HomeMy WebLinkAboutCC-10-02-00-01 Money MarketSPO~ XED BY: Councilor Snyder
RESOLUTION NO. 10-02-00-01
A 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 Cannel, Indiana (the "City") has public funds which are eligible for
investment pursuant to the provisions of IC 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, requires that any investment of public ftmds In certain
money market mutual funds described in Indiana Code 5-13-9-2.5, 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, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA as follows:
Section 1: The Council does hereby authorize and approve the Investment ofpubhc 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. See. 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) obhgations issued by a federal agency, a federal instrumentality, 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
descrilxxl 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 shah be made through depositories
designated by the Indiana Board of Finance as depositories for state deposits.
Seerion 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 Carreel, Indiana this a~ ~zJday of &/'~Z3/JC
2000, by a vote of 5 ayes and ~2D _nays.
Kevin Kirby
ATTEST:
Presented by me to the Mayor of the City of Carreel, Indiana on this cv~ day of
~' ,2000,
pp vedbyme, Mayorofthe City o Carreel, Indiana, this6' dayof Oc-7~ B~_~ ,2000.
A ro f fl~
James Brainard, Mayor
ATTEST:
Diana L. Cordray, IAMC ~
Clerk-Treasurer