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HomeMy WebLinkAboutR98-002 Annual Appointments~.. Commissioner moved adoptioa of th following Resolutioa: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 98 - RESOLUTION CONCERNING APPOINTMENTS WHEREAS, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "the Board"), desires to make certain necessary administrative appointments and designations for the terms specified hereinbelow; and WHEREAS, C.R.S. § 30-28-103, et seq., provides for respective boards of county commissioners to fill vacancies which may occur on their respective planning commissions and to appoint associate (alternate) members to serve on said boards in the event any regular member is temporarily unable to act owing the absence from the county, illness, interest in any matter before the commission, or any other cause; WHEREAS, it is necessary that the Board designate official legal depositories for the County of Eagle, State of Colorado, for fiscal year 1998, pursuant to Sections 24-75-603 and 30-10-708, C.R.S.; and WHEREAS, the Board wishes to designate an official legal newspaper for fiscal year 1998 for the publication of all County business which, by law, must be published; and WHEREAS, the following appointments and designations do not constitute contractual obligations of the County of Eagle nor of the Board, and the County and the Board are not legally bound for the respective terms of appointment or designation as specified hereinbelow,.the County, by and through the Board, having the authority, in its'sole discretion, to change, add, or abolish such appointments and designations and to fill vacancies therefor as it sees fit. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CONIl~lISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, Commissioner James E. Johnson, Jr. be and is hereby elected Chairman of the Board of County Commnissioaers of the County o:C Eagle, State of Colorado, for a oi,e-year term commencing. today., and.continuing until his successor is appointed. for fiscal year 1999, in accordance with Section 30-10-307, C.R.S. THAT, Commissioner George A. Gates be and is hereby elected Vice Chairman of the Board of County Commissioners of the County of Eagle, State of Colorado, to preside, in the absence of the Chairman, at all meetings of the Board and to sign all County orders concerning matters submitted to the Board or connected with its powers and duties, for a one-year term commencing today and continuing until his successor is appointed for fiscal year 1999. TBAT, in conjunction with the aforesaid statutory authority, the Board acknowledges that it has established various administrative departments and designated directors thereof deemed necessary by the Board for the efficient management of the business and concerns of the Eagle County government; however, the Board finds, determines and declares that the normal appointment of such department directors, except as otherwise noted hereinbelow, is not necessary nor appropriate since such directors are under the supervision and direction of the County's Administrator who, in turn, is under the direct control of the Board. The .Board reserves the right and authority granted to it by statute to designate, from time to time, certain County employees to such directorships who shall serve at the pleasure of the Board while in such positions, to prescribe the duties to be performed by such department directors, and to pay the same .from the appropriate County fund; all of the foregoing being at the sole discretion of the Board. THAT, James R. Fritze be and is hereby appointed the Eagle County Attorney for the term commencing today until further order of the Board, in accordance with Section 30-11-118, C.R.S. THAT, James Hartmann be and is hereby appointed the Eagle County Administrator for the term commencing today until further order of the Board, in accordance with Section 30-11-107, C.R.S. 2 THAT, James Hartmann be and is hereby appointed the Eagle County Budget Officer for the term commencing today until further order of the Board, in accordance with Section 30-11-107, C.R.S. and Section 29-1-104, C.R.S. THAT, Don Fessler be and is herby appointed the Eagle County Road and Bridge Supervisor for all roads constituting the County roadway system for the term commencing today until further order of the Board, in accordance with Section 43-2-111, C.R.S. THAT, Kathleen Forinash be and is hereby appointed Eagle County Director of Health and Human Services for the term commencing today until further order of the Board, in accordance with Sections 26-1-115 and 26-1-117(1), C.R.S. THAT, Kathleen Forinash be and is hereby appointed Secretary to the Eagle County Board of Health and Human Services for the term commencing today until further order of the Board, in accordance with Section 26-1-117(1), C.R.S. THAT, Phil Freedman, M.D., be and is hereby appointed the Eagle County Health Officer for the term commencing today until further order of the Board., in accordance with Section 25-1-601; et seq., C.R.S., and .Rent Petrie, M.D. appointed as Deputy Health Officer commencing