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HomeMy WebLinkAbout2008-121-12/02/2008-ADOPTING AN UPDATED POLICY CONCERNING THE CITYS INVESTMENTS RESOLUTION 2008-121 OF THE COUNCIL OF THE CITY OF FORT COLLINS ADOPTING AN UPDATED POLICY CONCERNING THE CITY'S INVESTMENTS WHEREAS,Article V,Section 12,of the City Charter states that the cash balance of the City shall be deposited or invested in a manner approved by the Council; and WHEREAS, the types of securities in which City funds may be invested have been established in Ordinance No. 108, 1988, as amended by Ordinance No. 090, 1993; and WHEREAS, Council adopted Resolution 1990-044 authorizing a Cash Management and Investment Policy which established guidelines and limitations to be followed by City staff in managing investment of City funds; and WHEREAS, City staff has determined that the Cash Management and Investment Policy needs to be modified, given changes in the financial market since that document was adopted 18 years ago; and WHEREAS, Council believes it is in the best interests of the City to adopt an Investment Policy that reflects current financial markets and provides guidance to the Financial Officer on prudent investment practices that protect investment principal and maximize return on City investments. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1. That the Cash Management and Investment Policy adopted by Resolution 1990-044 is discontinued. Section 2. That the Investment Policy dated December 2, 2008,and on file in the office of the City Clerk is hereby adopted by the Council. Passed and adopted at a regular meeting of the un it of the City of Fort Collins this 2nd day of December A.D. 2008. Mayo ` ATTEST: City Clerk