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Home My WebLink AboutR92-128 deposit/investment of funds by county treasurer�t Commissioner (2 H-7' z---5 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- 11AL REGARDING DEPOSIT AND INVESTMENT OF FUNDS BY COUNTY TREASURER WHEREAS, the provisions of C.R.S. §30 -10 -708, as amended, and of C.R.S. §11 -47 -101 et seq., provide that the County Treasurer shall deposit all funds and monies of whatever kind that come into her possession by virtue of her office, in her name as such treasurer, in one or more state banks, national banks having their principal office in the State of Colorado, or in savings and loan associations having their principal offices in this state which have theretofore been approved and designated by written resolution duly adopted by a majority vote of the Board of County Commissioners, which shall be entered into its minutes; and WHEREAS, such Board by written resolution similarly adopted may authorize the County Treasurer to invest all or part of such funds and monies, in those securities set forth in C.R.S. §24 -75- 601.1 if the period from the date of purchase of the security to its maturity date is five years or less or if authorized by the Board for such period in excess of five years; and WHEREAS, pursuant to C.R.S. §24 -75 -701 et seq., Eagle County may pool certain monies in its treasury with similar monies of other Colorado jurisdictions, according to the conditions and requirements of the statute; and WHEREAS, the Board of Commissioners of the County of Eagle has previously and in a prior year designated depositories for its monies. NOW, THEREFORE, BE IT RESOLVED that the County Treasurer of Eagle County be, and hereby is, authorized and approved to deposit all the funds and monies of whatever kind that come into the Treasurer's possession by virtue of the office in her name as such Treasurer in any state bank, in any national bank having its principal office in the State of Colorado, in any savings and loan association which has its principal office in the State of Colorado. BE IT FURTHER RESOLVED that the Treasurer be, and hereby is, authorized and approved to deposit all County surplus funds, by virtue of her office and in her name as Treasurer, in those securities and funds specifically set forth in the attached document entitled "Eagle County Treasurer Investment Policy and Procedure." BE IT FURTHER RESOLVED that the Treasurer shall ensure that no Eagle County monies are deposited, or continue to be deposited, in any national bank, state bank, savings and loan association, or other institution or investment (1) which is not in full compliance with applicable provisions of C.R.S. §11- 10.5 -101 et seq., and §11- 47 -101 et seq., as amended, concerning protection of deposits of public moneys, (2) which is not properly insured pursuant to C.R.S. §24 -75 -603, as amended, or (3) which is not otherwise in full compliance with any other applicable statute or law concerning investments or deposits by counties. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County o;�_ Eagle, State of Colorado, at its regular meeting held the %��-�'' day of October, 1992. County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Richard L. Gustafson, Chairman Donald T. Welch, Comm'ssioner j-George . Gates, Commissioner Commissioner 4'ulek seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch �/ Commissioner George A. Gates _ _1 Commissioner Richard L. Gustafson This Resolution passed by `,�j vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 1 C, 0 EAGLE COUNTY TREASURER INVESTMENT POLICY AND PROCEDURE Section 1. Legislative Declaration. Subject to the prohibitions and restrictions contained herein, the general investment policy of Eagle County shall be to provide the highest possible yield while maintaining the safety of the deposit, liquidity, and preserving capital by investing in certain Permitted Investments, specifically authorized by this policy, in accordance with C.R.S. §24 -75 -601 et seq., §24 -75 -701 et seq., and the Public Deposit Protection Acts and any other applicable provisions of law. Section 2. Definitions. As used in this Investment Policy and Procedure, the following terms shall have the following meanings unless the context hereof otherwise requires. A. "Certificate of Deposit" means a receipt from a commercial bank or a savings institution that promises to repay principal plus interest on funds which are left on deposit for a particular period of time. B. "Commercial paper" means short term, unsecured promissory notes rated in the highest rating category by one or more nationally recognized organizations which regularly rate such obligations. C. "The County" means Eagle County. D. "County funds" means any and all funds and monies of whatever kind, that come into the County Treasurer's possession by virtue of her office and in her name as such Treasurer, that she is authorized to deposit pursuant to C.R.S. §30 -10 -708 and §11 -47 -101 et seq., as amended. E. "County surplus funds" means any funds in the County treasury, under the control of the County Treasurer, that are not immediately required to be disbursed. F. "Local government investment pool trust" means a trust in which the County agrees to invest pursuant to C.R.S. §24 -75 -701 et seq.. Such an investment shall be made