today until further order of the Board. THAT, the Board does hereby reappoint Mara Kleinschmidt to serve as a member to E-911 Authority Board commencing today and ending the first regular meeting day of fiscal year 2001. THAT, A. J. Johnson be and is hereby appointed the Eagle County Emergency Maaagemeat Director for. the term commencing .today until further order of the Board, in accordance with Section 24- 33.5-707, C.R.S. THAT, Sue Eaton be and is hereby appointed the Eagle County Civil Rights Officer for the term commencing today until further order of the Board. THAT, James R. Fritze be and is hereby appointed Eagle County's representative~to the Community Corrections Board for the Fifth Judicial District, until further order of the Board. -3- THAT, Johnnette Phillips be and is hereby appointed Eagle County's representative and George A. Gates appointed as alternate member to the Northwest Colorado Council of Governments, for a term continuing until his successor is appointed for fiscal year 1999. THAT, George A. Gates be and is hereby appointed Eagle County's representative to the Colorado River Water Conservation District, for a term commencing today and ending the first regular meeting day of fiscal year 2001. THAT, George A. Gates be and is hereby appointed Eagle County's representative and James E. Johnson, Jr., appointed as alternate member to the Ruedi Reservoir Water and Power Authority, for a term continuing until his successor is appointed for fiscal year 1999. THAT, James E. Johnson, Jr. be and is hereby appointed Eagle County's representative and James K. Hartmann appointed as - alternate member to the Eagle County Recreation Authority, until further order of the board or for a term continuing until his successor is appointed for fiscal year~1999. THAT, James E. Johnson, Jr. be and is hereby appointed Eagle County's representative and Kathleen Forinash appointed as alternate member to the Board of Directors of the Northwest Colorado Options for Loag Term Care, commencing today until further order of the Board, in accordance with Section 24-33.5-707, C.R.S. THAT,. the Board now desires to make regular and associate appointments to the Eagle County Planning Commission and the Roaring Fork Valley Regional Planning Commission as set forth below; THAT, the terms shall expire at the first Board of County Commissioners' meeting in the month of March of the year indicated: EAGLE COUNTY PLANNING COMMISSION: Regular Members Blake Lynch Jeff Forbes Term Expires 2001 2001. -4- Asaoaiate Members Ron Brave Richard Brooks Chuck Powers Term Expires 1999 1999 1999 ROARING FORK VALLEY REGIONAL PLANNING COMMISSION: Regular Members Bob Schultz associate Members Peter Delany Temple Glassier Susan Wilson Term Expires 2001 Term Expires 1999 19.99 1999 THAT, the Board does hereby designate the Eagle Valley Enterprise as the official legal newspaper of the County of Eagle, State of Colorado, for fiscal year 1998, and until further order of the Board of County Commissioners. THAT, the County Treasurer of Eagle County be, and hereby is, authorized and approved to deposit all funds and monies of whatever kind that come into the Treasurer's possession by virtue of the office in his/her name as such Treasurer in any legal depository as designated by the current Eagle County Investment Policy, attached hereto as Exhibit A and made a part hereof, which policy shall supersede and replace the policy provided for in Resolution No. 92- 128 and any amendment thereto subsequently adopted by the Eagle County Board of Commissioners. THAT, notice of all meetings of the Board shall be posted no less than twenty four hours prior to holding of the meeting, at 'she following locations, unless an alternative place is otherwise designated by the Board: The bulletin board located at the east entrance to the Eagle County Building and the bulletin board -5- located outside the Eagle County Room on the third floor of the Eagle County Building. The posting shall include specific agenda information where possible. The provisions of this paragraph do not supersede but are in addition to any special statutory or regulatory notice requirements. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the ~ day of January, 1998. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: _®~zr~c~, BOARD OF COUNTY COMMISSIONERS ----- By erk to the oard of Johnnette Phillips, airman County Commissioners mes E. Johns Jr. ommissioner Georg Gates Commissioner -6- ,- Commissioner o~p seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Phillips ~~ Commissioner Johnson ~ _ Commissioner Gates This Resolution passed by (3 - vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #86-03 nlr\r\appoint.98 -7- EAGLE COUNTY, COLORADO INVESTMENT POLICY RESOLUTION 97- I. INTRODUCTION AND SCOPE Eagle County, centrally located in the Rocky Mountains along Interstate 70, is home to the internationally renowned ski areas, Vail and Beaver Creek. Eagle operates as a statutory county, with athree-member Board of County Commissioners. The County Treasurer is elected to a four year term. The Treasurer's duties include receiving and paying