADOPTED AND APPROVED this 20th day of June, 2005 .
I, Loucrishia A. Ellis , City Clerk )% the City of Eng lewoo ,
above is a true copy of Resolution No. !f:n_., Series of2,5 oloradoz c(([
Loucrishia A. Elli s, City Clerk
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City of Englewood, Colorado
INVESTMENT POLICY
The Director of Finance and Administrative Serv ices of the City of Englewood, Colorado is
charged with the responsibility to prudently and properly manage any and all funds of the City.
Because these funds may be called upon , it is essential that absolute maturity horizons are
Identi fiable for the purpose of liquidity. Moreover, these funds must be fully collateralized ar,·J
appropriately authorized . The following Investment Policy addresses the methods, procedures
and practices which must be exercised to ensure effective and sound fiscal management
SCOPE
This Po licy sha ll ap ply to the investment of all financial assets and all funds of the City of
Eng lewood (hereafter referred to as the "City") over whrch it exercises fin an cial control, except the
City of Englewood Firefighters Pension Fund . Volunteer Firefighters Pension Fund , Po lice Officers
Pension Fund , the Non-Emergency Employees Retrrement Plan Fund and other City employee
retirement plans . In order to effectively make use of the City 's cash resources. all mon ies shall be
pooled into one investment account and accounted for separately. The investment income
derived from this account shall be distnbuted to the various City funds in accordance with
Englewooc Municipal Code , 4-1 -2-A.
OBJECTIVES
The C ity 's principal investment objectives are :
• Preservation of capital and the protection of inves:ment principal .
• Maintenance of sufficient li quidity to meet anticipated disbursements and cash flows .
• Diversification to avoid incumng unreasonable ri sks regarding securities owned .
• Attainment of market rate of return equal to or higher than the performance measure
established by the Director of Finance and Adm inistrative Services.
• Conformance with all City , Federal , State and other legal req uirements .
DELEGATION OF AUTHORITY
The ultimate responsibility and authonty for investment transactions involving the City res ides with
the Director of Finance and Administrative Services (hereinafter referred to as the "Director") who
ha s been desrgnated by th e r:ity Manager as the Investment Officer in accordance with
Englewood Municipal Code. The Director may appo int other members of the City staff to assist
him in the cash management and investment function . Persons wh o are authorized to transact
bus iness and wire funds on behalf of the City will be designated by the Director by the wire
transfer agree me nt executed with the City 's approved depository for bank services (see Appendix
I). The Director shall be res ponsible for all investment decisions and activities, and shall establish
wrrtten ad mi nistrative procedures for the operation of the City's investment program co ns istent
with this Inves tment Policy . The Investment Officer acting within these procedures shall not be
held personally li able for specific investment transactio ns.
The Director may in his discretion app oint one or more Investment Advisors , reg istered with the
Securities and Exchange Commission under th e Investment Advisors Act of 1940, to manage a
par • .:,n of the City 's assets. An appointed Investment Advisor may be granted limited investment
discretion withi n the gu idelines of this Investment Pol icy with regard to the City's assets placed
under its management. An Investment Advisor can on ly be appointed after consultation with and
approval by the City Manager
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PRUDENCE
The standard of prudence to be used for managing th e City's assets is the "prudent investor" rule ,
wh ich states that a prudent investor "shall exerc ise the judgment and care , under the
circumstances then prevailing, which men of prudence . discretion , and intelligence exercise in the
management of the property of another, not in regard to speculation but in regard to the
permane11t disposition of funds , considering the probable income as well as the probable safety of
capital." (CRS 15 -1 -304 , Standard for Investments.)
The City 's overall investment program shall be designed and managed with a degree of
professionalism that is worthy of the public trust The City recog11izes that r,o investment is totally
riskless and that the investment activities of the City are a matter of public record . Accordingly,
the City recognizes that occasional measured losses are inev itable in a diversified portfolio and
shall be considered within th e context of the overall portfolio's return , provided that adequate
diversification has been implemented and that the sale of a security is in thP. best long-term
interest of the City .
