HomeMy WebLinkAboutResolution-1980-0691
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RES(lLfJ'l'ION NO. 691
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TITLE: RE~~'>LUTION '1', I RE1NVE::1"' FUNDS OF THE Sl\_LES TAX P1PPUVEMENT
FUNfJ
WHEREl\S, i t~ lS d('c~mec1 n(-~( essary to yr,i nvC'st tunds of
thE--' l'ity SdlC's Tax Imnrovem('nt Fund,
NOW, '['HEREFORE, BE IT PESOLVED thCl t thE' (' i ty Treasur l'I
be iluthnrized to purchas(' Cl $ GOII, OOf]. 00 (S i x flundrcrl Th'Jusand
and l\o/l.()O Dollars) ("crtifiLat" of Deposit at _.J<:.eX_;;'CiY2rl(1S__
and Loan ~ssociation
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to he~r interest at the rClte of
__ _________14. 22L__
per annum for ~ periorl of
91
----~-----
clays.
Dum.: AND RESOLVED this 28th day of AFril, A.D., lYf-Sf',
by a vote' of
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to
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FRANK STITES, ~~i'\YOR
I'TTEST:
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r:lyr]p N Cantrell. President
May 2, 1980
Mr. James O. Malone
City Treasurer
p. O. Box 638
Wheat~Ridge, Colorado 80033
Dear Mr. Malone:
As requested I would like to take this opportunity to tell you that at the time
our certificate rate was quoted to Mr. Lewis, our rates were 14\%. I was instructed
to call Mrs. Fay Green that afternoon in reference to these quotes and give her the
current rates on our jumbo certificates.
Due to the rapid decline in interest rates that day, I tried on two occasions to
contact Mrs. Green, but was unable to reach her to give her our new quotes of
13-3/4% on jumbo certificates for 90 to 180 days.
I regret any inconvenience this may have caused and hope that we may be able to give
you a quote on future investments as we are vitally interested in the growth and
healthy financial condition of the City of Wheat Ridge.
Very truly,
_/1 ,1;-
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L. B. Stones
Senior Vice President
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CITY OF WHEAT RIDGE - Mr ~ORANDUM
To City Council From James ' , MaloT1-', City Tr surer
Subject Reinvestment of city funds in Date April 30, 1980
accordance with Resolution #691
Approved Date
This is to advise you that on 4/29/80 I proceeded to comply
with Resolution #691; however, when arriving at Key Savings
& Loan Association (Wheat Ridge office), I was advised that
Key Savings had changed their rate from 14.25% to 13.75%
effective 4/28/80. Mr. Cantrell of Key Savings calJ,d the
City at about 4:10 PM on Monday, 4/28/80, with tho intent
of advising the city Clerk's office of the change. The
Deputy City Clerk was away from her desk and was in the
council chambers preparing for the evening council session;
therefore, the message was not received.
Because Key Savings would not honor the quoted 14.25% rate,
I called the second highest bidder, 1st Bank of Wheat Ridge,
and asked if they would still honor their bid of 13.875%.
They said they ~ould, and I proceeded to complete the pur-
chase of a $600,000 Certificate of Deposit at 13.875% interest
for 91 days. Any further delay would have cost the City in
lost interest at the rate of approximately ~228.00 per day.
/ / c< ct.f,,_~__
mes O. Malone
City Treasurer
JOM:ch
xc: Mayor
City Administrator
City Clerk