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 :
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__ ,-l~./Q4-
Frank Stites, Mayor
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,/21!!~ ,C (' -; /<:6'/77,
Carol e. liClmpf, Cit'(I'ClerK