ELIGIBLE INVESlMENTS .\ND TRANSACTIONS
All investments will be made in accordance with the Colorado Revised Statutes (CRS ) as follows :
CRS 11 -10.5-101 . et seq . Public Deposit Protection Act, CRS 11-47-101 . et seq . Savings and
Loan Assoc iation Public Deposit Protection Act ; CRS 24-75-601, et seq . Funds-Legal
Investments: CRS 24-75-603 . et seq. Depositories: and CRS 24 -75-701 , et seq. Investment
Funds-Local Government Pool ing. Any revisions or extensions of these sections of the CRS will
be assumed to be part of th is Investment Policy immediately upon being enacted .
As a home rule City , En9lewood may adopt a li st of acceptable investment instruments differing
from those outlined in CRS 24-75-601 , et seq . Funds-Legal Investments. Funds of the City of
EnglewoOd covered by this Investment Policy may be invested in the following types of securities
and transa ctions :
1. U.S. Treasury Obligations: Treasury Bills . Treasury Notes and Treasury Bonds with maturities
not exceeding 5 years from the date of purchase.
2. Treasury Strips (book-entry U.S. Treasury securities whose coupons have been removed)
with maturities not exceeding 5 years from the date of purchase.
3. Federal lnstruraentalities • Debentures. Discount Notes, Medium Term Notes, Callable
Securities an , Step-up Securities issued by the following only: Federal National Mortgage
Assoc iation (FNMA), Federal Home Loan Bank (FHLll), Federal Home Loan Mortgage
Corporation (FHLMC) and Federal Farm Credit Banks (FFCB), with maturities not exceeding
5 years from the date of purchas~.
4. Repurchase Ag reemen ts with a termination date of 90 days or less util izing U.S. Treasury
and Federal Instrumental ity securities listed above. colla teralized at a min imum market value
of 102 percent of the dollar value of the tra nsactio n with th e ac crue1 interest accumulated on
the collateral included in the cal culation .
Repurchase agreements shall be entered into only with dealers who :
a) are recogn ized as Primary Dealers by the Federal Reserve Bank of New York; and
b) have executed a City approved Master Repurchase Ag reement (s ee Appendix II). The
Director shall maintain a file of all executed Master Repurchase Agreements .
Primary Dealers approved as Repurchase Agreement counterparties sh all have a short-term
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credit rating of at least A-1 or the equivalent and a long-term credit rating of at least A or the •
equivalent.
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Collateral (purchased se c urities ) shall be ,1e:1 by the City's custodian bank as safekueping
agent. and the market value of the collateral securities shall be marked-to-the-market da;ly .
For the purposes of this section. the term "co ll ateral" shall mean "purchased securities " under
the terms of the City approved Master Repurchase Agreement. In no case will the m, · ,: 'y of
the collateral exceed ten years.
5. Reverse Repurchase Agreements with a ma,unty of 90 days or less exe cuted only against
securities owned by the C ity and collateralized by the same type of security reversed .
6. Flexible Repurchase Agreements with a fi :ial maturity of ten years or less entered into by the
City with approved counterparties . These flexible repurchase agreements may be closed out
in varying amounts and at varying times at the o.>tion of the City. These agreements are
deemed by both parties to be purchases and sales of securities and are not loans .
All such flexible repurchase agreements shall meet the following criteria :
Be determined as legal and valid for both parties :
Collateral shall be limited to :
a) Securities is,,ued by . guaranteed by , or for which the credit of any of the followi11g is
pledged for payment: the United States . Federal Farm Credit Bank. Federal Land
Bank , FederJI Hon,e Loan Ba,1k . Federal Home Loan Mortgage Corporation , Federal
National Mortgage Association . Export Import Bank or the Government National
Mortgage Association : or
b) Securities issued by , guaranteed by , or for wh ich the credit of the following is pledged
for payment: An entity or organization which 1s not listed in paragraph a) above. but
wh ich is ( 1) created by , or the creation of wh ich is authorized by , legislation enacted
by the United States Congress and wh ich is subject to control by the federal
government which is at least as extensive as that which governs an entity or
organization li sted in paragraph a) above . and (2) rated in its highest rating category
by one or more nationally recognized orgao izations wh ich regu larty rate such
ob ligations.
Have a fixed rate during the entire life of the agreement:
The dollar amounts and pe riods of time when the City may draw funds out of the
repurcha se ag reement shall be agreed upon in writing by both parties and sh all be part of
the written repurchase agreement exercised by the City and the approved counterparty:
The City has the opt ion of varyi r g the dollar amount and the timing of th e draw down by
an agreed upon percentage of th e anticipated draw down and a specified number of days.