moneys belonging to the County as well as investing the County's funds in accordance with applicable Colorado State Statutes, CRS Article 30, Section 10, Part 7, "Treasurer" and CRS 30-10-102, "All Money Delivered to Treasurer." By approval of the Board of County Commissioners, Eagle County's Investment Policy was adopted on October 13, 1992, by Resolution 92-128 and revised three times: on May 24, 1993, by Resolution 93-51; on April 22, 1996, by Resolution 96-34; and on December 15, 1997, by Resolution 97 = The Investment Policy is incorporated in Eagle County's Financial Guide book. The following Investment Policy addresses the methods, procedures and practices which must be exercised to ensure effective and judicious fiscal and investment management of the County's funds. This Policy shall apply to the investment management the following financial assets under control of the County: general funds; E-911 funds; airport funds (invested separately); debt service funds; agency funds; and transportation funds. All cash, except for certain restricted funds, shall be pooled for investment purposes. The investment income derived from the pooled investment account shall be allocated to the General Fund and those special funds listed in Annex I based upon the proportion of their respective average balances relative to the total pooled balance. A list of the restricted funds can also be found in Annex I. II. INVESTMENT OBJECTIVES The County's principal investment objectives are: Conformance with all applicable County, State and Federal regulations. Preservation of capital and protection of principal. Maintenance of sufficient liquidity to meet anticipated cash flow needs. Attainment of a market rate of return (See Section XII - "Performance Benchmarks") Diversification to avoid incurring unreasonable risks. Satisfying asset/liability needs Page 1 EXHIBIT e DELEGATION OF AUTHORITY In accordance with CRS 30-10-708, responsibility for conducting investment transactions for the County resides with the County Treasurer. The Deputy Tre~;surer (CRS 30-10-704) and other authorized persons (CRS 30-10-703) may be appointed to assist the Treasurer in performing investment management, cash management or treasury functions. Persons authorized to .transact securities business for Eagle County are listed in Annex II of this Policy. The Treasurer shall establish written administrative .procedures for the operation of the County's investment program consistent with this Policy. The Treasurer may engage the support services of outside professionals. Such services may include engagement of financial advisors in conjunction with debt issuance, portfolio management support, special legal representation, third party custodial services, and independent rating services. IV. PRUDENCE The standard of prudence to be used for managing the County's assets is the "prudent investor" rule, which states that a prudent investor "shall exercise the judgment and care, under circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the management of the. property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of their capital." (CRS 15-1-304, Standard for Investments.) The County Treasurer is, by state statute, a fiduciary of County funds, The County's overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The County recognizes that no investment is totally riskless and that the investment activities of the County are a matter of public record. Accordingly, the County recognizes that occasional measured losses are inevitable in a diversified portfolio and shall be considered within the context of the overall portfolio's return, provided that adequate diversification has been implemented and that the sale of a security is in the best long-term interest of the County. ~ . The County Treasurer and other authorized persons acting in accordance with written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes (CRS 30-10-708(3)). Eagle County Treasurer is protected as an elected public official by a surety bond in the amount of $180,000 issued by Pioneer General Insurance Company for a term of four years beginning January 14, 1997. Page 2 V. ELIGIBLE INVESTMENTS AND TRANSACTIONS All investments shall be made in accordance with the Colorado Revised Statutes: CRS 11- 10.5-101, et seq. Public Deposit Protection Act; CRS '!1-60-10.1, et seq. US. Agency Obligations; and CRS 30-10-708, et seq. Treasurer -Deposit of Funds in Banks and Savings and Loan Associations, which further sites CRS 11-47-101, et seq. Savings and Loan Association Public Deposit Protection Act; CRS 24-75-601, et. seq. Funds -Legal Investments for Governmental Units; CRS 24-75-603, et seq. Depositories; and CRS 24- 75-701, et seq. Local Governments -Local Government Pooling. Any revisions or extensions of these sections of the CRS will be assumed to be part of this Investment Policy immediately upon being enacted. The Treasurer has further restricted the investment of County funds to the following types of securities and transactions: U.S. Treasury Obli ations: Treasury Bills, Treasury Notes, Treasury Bonds and Treasury Strips with maturities not exceeding five years from the date of purchase. 