HomeMy WebLinkAboutCC-08-16-99-03 Money Market InvA RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
CARMEL, INDIANA AUTHORIZING AND APPROVING THE
INVESTMENT OF PUBLIC FUNDS IN MONEY MARKET MUTUAL
FUNDS
WHEREAS, Indiana Code 5-13-9-1, et seq. authorizes the fiscal
officers of political subdivisions to invest public funds; and
WHEREAS, the City of Carmel, Indiana (the "City") has public funds
which are eligible for investment pursuant to the provisions of lC 5-13 by the
Clerk-Treasurer, and regularly exercises its powers to invest such funds
pursuant to the provisions thereof; and
WHEREAS, Indiana Code 5-13-9-2.4, effective July 1, 1999, requires
that any investment of public funds in certain money market mutual funds
described in Indiana Code 5-13-9-2.5, effective July 1, 1999, be approved and
authorized annually by the fiscal body of such political subdivision; and
WHEREAS, the Common Council of the City of Carmel (the
"Council"), is the fiscal body of the City and desires to authorize the City to
invest public funds in money-market mutual funds subject to the limitations
of Indiana Code 5-13-9-2.5.
NOW, THERFORE, BE IT RESOLVED BY THE COMMON
COUNCIL OF THE CITY OF CRMEL, INDIAN& as follows:
Section 1: The Council does hereby authorize and approve the
investment of public funds by the Clerk-Treasurer of the City, in her
capacity as fiscal officer of the City, in investments commonly known
as money market mutual funds.
Section 2: Investments authorized by this Resolution may not exceed
fifty percent (50%) of the funds held by the investing officer and
available for investment.
Section 3: The money market mutual funds must be in the form of
securities of or interests in an open-end, no-load, management-type
investment company or investment trust registered under the provisions
of the federal Investment Company Act of 1940, as amended (15
U.S.C. Sec. 80a et seq).
Section 4: The portfolio of the investment company or investment trust
described in Section 4 of this Resolution must be limited to the
following: (1) direct obligations of the United States; (2) obligations
issued by a federal agency, a federal insmentality, or an enterprise
sponsored by the federal government; or (3) repurchase agreements
fully collateralized by obligations described in (1) or (2).
Section 5! The form of securities of or interests in an investment
company or investment trust described in Section 4 of this Resolution
must be rated as either: (1) AAAm, or its equivalent, by Standard and
Poor's Corporation or its successor; or (2) Aaa, or its equivalent, by
Moody's Investors Service, Inc., or its successor.
Section 6: Investments made pursuant to this Resolution shall be made
through depositories designated by the Indiana Board of Finance as
depositories for state deposits.
Section 7: This Resolution shall be in full force and effect upon
adoption and compliance with Indiana Code 36-3-4-14 and shall expire
one (1) calendar year from its adoption·
PASSED by the Common Council of the City of Carmel, Indiana this l~
day of AC, ~ 5~ ,1999, by a vote of ~'7 ayes and C_~
nays. '~
COMMON COUNCIL FOR THE CITY OF CARMEL
Presiding Officer
.~~~Kirb
/(~.on . C elr
Rundie
Bi~Walker
ATTEST:
Diana L. Cordray, IAMC, Cler~ reasurer
Presented by me to the Mayor of the City of Carmel, Indiana the ] ~
A-u~ 05-~ ,1999.
Treasurer
day of
lerk