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HomeMy WebLinkAboutResolution-1980-0704 IN~kUDUCBD BY CUUNCILMEMBER AIELLO RESOLUTION NO. 7U4 ~eries of 1980 1.11TLE: KESOLUTIOl~ St:'l"rrl~G FOR'I'H I1NB~'rMEN'r PULICY AND GUIDEL1UES FOR INVE~~MENT UF CITY FUND~ BY THE CITY TREASURER. WHEKl';A~, the aud i ting finn of Arthur Young & Company recommended that tne City Council of the City of wheat Ridge establish yuidelines for investment of CIty funds Dy tile City Treasurer; and WHEREAS, the City Council of the City of wheat Ridge wishes to provide tile City 'l'reasurer with adequate policy and guidelines to be followed so that the City Council need not be required to approve specific trClllsactions. NU,~, l'liE1ZlCFUkB, BE IT kESOLVED tha t the City Treasurer shall De responsible tor investment of City funds within the following guidelines hereby established and that the City Treasurer is hereby directed to carry out the investment procedures without further Council approval: 1. uetermine cash flow reyuirements from all sources available (Oepartment Heads, Purchasing Division, City Administrator, Budget Officer, Council Minutes, etc.); 2. Oetermine amount of idle cash and length of time money can be invested to best flt City needs; J. Request interest quotes for each investment from the entire list below. The results of such request for quotes and also whiCh quote was accepted shall be forwarded to Council, as information, at the next Kegular meeting. 4. Award investments according to highest quote and, if there IS a tie quote, preference or determination based upon a. Local oank or ~avings and Loan within City limits, and b. distribution ot funds made to the institution with the lesser amount currently on deposit. ). All public funds must be secured or collateral pledged according to Federal Banking Regulations. Establisned List of Banks and ~avings and Loan Associations 1. BanK of Applewood 2. First BanK of Wheat Ridge J. Jefferson BanK & Trust 4. LaKeside National Bank 5. Capitol Fed. Sav & Loan b. Columoia Savings & Loan 7. Empire ~avings & Loan M. Key savings & Loan ':) . lU. 11. 12. 13. 14. 15. Majestic Savings and Loan Silver State Savings & Loan western Fed. ~av & Loan Central Bank & Trust United BanK of Denver First Natl. Bank of Dvr Denver west BanK & ~rust DUNi:; AND RESOLVI:;D by a VU'l'E OF M-O on this 21st Jay of July, 1980 AI.11j~CE~'.il : ----~ __ ,-l~./Q4- Frank Stites, Mayor < ~-::::). / -) .------ /" -/ //'-- ,/21!!~ ,C (' -; /<:6'/77, Carol e. liClmpf, Cit'(I'ClerK