The City and the counterparty to the agreement will specify the details of the allowable
variance when the agreement is structured . In add ition . the City may draw down in
excess of the variance up to the rerflaining balance in the agreement for a bona fide ,
unan (cipated cash need :
Collateral shall have , minimum ma rket value (inc luding accrued interest accumulated ) of
at le3st 102 percent 01 the dollar value of the transaction :
Repurchase agree ments sn ail bP entered into only with dealers who are authorized by the
Director and have executed a City approved Master Repurchase Agreement;
The Director shall main ta in a file of all ex ecuted Master Repu rc hase Agreements:
The title to or a pertected security interest in securities. along with any necessary transfer
documents . must be transferred and actually delivered to . and shall be held by , the City's
third-party custodian ban k acting as safeke ep ing agent. The market value of the
collateral securities shall be marked-to-the -market at least weekly based on the closing
bid price at the time the custodian for the collatera l is sues its monthly statement to the
City.
For the purpose of the sectio n. the term ·collateral" shall mean "purc hased securiti es" under
the terms of the City approved Master Repurchase Agreeme,1t. In no case will the maturity of
the co\l at~ral ex ceed ten ye ars .
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7. Time Car11ficat es of Deposit wi th a max imum maturity of 5 years or savings accou nts in stale
or nationa l banks operating in Colorado th at are state approved depositorie s (as ev1denco.d by
a certificate issued by the State Ba nking Board) and are insu red by the FD IC . Certificams at
deposit tha t exceed the FDIC insured amount shall be collateralized In accordance with the
Colorado Public Deposit Protecti on Act. The co lla te ral shall have a market value equAI to or
exceeding 102 percent of the difference between the insured amou nt and the City's total
deposits for all fu nds wIthIn the institution .
8. Time Certificatef, of Deposit with a maximum maturity of 5 years or savings accounts In sta te
or fede rally chartered sa vings and loans ope rat ing in Colora do that are insured by the FD IC .
Deposits that exceed the FDIC insured amount shall be coll ateral ized in accordance with the
Colorado Publ ic Deposit Protectio n Act. Th is collateral shall have a ma rk et valu e equal to or
exceeding 102 percent of the difference between the ins ured amount and the City 's ' llal
deposit for all funds within the institution .
9. Colorado Local Government Li qu id Asse t Trust (COL OTRUS T) as authorized under CRS 24-
75 -701 , et se q.
1 O. Pri me Bankers Acce ptances , rated at least A-1 by Standard & Poors 's, P-1 by Moody's and
F1 by Fitch at the lime of purchase by each service that rates them , with a maturity of six
months or le ss issued on domestic banks or branches of foreign ba nks dom iciled in the U.S.
and operating under U.S. banking laws . Accepting banks must have a sen ior debt rating of
A2 by Moody's and A by Standard & Po or'~
11 . Prime Commercial Paper with a maturity of 180 days or less which . al the lime of purchase. is
rnted at le ast A-1 by Standard & Pea r's . P-1 by Moody's and F-1 by Fitch .
a) Al the time of purchase . the co mmercial paper must be rated by at least two of the above
stated ra ting agencies at the stated min imum rating.
b) If more tha n two of the abo ve stated agencies rates an issuer. all of thos e rat ing agencies
must rate the issuer 1n accorda nce with above stated mini mum credit criteri a.
c) If th e commercial paper issuer :,as se nior debt outstand ing , the senior debt mu st be rated
by each service that publishes a rating on the issuer as at least A2 by Moody's, A by
Standard and Pear's and A by F'tcn
12. Corporate Bonds issued by a corpora tion or ba nk with a fi nal maturity not exceeding three
years from the date of purchase . rate d at least AA-by Standnrd & Pea r's , Aa3 by Moody's, or
AA by Fitch at •he time of purc has e by eacr service tha t rate s the debt. Authoriz ed corporate
bo nds shall be U.S. dolla r denominated . and li mited to corpo ·aliens org anize d and operated
with in the Umteo Sta tes with a net worth 1n excess of S250 mi l1 '1 .