2. Federal Instrumentality Securities: Debentures, discount notes, callable securities and stripped principal or coupons with maturities not exceeding five years from the date of purchase issued by the following only: Federal National Mortgage Association (FNMA), Federal Farm Credit Banks (FFCB), Federal Home Loan Banks (FHLB), and Federal Home Loan Mortgage Corporation (FHLMC). 3. Prime Commercial Paper with maturities not exceeding 270 days from the date of purchase, which is rated at least A-1+ by Standard and Poors, P-1 by Moody's, or D-1+ by Duff and Phelps at the time of purchase by each service which rates the commercial paper. If the commercial paper issuer has senior debt outstanding, the senior debt must be rated by each service that publishes a rating on the issuer of at least A+ by Standard and Poors, A-1 by Moody's, and A+ by Duff and Phelps. Senior debt is defined as the most senior secured or~unsecured debt of the issuer with an original maturity exceeding one year. 4. Eligible Bankers Acceptances with an original maximum maturity not exceeding 180 days, issued on domestic banks or branches or foreign banks domiciled in the U.S. and operating under U.S. banking laws, whose senior long-term debt is rated, at the time of purchase AA by Standard and Poors, Aa by Moody's, or AA by Duff and Phelps. Page 3 5. Repurchase Aoreements with a defined termination date of 180 days or less collateralized by U.S. Treasury securities with a maturity not exceeding 10. years. For the purpose of this section; the term collateral shall mean purchased securities under the terms of the County's approved Master Repurchase Agreement. The purchased securities shall have an original minimum market value including accrued interest of 102 percent of the dollar value of the transaction and the collateral maintenance level shall be 101 percent. Collateral shall be held in the County's custodial bank as safekeeping agent, and the market value of the collateral securities shall be marked-to-the-market daily. a) Repurchase Agreements shall be entered into only with dealers who have executed a Master Repurchase Agreement with the County and who are recognized as Primary Dealers with the Market Reports Division of the Federal Reserve Bank of New York. Broker/dealers who have an executed County approved Master Repurchase Agreements are listed in Annex IV.~ 6. Local Government Investment Pools authorized under CRS 24-75-701 and CRS 30-10- 708(4) which: 1) are "no-load" (i.e., no commission fees shall be charged on purchases or sales of shares); 2) have an objective of maintaining a constant daily net asset value per share (usually $1.00 per share); 3) limit assets of the fund to securities authorized in this Investment Policy; 4) have a maximum stated maturity and. weighted average maturity in accordance with Federal Securities Law Regulation 2A-7; and 5) have a rating of AAAm by Standard and Poors or AAA by Moody's or AAA/V-1 + by Fitch Investors Service. 7. Money Market Mutual Funds registered under the Investment Company Act of 1940 which: 1) are "no-load" (i.e. no commission fee shall be charged on purchases or sales of shares); 2) have a constant daily net asset value per share (usually $1.00 per share); 3) limit assets of the fund to securities authorized in this Investment Policy; 4) have a maximum .stated maturity and weighted average maturity in accordance with Federal Securities Regulation 2A-7; and 5) are rated either AAAm by Standard and Poors or AAA by Moody's or AAA/V-1+ by Fitch Jnvestors Service. 8. Time Certificates of Deposit or Savings Accounts in state or national banks which are state approved depositories per CRS 24-75-603, et seq. (as evidenced by a certificate issued by the State Banking Board) and are insured by the FDIC. Certificates of Deposit which exceed the FDIC insured amount shall be collateralized in accordance with the Colorado Public Deposit Protection Act. This collateral shall have a market value equal to or exceeding 102 percent of the difference between the insured amount and the County's total deposit of all funds with the institution. Page 4 a) The County shall limit the aggregate value of Certificates of Deposit to no more than 25% of the County's portfolio. The County shall purchase Certificates of Deposit only from financial institutions that meet the PMA or Sheshunuff bank rating requirements described in Section X of this Policy. The amount of Certificates of Deposit that can be purchased from any one financial institution shall be limited to 25% of that institution's unimpaired capital. 