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HomeMy WebLinkAboutCC-07-15-02-02 Money Market FundSponsor: Councilor Snyder RESOLUTION NO. CC-07-15-02-02 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 Carmel, 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 exemises 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 funds 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 I: 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 II: Investments authorized by this Resolution may not exceed fifty percent (50%) of the funds held by the investing officer and available for investment. Section III: 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 IV: 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 instrumentality, or an enterprise sponsored by the federal government; or (3) repurchase agreements fully collateralized by obligations described in (1) or (2). Section V: 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 VI: Investments made pursuant to this Resolution shall be made through depositories designated by the Indiana Board of Finance as depositories for state deposits. Section VII: 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/~day of July 2002, by a vote of ?t ayes and~ E) .nays.  COMMON COUNCIL FO~ I,-,,r -idin~ Offic~~ ~~x ~ mald E. Carter ATTE~ Diana L. Cordray, IAMC / I ' Clerk-Treasurer Presented by me to the Mayor of the City of Carmel, Indiana on this //fi/day of Juty 2002, at Diana L. Cordray, - ! reasurer, o'clock~m. .~ /~r~  es Brainard, Mayo ATTEST: /h ' ~ Clerk-Treasurer's Office CITY OF CARMEL