HomeMy WebLinkAboutResolution-1986-0975
RESOLUTION NO. 975
Series of 1986
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, and,
b) 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.
Page two
Resolution No. 975
ESTABLISHED LIST OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS.
Citywide 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
Key Savings and Loan
World Savings and Loan
Silver State Savings & Loan
Bank Western Savings & Loan
Central Bank and Trust
First National Bank of Denver
Sun Savings and Loan
International Bank - W R
on this 17rh
DONE AND RESOLVED by a vote of R-O
day of March , 19 86
ATTEST:
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Wanda Sang, City Clerk
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Frank Stites, Mayor