HomeMy WebLinkAbout1975-027-04/15/1975-DESIGNATING BANKS IN THE CITY IN WHICH THE CASH BALANCE OF THE CITY MAY BE MAINTAINED AND SETTING FO RESOLUTION 75 27
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DESIGNATING BANKS IN THE CITY IN WHICH THE
CASH BALANCE OF THE CITY MAY BE MAINTAINED
AND SETTING FORTH INVESTMENTS WHICH MAY BE
MADE BY THE DIRECTOR OF FINANCE WITH SURPLUS
CITY FUNDS
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
Section 1 Cash Balance The Director of Finance is
hereby authorized to deposit the cash balance of the City in any
of the banks in the City which are members of the Federal Deposit
Insurance Corporation
Section 2 Surplus Funds If the General Fund or any
special fund of the City has a balance in excess of current needs
such surplus funds may be invested by the Director of Finance
in any of the following investments to-wit
A Bonds or other interest-bearing obligations
of the United States
B Bonds or other interest-bearing obligations
the payment of the principal and interest of which is uncondi-
tionally guaranteed by the United States
C Bonds or other interest-bearing obligations of
the State of Colorado
D Bonds or other interest-bearing obligations of
the Poudre R-1 School District
E Bonds or other interest-bearing obligations of
the County of Larimer Colorado
F Bonds or other interest-bearing obligations of
the City of Fort Collins Colorado
G Interest-bearing obligations of any bank in
which the cash balance of the City may be invested pursuant to
this resolution and in any state or federal savings and loan
association with offices in the City of Fort Collins which are
members of the Federal Savings and Loan Insurance Corporation
Section 3 Pension Funds In addition to the invest-
ments permitted in Section 2 above surplus pension funds from
the Policemen' s Pension Fund the Firemen ' s Pension Fund or the
City Employees ' Pension Fund may be invested in any investment
permitted by C R S 1973 §24-75-605 in accordance with the
provisions of such section
Section 4 Pledge Required All deposits made in any
bank or savings and loan association in excess of the amount
insured by the Federal Deposit Insurance Corporation or the
Federal Savings and Loan Insurance Corporation shall be secured
by a pledge of bonds or other securities which would be the
proper subject of the investment of City funds such pledge
to be of securities having a market value of at least one
hundred ten percent (1107) of the amount of any such deposit
in excess of such insurance
Section 5 Deposits in Name of City of Fort Collins
All deposits and investments of City funds shall be duly registered
in the name of the City of Fort Collins and shall be kept in the
custody of the Director of Finance or by him in the custody of
one of the banks in which City funds are authorized to be in-
vested The Director of Finance is hereby authorized to make
deposits and withdrawals from any account in the name of the
City of Fort Collins and to negotiate transfer assign and
otherwise deal with all securities in the name of the City of
Fort Collins
Section 6 Earnings from Investments All earnings
from the investments of City funds shall be credited to the
account of the fund from which such investments were maae
Section 7 Pooling of Funds The Director of Finance
is hereby authorized to combine various City funds for the pur-
pose of making investments provided that he shall keep an
accurate record of the investments made from each of the several
separate City funds
Passed and adopted at a regular meeting of the City
Council held this 15th day of April A D 1975
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