HomeMy WebLinkAboutD-2291-16 Investment Policy (2)SPONSOR: Ronald E. Carter
ORDINANCE D-2291-16
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA
ADOPTING AN INVESTMENT POLICY AUTHORIZING THE INVESTMENT OF
PUBLIC FUNDS PURSUANT TO IC 5-13-9-5.7
SYNOPSIS: This ordinance adopts a City investment policy.
WHEREAS, Indiana Code 5-13-9-5.7 authorizes the fiscal body of the City of Carmel,
Indiana to adopt an investment policy authorizing the investment of the public funds of the City
for more than two (2) years but not more than five (5) years; and
WHEREAS, it is in the public interest to now adopt such a policy
NOW, THEREFORE, pursuant to IC 5-13-9-5.7, the Common Council of the City of
Carmel, Indiana, hereby ordains as follows:
Section 1. The foregoing Recitals are incorporated herein by reference.
Section 2. Chapter 2, Article 5, Section 2-190 should be and the same is
hereby added to the City Code and shall read as follows:
"§2-190 City Investment Policy
(a) The City hereby adopts an investment policy authorizing the investment of the
public funds of the City for more than two (2) years but not more than five (5) years.
(b) The investment of public funds pursuant to this policy shall be with the approval of
the City's investing officer.
(c) All funds invested pursuant to this policy shall have a stated final maturity that is
more than two (2) years but not more than five (5) years from date of purchase.
(d) The total investments outstanding under and pursuant to this policy may not exceed
twenty-five percent (25%) of the total portfolio of public funds invested by the City,
including balances in transaction accounts.
This Ordinance was prepared by Douglas Haney, Corporation Counsel, on 04/27/16 at 2:59 p.m. No subsequent
revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise.Z:\Council
Meetings\5.2.16 Council Meeting\Ordinance D-2291-16.docx
(e) This policy shall take effect on the date on which the ordinance establishing the same
is passed by the Common Council and signed by the Mayor.
(f) This policy shall expire on that date which is four (4) years from the date on which it
takes effect.
(g) Any investment that complies with this policy on the date on which the investment is
made remains legal even if this policy has subsequently expired and/or a subsequent
decrease in the total portfolio of public funds invested by the City, including balances
in transaction accounts, causes the percentage of investments outstanding under and
pursuant to this policy to exceed twenty-five percent (25%) of the total portfolio
funds invested by the City.
(h) Should any portion of this policy contradict any provision of I.C. 13-9-5.7, as
amended, the latter shall prevail to the extent necessary to bring this policy in
conformance therewith, and to ensure that all investments made under and pursuant to
this policy comply with that statutory section.
(i) The City's investing officer may contract with a federally regulated investment
advisor or other institutional money manager to make investments under and pursuant
to this policy.
0) The City's investing officer is hereby authorized to invest the City's public funds
under and pursuant to this policy."
Section 3. If any portion of this Ordinance is for any reason declared to be
unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of
this Ordinance so long as enforcement of same can be given the same effect.
Section 4. This Ordinance shall be in full force and effect from and after its passage and
signing by the Mayor.
Ordinance D-2291-16
Page Two of Four
PASSED by the Common Council of the City of Carmel, Indiana, on this X1ayof
2016, by a vote of I ayes and 0_ nays.
This Or mance was prepared by Douglas Haney, Corporation Counsel, on 04/27/16 at 2:59 p.m. No subsequent
revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise.Z:\Council
Meetings\5.2.16 Council Meeting\Ordinance D-2291-16.docx
WGILVA r►VA U810raral INTO i w arae oil M��i �a�'�s?�� I
Fe15nald E. Carter, President
S e mkam, ice -President
1
Laura D. Campbell
/- (R) 4'4ee�
H. Bruce Kimball
T T:
Christine S. P fey, Clerk-Treas r
Kevin D. Rider
0A40DA
Carol Schleif
-Jeff 1
Presented by me to the Mayor of the City of Carmel, Indiana this day of
2016, at ', 3 0 VM.
istine S. Pauley,Yerk-Treasurer
Ordinance D- 2291-16
Page Three of Four
This Ordinance was prepared by Douglas Haney, Corporation Counsel, on 04/27/16 at 2:59 p.m. No subsequent
revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise.ZACouncil
Meetings\5.2.16 Council Meeting\Ordinance D-2291-16.docx
Approved by me, Mayor of the City of Carmel, Indiana, this Lay of
2016, at .7 3 G (._".M.
4 Z�A
ames Brainard, Mayor
A ES
tine S. Paul , Clerk -Treasurer
Ordinance D-2291-16
Page Four of Four
This Ordinance was prepared by Douglas Haney, Corporation Counsel, on 04/27/16 at 2:59 p.m. No subsequent
revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise.Z:\Council
Meetings\5.2.16 Council Meeting\Ordinance D-2291-16.docx