HomeMy WebLinkAbout090 - 08/17/1993 - AMENDING ORDINANCE NO. 108, 1988 PROVIDING FOR THE INVESTMENT AND DEPOSIT OF PUBLIC FUNDS ORDINANCE NO. 90, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING ORDINANCE NO. 108, 1988, PROVIDING FOR THE
INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
OF THE CITY OF FORT COLLINS
WHEREAS, Section 24-75-601 .1(3)(b) , C.R.S. , recognizes the power of home
rule cities to invest public funds in securities or other investments permitted
under the charter or ordinance of the city; and
WHEREAS, the Council of the City of Fort Collins passed Ordinance No. 108,
1988, providing for the investment and deposit of public funds of the City of
Fort Collins; and
WHEREAS, this Ordinance authorizes the City to invest public funds,
including pension funds in various securities; and
WHEREAS, City staff has identified additional securities that are
appropriate for the investment of public funds; and
WHEREAS, the authorization to invest in these additional securities will
provide the City with greater ability to diversify its investment portfolio and
to achieve higher returns on it;=investments; and
WHEREAS, the additional securities that are appropriate for the investment
of such funds include top-rated mutual funds and treasury securities with a put
option; and
WHEREAS, the authorization to invest public funds in these securities is
in the best interest of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That Section 1, Investment of Public Funds and Moneys, of
Ordinance No. 108, 1988, of the City of Fort Collins is hereby amended by the
addition of Subsections (j) and (k) to read as follows:
(j) Mutual funds receiving a five-star rating by Morningstar
Mutual Fund Rating Service;
(k) Treasury securities of the United States of America, including
a put option.
Section 2. That Section 3, Investment of Pension Fund Moneys, of Ordinance
No. 108, 1988, shall be amended by the addition of a Subsection (d) to read as
follows:
(d) International mutual funds with a five-star rating as
determined by Morningstar Mutual Fund Rating Service.
Section 3. All terms and provisions of Ordinance No. 108, 1988, shall
remain in full force and effect except as amended by this Ordinance.
Introduced, considered favorably on first reading, and ordered published
this 3rd day of August, A.D. 1993, and to be presented for final passage the
17th day of August, A.D. 1993.
a r
ATTEST:
City Clerk '�c
Passed and adopted on final reading this 17t day Aug D. 1993.
ATTEST: Mayor
City Clerk
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