HomeMy Public PortalAbout009-2011 - Investment of city fundsORDINANCE NO. 9-2011
A SPECIAL ORDINANCE AUTHORIZING
THE DESIGNATION OF DEPOSITORIES FOR THE
INVESTMENT OF CITY OF RICHMOND FUNDS
PURSUANT TO INDIANA CODE 5-13-9
WHEREAS, Title 5, Article 13, of the Indiana Code sets forth the laws concerning investment
of public funds by a municipal unit; and
WHEREAS, Pursuant to Indiana Code 5-13-9-1 a fiscal officer of any political subdivisions
may invest any funds held by the political subdivision in accordance with Indiana
Code 5-13-9; and
WHEREAS, Pursuant to Indiana Code 5-13-9.5 the Indiana Treasurer of State maintains a list
of all state -approved depositories ("Approved Depository List") that may be
utilized by municipal units; and
WHEREAS, Indiana Code 5-13-8-9 limits the deposit of funds by a political subdivision to
designated depositories located within the respective territorial limits of the
political subdivision; and
WHEREAS, It is in the best interest of the City of Richmond that the Common Council of the
City of Richmond, acting as the City's Finance Board pursuant to Indiana Code 5-
13-7-5, develop and maintain a City of Richmond Designated Depository List for
use by the Fiscal Officer employed by the City of Richmond; and
WHEREAS, The Controller of the City of Richmond is the Fiscal Officer of the City of
Richmond; and
WHEREAS, Other than Ordinance 40-2010, the ordinance that established an Approved
Depository List for Richmond Power & Light, the City should repeal all prior
ordinances and resolutions designating depositories in order that the designated
depository list may be updated to include those depositories located within the
territorial jurisdiction of the City of Richmond and listed on the Approved
Depository List, which designation is attached and marked hereto as Exhibit A
and known as City of Richmond Designated Depository List.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond that the
Controller for the City of Richmond use the attached City of Richmond Designated Depository
List in order to invest the funds of the City of Richmond.
Page 1 of 3
Passed and adopted this _7th day of February 2011, by the Common Council of the City
of Richmond, Indiana.
_S/S Diana Pappin President
(Diana Pappin)
ATTEST: _S/S Karen Chasteen City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this _8th _ day of _February�
2011, at 9:00 a.m.
_S/S Karen Chasteen City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _8th day
of February 2011 at 9:05 a.m.
_S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: _S/S Karen Chasteen City Clerk
(Karen Chasteen)
Page 2 of 3
Exhibit A to Ordinance Number 9-2011
City of Richmond Designated Depository List
a. First Bank Richmond, NA, Home Office
b. First Merchants Bank, Richmond Branch
C. JPMorgan Chase Bank, NA, Richmond Branch
d. Old National Bank, Richmond Branch
e. U.S. Bank National Association, Richmond Branch
f. Wayne Bank & Trust Company, Richmond Branch
g. West End Savings Bank, Home Office
Page 3 of 3