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