HomeMy Public PortalAbout018-2019 - Special - Investment of FundsCOMMON COUNCIL
CITY OF RICHMOND, INDIANA
ORDINANCE NO.18-2019
A SPECIAL ORDINANCE AUTHORIZING THE INVESTMENT
OF PUBLIC FUNDS PURSUANT TO IC 5-13-9-5.7
WHEREAS, The City of Richmond, Indiana (the "City") desires to allow the investment of public
funds of the City for more than two (2) years and not more than five (5) years; and
WHEREAS, It is in the best interest of the citizens of the City for the Common Council of the City
to adopt a policy for the investment of public funds pursuant to IC 5-13-9-5.7.
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL of the City of Richmond,
Indiana, that, pursuant to IC 5-13-9-5.7, the Common Council of the City of Richmond, Indiana hereby
authorizes the City Controller, as the investing officer of the City, to make investments having a stated
final maturity that is more than two (2) years, but not more than five (5) years after the date of purchase
under the following circumstances:
(a) The fiscal body of the City shall first adopt an investment policy allowing for the adoption
of an ordinance authorizing the investment of public funds of the City for more than two
(2) years and not more than five (5) years in accordance with IC 5-13-9-5.7(a) and (b).
(b) This ordinance and the power to make an investment having a stated final maturity that is
more than two (2) years, but not more than five (5) years after the date of purchase expire
on the date on which the investment policy expires, which may not exceed four (4) years.
(c) At the time an investment of public funds of the City is made having a stated final maturity
that is more than two (2) years, but not more than five (5) years, the total of such
investments of the City may not exceed twenty-five percent (25%) of the total portfolio of
public funds invested by the City, including balances in transaction accounts.
(d) An investing officer may contract with a federally regulated investment advisor or other
institutional money manager to make such investments.
Passed and adopted by the Common Council of the City of Richmond, Indiana, this day of
019.
President
er)
(Karen Chasteen, IAMC, MMC)
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P SENTED to the Mayor of the City of Richmond, Indiana, this day of
2019, at 9:00 a.m.
wren Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana this Q �� day of
4W 2019, atrrr: -3 : ZQ, (7
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(Karen Chasteen, IAMC, MMC)
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Mayor