pursuant to a 2 resolution, duly adopted, by the Board of County Commissioners. G. "Permitted Investments" means those investments listed in C.R.S. §24 -75 -601.1 which this Investment Policy specifically authorizes the Treasurer to invest in. H. "Repurchase Agreements" means short -term investments involving sales of securities subject to repurchase for which maturities range from 1 to 90 days, and the minimum investment is $100,000. Any repurchase agreements invested in by the County shall be collateralized exclusively by U.S. Treasury obligations which have a maximum maturity of one year. I. "Treasurer" shall mean the treasurer, chief f inancial of f icer, or other local of f icial who is properly authorized to invest the County's funds or as provided by statute. J. "Treasury bills, notes and bonds" means obligations of the U.S. Treasury, with a maximum maturity of five years, which are sold at a discount and repaid at face value upon maturity. Section 3. Investment Duties. A. In order to achieve the investment and cash management objectives of the County, these procedures will be followed by the County Treasurer for depositing and investing all "County surplus funds" as defined herein. B. The Eagle County Treasurer, by delegation of the Board of County Commissioners pursuant to C.R.S. §30 -10- 708(1), is responsible for the following investment decisions, activities, and procedures. C. Nothing herein shall relieve the County Treasurer from the obligations and duties of the Treasurer's office under C.R.S. §30 -19- 701 et seq.. 3 Section 4. Eligible Depositories. The following institutions are designated as eligible depositories for any and all County funds: A. All state and national banks having their principle offices in Colorado which are insured by the Federal Deposit Insurance Corporation (FDIC), or its successor, and which meet all federal and state statutory requirements regarding county deposits as legal depositories for the County of Eagle, State of Colorado, in accordance with C.R.S. §24 -75 -603 and §30- 10 -708, as amended. B. All state and federally chartered savings and loan associations having their principle offices in Colorado which are insured by the Federal Savings and Loan Insurance Corporation (FSLIC) , or its successor, and which meet all federal and state statutory requirements regarding county deposits as legal depositories for the County of Eagle, State of Colorado, in accordance with C.R.S. §24 -75 -603 and §30 -10 -708, as amended. Section S. Eligible Securities Brokers /Dealers. The following are designated eligible brokers /dealers for governmental securities transactions allowed under law: A. Securities dealers and banks which are designated as reporting dealers by the Federal Reserve Bank of New York (primary dealers). B. National and state banks which have their principle offices in Colorado. Section 6. Eligible Investments. The following are the eligible investments for County surplus funds described herein: A. Treasury Bills, Notes and Bonds issued by the United States Government with a maximum maturity of five years in accordance with C.R.S. §24 -75 -601.1 B. Written repurchase agreements, collateralized by U.S. Treasury obligations with a maximum maturity of one year, made in compliance with C.R.S. §24 -75- 601.1(1) (j) and other applicable law. 4 C. Any money market fund that meets the criteria set forth in C.R.S. §24- 75- 601.1(1)(k), and in addition, the investments of the money market fund must consist solely of U.S. Treasury obligations set forth in (A) above. D. Time certificates of deposits or interest bearing accounts in federally or state chartered banks or savings and loan associations having their principal offices in Colorado which are insured by FDIC or FSLIC, or their successors, and which meet all federal and state statutory requirements regarding county deposits as legal depositories for the County of Eagle, State of Colorado, in accordance with C.R.S. §24 -75 -603 and §30- 10 -708, as amended. E. Commercial paper, as defined herein, that at the time of purchase, is rated in its highest rating category by one or more nationally recognized organizations which regularly rate such obligations, in accordance with C.R.S. §24 -75- 601.1. F. Other investments as the Board of County Commissioners may authorize in writing. Section 7. Local Government Investment Pool Trusts. 1. The County Treasurer may invest any County surplus funds, pursuant to a resolution duly adopted by the Board of County Commissioners in accordance with C.R.S. §24 -75 -701 et seq., in a local government investment pool trust. Any such participation in a local government investment pool trust shall follow all procedures and restrictions in C.R.S. §24 -75 -701 et seq., and any additional procedures and restrictions provided by this section. a. Any local government investment pool trust created pursuant to C.R.S. §24 -75 -701 :et' -seq. , must be approved for deposit by the Board of County Commissioners, in writing, before the County Treasurer may invest County surplus funds in such a trust. b. The County Treasurer may not invest any County surplus funds in a local government investment pool trust, created pursuant to C.R..S. 24 -75 -701 et seq., unless such a trust places discretion as to administration, investment, and transfer of funds in separate individuals. 5