9. Time Certificates of Deposit or Savings Accounts in state or federally chartered savings and loans which are state approved depositories per CRS 24-75-603, et seq. (as evidenced by a certificate issued by the State Banking Board) and are insured by the FDIC. Deposits which exceed the FDIC insured amount shall be collateralized in accordance with the Colorado Public Deposit Protection Act. This collateral shall have a market value equal to or exceeding 102 percent of the difference between the insured amount and the County's total deposit of all funds with the institution. a) The County shall limit the aggregate value of Certificates of Deposit to no more than 25% of the County's portfolio. The County shall purchase Certificates of Deposit only from financial institutions that meet the PMA or Sheshunuff bank rating requirements described in Section X of this Policy. The amount of Certificates of Deposit that can be purchased from any one financial institution shall be limited to 25% of that institution's unimpaired capital. 10. Municipal Notes or Bonds that are an obligation of any State of the United States, the District of Columbia, or any temtorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any such governmental entities which qualify under CRS 24-75-601. and meet the standards as outlined below: Municipal bonds or notes which are general obligation or revenue bonds with an effective final maturity of three years or less and are rated Aa or better by Moody's or AA or better by Standard and Poors; or revenue bonds with an effective final maturity of three years or less and are rated ,aa or better by Moody's or ~ or better by Standard and Poors; general obligation or revenue bonds that are insured by the MBIA or AMBAC Indemnity Corporation (as long as MBIA and AMBAC maintain their AAA rating), or are escrowed to maturity in U.S. Treasury collateral. It is the intent of the Treasurer that the foregoing list of authorized securities be strictly interpreted. Any deviation from this list must be pre-approved by the Treasurer in writing. The County recognizes that securities other than those authorized in this Investment Policy may be held as of the date this Policy was adopted. However, all purchases made after the date of Policy adoption shall be limited to the above items. Page 5 VI. INVESTMENT DIVERSIFICATION It is the intent of the County to diversify the investments within the portfolio to avoid incurring unreasonable risks inherent in over investing in specific instruments, individual financial institutions or maturities. The asset allocation in the portfolio should, however, be flexible de!oending upon the outlook for the economy, the securities market, and the County's anticipated cash flow needs. A minimum of 50% of the investable assets of the County will be maintained in the following securities: • U.S. Treasury Obligations: Treasury Bills, Treasury Notes, Treasury Bonds and Treasury Strips with maturities not exceeding five years from the date of purchase; • Federal Instrumentality Securities: Debentures, discount notes, callable securities and stripped principal or coupons with maturities not exceeding five years from the date of purchase issued by the following only: Federal National Mortgage Association (FNMA), Federal Farm Credit Banks (FFCB), Federal Home Loan Banks (FHLB), and Federal Home Loan Mortgage Corporation (FHLMC); • Repurchase Agreements: that comply with the critera set forth in Section V. under Eligible Investments and Transactions; • Local Government Investment Pools: that comply with the criteria set forth in Section V. under Eligible Investments and Transactions; VII. INVESTMENT MATURITY AND LIQUIDITY Investments shall be limited to maturities not exceeding five years from trade settlement date unless otherwise .approved in writing by the County Treasurer. The maximum weighted average maturity for the portfolio shall be 2-1/2 years. The County shall maintain at least 10% of its total investment portfolio in instruments maturing in 60 days or less. Once the liquidity requirement of 10% has been satisfied, the balance of the County's investable funds will be invested to meet cash flow projections. Core funds (those funds that the County will not need for expected, short-term liabilities) will be identified through cash flow projections so that they can be invested longer term when market conditions are favorable for such strategies. In the case of callable securities, the first call date shall be used as the maturity date if, in the opinion of the Treasurer, there is little doubt that the security will be called on that call date. The final maturity date shall be used to disclose the maximum maturity liability in the County's financial reports. Page 6 VIII. COMPETITIVE TRANSACTIONS With the exception of deposits, all investment transactions shall be competitively transacted with broker/dealers who have been authorized by the County, with at least three broker/dealers contacted for each transaction and their bid and offering prices recorded. IX. SELECTION OF BROKER/DEALERS AND FINANCIAL INSTITUTIONS ACTING AS BROKER/DEALERS It shall be the policy of the County to purchase securities only from authorized institutions and firms. Broker/dealers and other financial institutions shall be selected by the Treasurer on the basis of their expertise in public cash management and their ability to service the County's account. To be eligible, institutions must meet at least one of the following criteria: 1. be recognized as a Primary Dealer by the Market Reports Division of the Federal Reserve Bank of New York, 2. report voluntarily