OTHER INVESTMENTS
1t Is the intent of the City tha t the foreg oing list of authonzed securities be stri ctl y interpreted . Any
deviation from this li st must be pre-approved by the Director in writing after approva l by the City
Ma nager.
INVESTMENT DIVERSIFICATION
II Is the intent of the City to diversify the investment instru ments wi thin the portfolio to avoid
inc urrin g unreason ab le ns ks inherent in ove r inves ting in specific instruments , indi vi dual financial
inst itutions or matunties . The asset allocation in the portfoli o sho uld, ho wev er, be flexible
dependi ng up on the outlook fo r the economy, the securities market. and the City 's cas h flow
ne eds .
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The City nl?.)' invest to the following maximum li mits within each category :
• 50 % ,n Certificates of Deposit
• 40 % in C..ommerc ial Paper
• 20 % in Bankers Acceptances
• 30 % in Corpora te Bonds : 5% in any one issuer or its affiliates or subsidiaries
Tests for limitations on percentages of holdings apply to the composite of the entire portfolio of the
City , not to indiv idual portfolios maintained by the City . Percentage limitations used for
measurements are based on the percentage of cost value of the portfolio .
INVESTMENT MATURITY AND LIQUIDITY
Investments shall be lim ited to maturities not "ceeding five years . In addition , the weighted
average final maturity of the total portfolio shall at no time exceed 24 months .
OTHER INVESTMENT GUIDELINES
All investment transactions must be executed with broker/dealers and financial institutions that
have been authorized by the City, and each transaction must be competitively transacted with at
least two authorized broker/dealers financial institutions , If the City is offered a security for which
there is no other readily available con,petitive offering , then the Director shall document
quotations for comparable or alternati1e securities . When purchasing original issue
insirumentality securities, no con,;,,titive offerings will be requ ired , as all dealers in the selling
group offer those securities at the s:ime original issue price .
The City seeks an active, rather than passive, management of its portfolio assets. Assets may be
sold at a loss only if the Director or the Investment Adv isor feels that the sale of the security is in
the best Jo , ,g-term interest of the City .
SELECTION OF BROKER/DEALERS AND FINANCIAL INSTITUTIONS ACTING AS
BROKER/DEALERS.
The Director shall maintair. a list of authorized broker/dealers and financial institutions which are
approved for investme.nt purposes (see Appendix Ill), and it shall be the policy of the City to
purchase securities only froM those 3Uthorized institutions and firms .
To be eligible, a firm/ban k must meet at least one of the following criteria :
1. be recogn ized as a Pnmary Dealer by the Federal Reserve Bank of New York ,
2. report voluntarily to the Federal Reserve Bank of New York ,
3. qualify under Securities and Exchange Commission (SEC) Rule 15c-3 (Unifo,m Net Capital
Rule),
4 , be an FDIC member.
Broker/dealers and other financial institutions will be selected by the Director on the basis of their
expertise in public ~sh management and their ability to provide serv ice to the City 's account.
Each broker/dealer, bank or savings and loan that has been authorized by the Director shall be
reouired to submit and annually update a City approved Broker/Dealer Information Request fo rm
wh ich in cl udes the firm 's most recent financ ial statements. The Director shall ma intain a file of
the most recent Broker/Dealer Information Req uest forms subm itted by each firm approved for
investment purposes . Broker/Dea lers shall also attest in writing that they have rece iv ed a copy of
this Policy ,
The City may purchase Commercial Paper from direct issuers even though they are not on the
appro ved list of broker/dealers as long as they meet the criteria outl ined ,n Item 11 of the Eligible
Investments and Transacti ons section of th is Pol icy.
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SELECTION OF BANKS AND SAVINGS AND LOANS AS DEPOSITORIES AND PROVIDERS
OF GENERAL BANKING SERVICES
The City shall maintain a li sl of aulhorized banks and saving s and loans which are approved to
provide banking services or fro m whom the City may purchase certificates of deposit. Banks or
savings and loans in the judgment of the Director no longer c 'ering adequate safety to the City,
will be removed from the list. Although a bank or savings and lo an is on the qualified list, it will still
be required to pledge collateral on all depos its and investments. pursu ant 10 State law.
To be eligible for authorizalion . a bank or savings and loan shall qualify as a depository of public
funds in Colorado as defined in CRS 24-75-6 03.
