HomeMy Public PortalAbout003- 2010 - # of investment banks.docBOARD OF DIRECTORS OF RICHMOND POWER AND LIGHT COMPANY
RESOLUTION NO. 3-2010
A RESOLUTION APPROVING RICHMOND POWER AND LIGHT DEPOSITORY INSTITUTION INVESTMENT LIST
WHEREAS, Title 5, Article 13, of the Indiana Code covers the investment of public funds by a municipal unit and 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, Pursuant to Indiana Code 8-1.5-3-13 the Common Council of the City of Richmond may by ordinance authorize officers charged by law with custodial care, expenditure, and investment
of utility money to invest or reinvest surplus money of a utility in the manner prescribed by Indiana Code 5-13-9, which authorization is set forth in proposed Ordinance Number 40-2010;
and
WHEREAS, The Board of Directors for the Richmond Power and Light Company of Richmond, Indiana, (“Board”) has determined that it is in the best interest of the Richmond Power and Light
Company to expand the number of banks it may invest and deposit funds into, provided that such banks are on the Approved Depository List and have been designated by the City of Richmond
Finance Board as provided by Indiana Code 5-13-9; and
WHEREAS, The Board has determined that it is in the best interest of the Richmond Power and Light Company to develop a Depository Institution Investment List (“List”), attached hereto
and marked as Exhibit “A,” that outlines what banks or financial institutions the Richmond Power and Light Company may invest and reinvest the surplus money of Richmond Power and Light
in the manner prescribed by Indiana Code 5-13-9, which List is attached hereto as Exhibit A; and
WHEREAS, Upon passage of this Resolution by the Board, and upon passage of Ordinance 40-2010 by the Common Council of the City of Richmond, the Depository Institution Investment List
shall be considered in full force and effect.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors for Richmond Power and Light Company of Richmond, Indiana, that said Board, having reviewed the
Depository Institution Investment List, now approves the List and the guidelines and procedures contained therein.
BE IT FURTHER RESOLVED by the Board of Directors for Richmond Power and Light Company of Richmond, Indiana, that the approval of the Depository Institution Investment List is in effect
only if the Common Council of the City of Richmond passes and adopts corresponding Ordinance Number 40-2010.
Passed and Adopted this _7th _____ day of _September______, 2010, by the Board of Directors of Richmond Power and Light Company.
BOARD OF DIRECTORS OF RICHMOND POWER AND LIGHT COMPANY
S/S Bing Welch
Bing Welch, Chairman
RPL Board
S/S Bruce Wissel
Bruce Wissel, Vice-Chairman
RPL Board
S/S Jack Elstro
Jack Elstro, Member
S/S Kelley Cruse-Nicholson
Kelley Cruse-Nicholson, Member
S/S Phil Quinn
Phil Quinn, Member
S/S J. Clayton Miller
J. Clayton Miller, Member
S/S Larry Parker
Larry Parker, Member
S/S Diana Pappin
Diana Pappin, Member
S/S Bob Goodwin _____________
Bob Goodwin, Member
Attest:
S/S Karen Chasteen
Karen Chasteen, Recording Secretary
Exhibit A to Richmond Power and Light Resolution Number 3-2010
Depository Institution Investment 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