HomeMy WebLinkAboutResolution-1985-0927
RESOLUTION NO. 927
Series of 1985
TITLE:
RESOLUTION SETTING FORTH INVESTMENT POLICY AND GUIDELINES
FOR INVESTMENT OF CITY FUNDS BY THE CITY TREASURER.
WHEREAS, under the City Charter of the City of Wheat Ridge,
Colorado, the City Treasurer is vested as the custodian of all
public funds belonging to the City and;
WHEREAS, the City Council of the City of Wheat Ridge wishes
to provide the City Treasurer with adequate policy and guidelines
to be followed so that the City Council need not be required to
approve specific transactions.
NOW, THEREFORE, BE IT RESOLVED, that the City Treasurer
shall be responsible for investment of City funds within the
following guidelines hereby established and that the City Treasurer
is hereby directed to carry out the investment procedures as follows:
1. Determine cash flow requirements from all sources
available (Department Heads, Purchasing Division,
Budget Officer, Council Minutes, etc.);
2. Determine amount of idle cash and length of time money
can be invested to best fit City needs;
3. 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
Regular meeting.
4. Award investments according to highest quote and, if
there is a tie quote, preference of determination based
upon --
a. Local bank or Savings and Loan within City limits,
b. and, distribution of funds made to the institution
with the lesser amount currently on deposit.
5. All public funds must be secured or collateral pledged
according to Federal Banking Regulations.
ESTABLISHED LIST OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS.
Bank of Applewood
First Bank of Wheat Ridge
Jefferson Bank and Trust
Lakeside National Bank
Capitol Federal Savings & Loan
Columbia Savings and Loan
Empire Savings and Loan
World Savings and Loan
Silver State Savings and Loan
Midland Federal Savings and Loan
Central Bank and Trust
First Natl. Bank of Denver
Sun Savings and Loan
Key Savings and Loan
P age t ... 0
Resol .on No 927
DONE AND RESOLVED THIS
ATTE~T:
I
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Fj', I.V" ,_ .L"
vtanda Sang,
14th day of J~nu~rv, lqRS.
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L,L I
Frank Stites, Mayor
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City C1erk