SAFEKEEPING AND CUSTODY
The safekeep ing and custody of securities owned by lhe City shall be managed in accordance
with applicable Federal and Col orado laws and regulations .
The Director shall approve one or more fi nanc ial institutions to provide safekeeping and custodial
services for the City . A City approved Safekeeping Agreeme nt sha ll be executed with each
custodian bank prior to utilizing that bank 's safekeeping services . To be eligible for designation as
the City 's safekeeping and custodian bank , a financial institutio n shall
qualify as a depository of public funds in the State of Colorado as defined in CRS 24 -75-603 and
be a Federal Reserve member fin ancial ins titutio n.
Custodian banks will be selected on the rasis of their ability to provide service to the City 's
account and the competitive pricing of their safekee ping rel ated services . The City's designated
custodian bank 1s set forth in Appendix IV of this Investment Policy .
The purchase and sa le of securities and repurchase agree ment transactions shall be settled on a
de livery versus payment basis . Own ership of all securities sha ll be perfected in th e name of the
City, and sufficient evidence to title sn ail be consistent with mod em investme nt, banking and
commerci al practices .
All investments. except certificates of deposit and local government investment pools purchased
by the City shall be delivered by either book entry or physir.at delivery and will be held in third-party
safe keeping by the City 's designated custodian bank , its correspondent ba nk or the Depos ito ry
Trust Company (OTC).
All Fed wireable book enlry securities ow ned by the City shall be evidenced by a sa fekeeping
receipt or a customer co nfirmation issued to the City by the custod ia n bank stating that the
securities are hel d in the Federal Reserve system in a Customer Account for the custodian bank
which will name lhe City as ·customer."
All OTC eli gible securities shall be held in the cus todian bank 's Depos itory Trust Company (OTC)
participant account and the custodian bank sha ll issue a safekeeping receipt ev idencing that the
securities are held for the City as "custome r."
All non-book entry (phys ical del ivery) securit ies shall be held by the custod ian bank 's
corresponde nt bank and the custod ian bank shall issue a safekeeping receipt lo the City
ev idencing that the securities are held by the correspondent bank for the City as "custome r."
The City 's custodian will be required to furnish the City with a monthly report of securities held as
well as an account analysis report of monthly securi ties activity .
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PROVISIONS FOR ARBITRAGE
The City periodically issues debt obligatioss wh ich are subject to the provisions of the Tax Reform
Act of 1986 (section 148F), Artlitrage Rd bate Regulations . Due to the legal complexities of
artlitrage law and the necessary immunization of yi eld levels. the procedures undertaken in the
reinvestment of all or a portion of the proceeds of such debt issuance may extend beyond those
outlined in this Policy. The Director, upon advice from Bond Counsel and financial advisors , may
alter provisions of this Policy for artlitrage related investments as may be necessary to conform
with federal artlitrage regulations. In all cases. however, investments will be in compliance with
Colorado Revi~ Statutes. This section is on ly app'icable to City funds subject to artlitrage
restrictions .
REPORTING
An investment report shall be prepared , at least on a monthly bas is, listing the investments held
by the City, the current market valuation of the investments and performancA results. The
monthly investment report shall be submitted in a timely manner to the City Manager and the City
Council. A ,~rd shall be maintained by the Department of Finance and Administrative Services
of all bids and offerings for securities transactions in order to ensure that the City receives
c.:,mpetitive pricing .
The City has established reporting and accounti1•g standard s for callable U.S. Instrumentality
securities. Callable securities may be retired at tht• issue(s option prior to the stated maximum
maturity. All securities holding reports for the City shall disclose the stated maturity as well as the
first call date of each callable security held. In the c;ise of callable securities wh ich are purchased
priced to the first call date and, in the opinion of the Director. have an overwhelming probability of
being called on the first call date, wei ghted average maturity, amortization as well as yield shall be
calculated u5ing the first call date. The Director may, however. choose to use a further call date
maturity date for reporting purposes when conditions mandate .
PERFORMANCE REVIEW
The Director and the City Manager shall meet at least quarteny to review the po-ttolio's adherence
to appropriate risk levels and to compare the portfolio's total return to the established investment
objectives and goals .
Th e Director shall peri odically establish a benchmark yield for the City 's investments which shall
be equal to the average yield on the U.S. Treasury security which most closely corresponds to the
portfolio's actual effective weighted average maturity. When comparing the performance of the
City's portfolio . all fees and expenses involved with manag ing the portfolio should be included in
the computation of the portfolio's rate of return .