to the Market Reports Division of the Federal Reserve Bank of New York, or 3. be approved by the Treasurer after a comprehensive credit and capitalization analysis indicates the firm is adequately financed to conduct business with the County. Each institution that has been authorized by the Treasurer shall be required to submit a County approved broker/dealer Information Request Form which includes the firm's most recent financial statements. Annual updates to the broker/dealer information request form are required. The Treasurer shall maintain a file of the most recent broker/dealer information request forms as well as written certifications indicating that each broker/dealer has received a copy of this Investment Policy. A list of approved institutions and firms is included in Annex V to this Policy. The County may purchase commercial paper from direct issuers even though they are not on the approved broker/dealer list as long as they meet the criteria outlined in item V.3 of the Eligible Investments and Transactions section of this Investment Policy. X. SELECTION OF BANKS AND SAVINGS AND LOANS AS DEPOSITORIES AND PROVIDERS OF GENERAL BANKING SERVICES Banks and savings and loans shall be approved by written resolution by the Board of County Commissioners (CRS 30-10-708(1)) to provide depository and other banking services for the County. To be eligible for authorization, a bank or savings and loan must be a member of the FDIC and must meet the minimum credit criteria (described below) of credit analysis provided by commercially available bank rating services. Banks or savings and loans failing to meet the minimum criteria, or in the judgment of the Treasurer no longer offering adequate safety to County, shall be removed from the list. Page 7 The County shall utilize the commercially available bank rating services of Sheshunoff Public Finance Bank Rating Service or PMA Financial Network, Inc. to perform a credit analysis on banks and savings and loans seeking authorization. Data obtained from the bank rating services will include factors covering .overall rating, liquidity policy, credit risk policy, interest rate policy, profitability, and capital policy. To be eligible for designation to provide banking services, a financial institution shall meet one of the following criteria: 1. have a Sheshunoff Public Finance Peer Group Rating of 30 or better on a scale of zero to one hundred with one hundred being the highest quality for the most recent available reporting quarter before the time of selection; or 2. have a PMA Financial Network, Inc. overall rating of three or better on a scale of one to five with one being the highest quality for the most recent reporting quarter before the time of selection. The Treasurer shall require each approved financial institution to submit a copy of its Federal Financial Institutions Examination Council (FFIEC) Consolidated Reports of Condition and Income (Call Report) to the County within 45 days after the end of the June and December calendar quarters. The Treasurer shall maintain a file of the most recent credit rating analysis reports performed for each approved financial institution by one of the rating firms listed above. Credit analysis shall be performed at least semi-annually on all approved banks and savings and loans. A list of approved banks and savings and loans is included in Annex VI. XI. SAFEKEEPING AND CUSTODY The Treasurer shall approve one or more financial institutions to provide safekeeping and custodial services for the County. Custodian banks shall be selected on the basis of their ability to provide service to the County's account and the competitive pricing of their safekeeping related services. To be eligible for designation as the County's safekeeping and custodian bank, a financial institution shall meet one of the following criteria: 1. have. a Sheshunoff Public Finance Peer Group Rating of 30 or better on a scale of zero to one hundred with one hundred being the highest quality for the most recent available reporting quarter before the time of selection; or 2. have a PMA Financial Network, Inc. overall rating of three or better on a scale of one to five with one being the highest quality for the most recent reporting quarter before the time of selection. The Treasurer shall require each approved safekeeping financial institution to submit a copy of its FFIEC Consolidated Reports of Condition and Income (Call Report) to the County within 45 days after the end of the June and December calendar quarters. The Treasurer shall maintain a file of the credit rating analysis reports performed for each approved financial institution. Credit analysis shall be performed semi-annually on all approved depositories. Page 8 A County approved Safekeeping Agreement shall be executed with each custodian bank prior to utilizing that bank's safekeeping services. It is the objective of the County that all owned securities be perfected in the name of the County. All investment securities purchased by the County, except certificates of deposit and money market funds, will be delivered by either book entry or physical delivery