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HomeMy WebLinkAbout108 - 09/06/1988 - PROVIDING FOR THE INVESTMENT AND DEPOSIT OF PUBLIC FUNDS AND MONEYS OF THE CITY ORDINANCE NO. 108 , 1988 OF THE COUNCIL OF THE CITY OF FORT COLLINS PROVIDING FOR THE INVESTMENT AND DEPOSIT OF PUBLIC FUNDS AND MONEYS OF THE CITY OF FORT COLLINS WHEREAS, the City of Fort Collins, Colorado, is a home rule municipality organized and existing under Colorado Constitution Article XX, Sections 6 and 9 and its home rule Charter, with plenary power over local and municipal matters; and WHEREAS, the investment and deposit of public funds and moneys of the City are local and municipal matters; and WHEREAS, the City is authorized to legislate upon, provide, regulate, conduct and control the investment and deposit of public funds and moneys of the City except as limited by its Charter; and WHEREAS, Article V, Section 11 of the Charter of the City requires that the cash balance of the City be deposited or invested in accordance with the ordinances of the City and imposes no other limitation on the manner in which public funds and moneys of the City are to be invested or deposited; and WHEREAS, the City desires to legislate upon, provide by ordinance for, regulate, conduct and control the investment and deposit of public funds and moneys of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. Investment of Public Funds and Moneys. The City may invest its public funds and moneys in any securities now or hereafter designated as legal investments in any applicable statute of the State of Colorado or in any of the following securities: (a) Obligations issued by any agency, instrumentality or public corporation of the United States; (b) Debentures or similar obligations issued by any federal intermediate credit bank or any bank for cooperatives; (c) Obligations issued by or on behalf of the City; (d) Obligations issued by or on behalf of any state of the United States or any political subdivision, agency, instrumentality or public corporation thereof having an investment grade rating from Moody' s Investors Service or Standard & Poor's Corporation; (e) Prime rated banker's acceptances; (f) Prime rated commercial paper; (g) Guaranteed investment contracts of domestically regulated insurance companies having a claims-paying ability rating of "AA" or better from Standard & Poor's Corporation; (h) Repurchase and reverse agreements of any marketable security described in this Ordinance which afford the City a perfected security interest in such security; and (i) Shares in any money market fund or account, unit investment trust or open- or close-end investment company, all of the net assets of which are invested in securities described in this Section 1, to the extent not prohibited by Colorado Constitution Article XI, Section 2. Section 2. Deposit of Public Funds and Moneys. The City may deposit its public funds and moneys in any bank or savings and loan association located in the State of Colorado as now or hereafter provided in any applicable statute of the State of Colorado or in any bank or savings and loan association located outside the State of Colorado, provided that such deposit is insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation or collateralized as provided under the laws governing deposits of public funds of the state in which such institution is located. Section 3. Investment of Pension Fund Moneys. The City may invest moneys belonging to its pension fund in any securities described in Section 1 of this Ordinance, in any securities now or hereafter designated as legal investments for pension funds in any applicable statute of the State of Colorado or in any of the following securities: (a) Common or preferred stock or debt obligations, convertible or otherwise, of corporations organized under the laws of any state of the United States; (b) Equipment trust certificates; (c) Participation guarantee agreements with domestically regulated life insurance companies. Section 4. Deposit of Pension Fund Moneys. The City may deposit moneys belonging to its pension funds in any bank or savings and loan association described in Section 2 of this Ordinance as provided therein. Section 5. Ratification. All acts, orders, resolutions, ordinances or parts thereof heretofore taken by the City not inconsistent with the provisions of this Ordinance are hereby ratified, approved and confirmed. Section 6. Repealer. All acts, orders, resolutions, ordinances or parts thereof heretofore taken by the City in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution, ordinance or part thereof heretofore repealed. Section 7. Construction. Nothing in this Ordinance shall be construed to repeal any provision of Resolution 82-70 not in conflict with the provisions of this Ordinance or any provision of Resolution 85-134 whatsoever. Section 8. Inconsistent Provisions Superseded. Any inconsistency between the provisions of this Ordinance and those of any applicable statute of the State of Colorado is intended by the Council . To the extent of any such inconsistency, the provisions of this Ordinance shall be deemed made pursuant to the Charter of the City and shall supersede to the extent permitted by law the conflicting provisions of any such applicable statute. Section 9. Severability. If any paragraph, clause or provision of this Ordinance is judicially adjudged invalid and unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Introduced, considered favorably on first reading, and ordered published this 16th day of August A.D. 1988, and to be presented for final passage on the 6th day of September, A.D. 1988. Y ATTEST: City Clerk Passed and adopted on final reading this 6th dat .of September, A.D. 1988. Mayor ATTEST: City Clerk