ETHICS AND CONFLICTS OF INTEREST
Officers and employees involved in the investment process shall refrain from personal business
activity that could conflict with proper execution of the investment program, or which could impair
their ability to make impartial investment decisions. Employees and investment officials shall
disclose to the City Manager any material financ ial interest in financial institutions that conduct
business with the City , and they sha ll further disclose any large personal financ ial/investment
pos itions that could be re lated to the performance of the City's portfolio . Employees and officers
shall subord inate their pe rsonal investment transactions to those of the City particularly with
regard to the ti ming of purchases and sales .
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POLICY REVlSIONS
This Investment Policy will be reviewed periodically by the Director and may be amended as •
cond itions warrant by the City Manager and the Clly Council.
Approved by City Council
September 17 , 1990
Amended by (;lty Council
December 16, 1991
Amended by City Council
April 5, 1993
Amended by City Council
June 20 , 2005
p~GC
Steve Cazzie ~
Accounting Manager
Amended by Clly Council
September 5, 1995
Amended by City Council
December 15, 1997
Amended by City Council
February 7, 2000
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State of Colorado , County of Arapahoe :
I, Loucrishia A. Ellis , City Clerk in and for the City of Englewood , in the State aforesaid, do hereby
certify that the foregoing is a full, true and correct copy of the Investment Policy as the same
appears upon the records of my office wh ich are in my custody .
Given under by hand and official seal, this __ day of----~ A.O. 2005 , ___ _
o'clock _.m.
Loucrishia A. Ellis
City Clerk
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APPENDIX I
Authorized Personnel
Th following persons are authorized to conduct investme nt transactions and wi re transfer funds
on uehaW of the City of Eng\ewOOd :
Steve Dazzle , Accounting Manager
Jennifer Nolan , Accountant II
Kathy cassai , Accountant II
Kevin Engels , Accountant II Frank GrygleWicz. DIIK!Or of Finance and Adm inistrative Services
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APPENDIX II
Repurchase Agreements
The following fi""s have executed a City approved Master Repurchase Agreement with the City of
Englewood.
Banc of America Securities
Morgan Stanley Dean Witter
Agreemanls maintained in separate file .
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APPENDIX Ill
Authorized Broker/Dealers and Financial Institutions
The following fi""s are approved for investment purposes by the City of Englewood .
Banc of America Securities , LLC
Citigroup Global MarkelS , Inc.
Lehman Brothers Inc.
Merrill Lynch
Mizuho Securities USA Inc .
Morgan Stanley
UBS Financial Services Inc.
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APPENDIX IV
Designated Custodial Banks
The following bank is authorized as the designated custodial ba11k for the City of Englewood :
Wells Fargo Bank , NA
Northstar East Build ing
608 Second Ave ., 8th Floor
Minneapolis, MN 55402
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COUNCIL COMMUNICATI ON
Date : Agenda Item : Subject :
Jun e 20, 2005 9 C ii Pro p osed Changes to th e City of Englewood
In ves tmen t Po licy
Initiat ed By:
Depart me nt of Fin ance and Ad min istrative Services
I Staff Source :
Frank Gryglewicz, Director
COUNCIL GOAL AND PREVIO US COUNCIL ACTION
Th e Coun cil di scusse d p ropose d ch anges to the In ves tment Policy at th e study se ssion held Jun e 6,
2005.
RECOMMENDED ACTIO N
Staff recommr.nds th at Coun c il adopt a reso luti on app rovin g th e changes and u pdates to th e
att ac hed Inves tme nt Policy. Th e In ve stm ent Poli cy is ap plica bl e to th e investm ent of all fu nds n ot
immediatel y needed for th e op erating ex p enditures/expens es of the City, except for th e Fi refi ghters
Pension Fund, th e Voluntee r Firefighters Fund, th e Police Officers Pensi on Fund, and the N o n-
Em erge ncy Empl oyees Pens ion Fund .
FINANCIAL IMPACT
Th ere is no di rec t fi na ncial impac t lo the City from adopting th e propose d changes to th e
In vestme nt Policy.
LIST OF ATTACHMENTS
Re solu ti on