and will be held in third-party safekeeping by a County approved custodian bank, its correspondent New York.bank or the Depository Trust Corporation (DTC). The County's perfected ownership of all book entry securities shall be evidenced by a safekeeping receipt issued to the County by the custodian bank who acts as the County's safekeeping agent. The safekeeping receipt shall state that the securities are held in the Federal Reserve system either in a Customer Account/1030 for the custodian bank which will name the County as "customer" or in a Trust Account11050 with the trust department named as agent for the County. All non-book entry (physical deliverx) securities shall be held by the custodian bank's correspondent bank in New York City and the custodian bank shall issue a safekeeping receipt to the County evidencing that the securities are held by the correspondent bank for the County. The County may utilize the services of the Depository Trust Corporation (DTC) as a depository for delivery of non-wireable securities. . The authorized custodian shall provide the County with monthly reports of securities held in safekeeping and an account analysis of securities activity. XII. PERFORMANCE BENCHMARKS The investment and cash management portfolio shall be designed to attain a market value rate of return throughout budgetary and economic cycles, taking into account prevailing market conditions, risk constraints for eligible securities, and cash flow requirements. Eagle County shall use a dynamic benchmark rate of return for the County's investment portfolio which corresponds to the yield for the current US Treasury security that matches the weighted average maturity of the portfolio. In no case shall the benchmark yield be less than the monthly average yield of the Colorado Local Government Liquid Asset Trust (ColoTrust) measured on an annualized basis. All fees involved with managing the portfolio should be included in the computation of the portfolio's rate of return. Page 9 XIII. REPORTING An investment report shall be prepared monthly, listing the investments held by the County, the can-ent market valuation of the investments and performance results. The report shall include a summary of investment earnings during the period. A record shall be maintained by the County of all bids and offerings for security transactions in order :o ensure that the County receives competitive pricing. Portfolio reports prepared for the County shall be compliant with the Governmental Accounting Standards Board Statement No. 31 (also known as GASB 31). XIV. ETHICS AND CONFLICTS OF INTEREST Elected officials and employees involved in the investment process shall refrain from personal business activity that could ~ conflict with proper execution of the investment program or which could impair or create the appearance of an impairment of their ability to make impartial investment decisions. Employees and investment officials shall disclose to the County Treasurer any material financial interest they have in financial institutions that conduct business with the County, and they shall subordinate their personal investment transactions to those of the County. The County adheres to the Government Finance. Officers Association's "Code of Professional Ethics° a copy of which is included in Annex VII. XV. POLICY REVISIONS This Investment Policy shall be reviewed annually in January and may be amended as conditions warrant. Annexes to this Policy may be updated by the Treasurer as necessary, provided the changes in no way effect the substance or intent of this Investment Policy. Page 10 Prepared by: Karen L. Sheaffer, Treasurer Eagle County, Colorado Approved as to.legal form: James R. Fritr, County Attorney Eagle County, Colorado Approved: Johnnette Phillips, Chairperson Eagle County Board of County Commissioners Date: N Page 11 Annex I Contributing Special Funds The contributing special funds to the pooled investment portfolio that will be allocated proportionate investment income are: Offsite School Dedication Emergency 911 PFC Airport E.V. Transportation E.V. Trails R.F. Transportation R.F. Trails Emergency Reserve Fund The following funds are restricted funds and are not included in the pooled. investment portfolio: Alpine Bank Health Insurance Eagle County Reimbursement Public Trust Salary Account Vail/B.C. Jet Center Page 12 Annex II Authorized Personnel The following persons are authorized to transact investment b~~siness and wire funds for investment purposes on behalf of Eagle County, Colorado: Karen Sheaffer, Treasurer Margo Painter, Deputy Treasurer Karen Sturgill, Fiscal Tech III Page 13 Annex III Applicable Statutes The following Colorado Revised Statutes are applicable to the investment operations of Eagle County, Colorado: CRS 11-10.5-101, et seq., Public Deposit Protection Act; CRS 11-60-101, et seq., US. Agency Obligations; CRS 30-10-708, et seq. Treasurer -Deposit of Funds in Banks and Savings and Loan Associations which further sites CRS 11-47-101, et seq., Savings and Loan Association Public Deposit Protection Act; CRS 24-75-601, et. seq., Funds-Legal Investments for