Loading...
HomeMy WebLinkAboutD-2526-20_Adoption_of_City_Investment_PolicySPONSOR: Finkam ORDINANCE NO. D-2526-20 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 and 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 orders and 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 and 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. (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. Ordinance D-2526-20 Page One of Three Pages DocuSign Envelope ID: F4609863-DFB1-459D-B5C1-EE462E85B6D6 SPONSOR: Finkam (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 balance s 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 portion of I.C. 13-9-5.7, as amended, the provisions of I.C. 13-9-5.7, as amended, 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. (j) The City’s investing officer is hereby authorized to make 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 and such publication as is required by law. Ordinance D-2526-20 Page Two of Three Pages DocuSign Envelope ID: F4609863-DFB1-459D-B5C1-EE462E85B6D6 SPONSOR: Finkam PASSED by the Common Council of the City of Carmel, Indiana, this ____ day of ________, 2020, by a vote of _____ ayes and _____ nays. COMMON COUNCIL FOR THE CITY OF CARMEL ___________________________________ Laura D. Campbell, President Sue Finkam, Vice-President ___________________________________ ____________________________________ H. Bruce Kimball Kevin D. Rider ___________________________________ ____________________________________ Anthony Green Jeff Worrell ___________________________________ ___________________________________ Tim Hannon Miles Nelson ___________________________________ Adam Aasen ATTEST: __________________________________ Sue Wolfgang, Clerk Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of _________________________ 2020, at _______ __.M. ____________________________________ Sue Wolfgang, Clerk Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of ________________________ 2020, at _______ __.M. ____________________________________ James Brainard, Mayor ATTEST: ___________________________________ Sue Wolfgang, Clerk Ordinance D-2526-20 Page Three of Three Pages DocuSign Envelope ID: F4609863-DFB1-459D-B5C1-EE462E85B6D6 18th 0May9