Governmental Units; CRS 24-75-603, et seq., Depositories; CRS 24-75-701, et seq., Local Governments-Local Government Pooling. Page 14 Annex IV Master Repurchase Agreement The attached Master Repurchase Agreement and Annex has been approved by Eagle County, Colorado. The following broker/dealers have an executed Master Repurchase Agreement on file with Eagle County, Colorado: Page 15 Annex V Approved Broker/Dealers The following broker/dealers have been approved by Eagle County, Colorado. Merrill Lynch Morgan Stanley Dean Witter Norwest Bank Paine Webber Prudential Securities Smith Bamey Page 16 Annex VI Approved Depositories The following depositories have been approved by Eagle County, Colorado. Alpine Bank First Bank of Avon Mountain Bank Norwest Bank WestStar Bank Page 17 Page 19 Annex VII Government Finance Officers Association "Code of Professional Ethics° The Government Finance Officers Association of the United States and Canada is a professional organization of public officials united to enhance and promote the professional management of govemment financial resources by identifying, developing, and advancing fiscal strategies, policies and practices for the public benefit. To further these objectives, all govemment finance officers are enjoined to adhere to legal, moral and professional standards of conduct in the fulfillment of their professional responsibilities. Standards of professional conduct as set forth in this code are promulgated in order to enhance the performance of all persons engaged in public finance. I. Personal Standards Government finance officers shall demonstrate and be dedicated to the highest ideals of honor and integrity in all public and personal relationships to merit the respect, trust and confidence of goveming officials, other public officials, employees, and of the public. • They shall devote their time, skills and energies to their office both independently and in cooperation with other professionals. • They shall abide by approved professional practices and recommended standards. (.Responsibility as Public Officials Government finance officers shall recognize and be accountable for their responsibilities in the public sector. • They shall be sensitive and responsive to the rights of the public and its changing needs. They shall strive to provide the highest quality of pertormance and. counsel. They shall exercise prudence and integrity in the management of funds in their custody and in all financial transactions. They shall uphold both the letter and the spirit of the constitution, legislation and regulations goveming their actions and report violations of the law to the appropriate authorities. (.Professional Development Government finance officers shall be responsible for maintaining their own competence, for enhancing the competence of their colleagues, and for providing encouragement to those seeking to enter the field of govemment .finance. Finance officers shall promote excellence in the public sector. Page 18 Annex VII (cont) Government Finance Officers Association °Code of Professional Ethics" I. Professional Integrity-Information Government finance officers shall demonstrate professional integrity in the issuance and management of information. • They shall not knowingly sign, subscribe to, or permit the issuance of any statement or report which contains any misstatement or which omits material fact. • They shall prepare and. present statements and financial information pursuant to applicable practices and guidelines. They shall respect and protect privileged information to which they have access by virtue of their office. They shall be sensitive and responsive to inquiries from the public and the media, within the framework of state or local govemment policy. I. Professional Integrity-Relationships Govemment finance officers shall act with honor, integrity and virtue in all professional relationships. • They shall exhibit Ipyalty and trust in the affairs and interests of the govemment they serve, within the confines of this Code of Ethics. • They shall not knowingly be a party to or condone any illegal or improper activity. • They shall respect the rights, responsibilities and integrity of their colleagues and other public officials with whom they work and associate. • They shall manage all matters of personnel within the scope of their authority so that fairness and impartiality govern their decisions. • They shall promote equal employment opportunities, and in doing so, oppose any discrimination, harassment, or other unfair. practices. (.Conflict of Interest Govemment finance officers shall actively avoid the appearance of or the fact of conflicting interests. • They shall discharge their duties without favor and .shall refrain from engaging in any outside matters of financial or personal interest incompatible with the impartial and objective perfprmance of their duties. • They shall not, directly or indirectly, seek or accept personal gain which would influence, or appear to influence, the. conduct of their official duties. • :They shall not use public property or resources for personal or political gain. Page 19