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The City will attempt to match the maturity of its investments with anticipated cash requirements. Unless the proposed investment is matched to a specific cash requirement for debt service on the City's outstanding bonded indebtedness, the City will not invest directly in Authorized Investments that mature more than three years from the date of purchase. If the investment is matched to a specific cash requirement for such debt service, the City may invest in Authorized Investments with a maturity of up to seven years from the date of purchase. The City will not invest in Repurchase Agreements that have a term in excess of thirty days. Unless otherwise provided in the ordinance authorizing the issuance and sale and purchase by the City of the particular City's Securities, the City will not invest in City's Securities that mature more than one year from the date of purchase except City's Securities that (i) are in anticipation of the levy and collection of special assessments to pay costs of Assessed Services, as defined in Section 907.01, and (ii) mature not later than three years from the date of purchase.
(Ord. 361-07. Passed 6-26-07.)
(a) Authorized Investments, except Demand deposits, non-negotiable certificates of deposit and City's Securities, shall be deposited for safekeeping with a Custodian, which shall not be the vendor of the Authorized Investment, except that Repurchase Securities shall be deposited with a Custodian other than the City Treasurer. A non-negotiable certificate of deposit in the name of the City may remain for safekeeping with the issuing Depository or Federal Deposit Insurance Corporation member bank or savings and loan association if a safekeeping receipt is delivered by the Depository or Federal Deposit Insurance Corporation member bank or savings and loan association to the City Treasurer at the time of purchase of said certificate, acknowledging that such certificate of deposit is owned by and held in safekeeping for the City. The City Treasurer may act as Custodian for City's Securities even if the City is also the vendor of said securities.
(Ord. 182-13. Passed 4-30-13.)
(b) All Eligible Collateral shall be deposited with a Custodian and that Custodian shall promptly provide the City Treasurer with a safekeeping receipt signed by the Custodian acknowledging that such Eligible Collateral has been deposited with the Custodian and that it is held for the benefit of the City as provided in this chapter. Upon any substitution of Eligible Collateral, the Custodian shall supply a safekeeping receipt signed by it for the Eligible Collateral then being deposited and the City Treasurer shall surrender to the Custodian the safekeeping receipt with respect to the Eligible Collateral which has been released.
(c) A Custodian shall not hold Repurchase Securities sold under a Repurchase Agreement by, or Eligible Collateral pledged as such for deposits with, that same Custodian as a Depository.
(d) All purchases of Authorized Investments from a Securities Dealer other than the Central Depository and sales of Authorized Investments to a Securities Dealer shall be settled through the designated Custodian on a delivery-versus-payment (DVP) basis.
(Ord. 334-00. Passed 6-6-00.)
The City Treasurer shall have the following duties:
(a) Maintain a current listing of Depositories, Custodians, Securities Dealers and financial institutions from which it may acquire Authorized Investments.
(b) Except with respect to the Federal Reserve Bank, the State Treasurer or the City Treasurer serving as a Custodian, receive and review financial statements of all Depositories and Custodians. If any such financial statement is not received on a timely basis, the City Treasurer shall promptly notify the entity failing to provide such statements of that failure. Any Depository or Custodian not providing the required statement within ten (10) business days after such notice shall immediately be removed from the list maintained pursuant to paragraph (1) of this Section, and the City Treasurer shall immediately withdraw any Demand Deposits held by that Depository or Custodian. In the case of a Depository, Custodian or an institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City, a timely basis shall mean within sixty (60) days following the end of each calendar quarter.
(c) On or before the fifth business day of each month, report to City Council the status of the Investment Portfolio as of the last business day of the preceding month, showing at least the type, name of issuer, maturity, yield and safekeeping location of all Authorized Investments as well as the amount of non-interest-bearing Demand Deposits held by each Depository.
(d) On or before the fifth business day of each month, prepare a summary for each and every transaction of Authorized Investments purchased and sold during the prior calendar month. Copies of this report shall be delivered or sent by first class mail to City Council, the City Auditor, the State Auditor and any independent auditors which the City or State has then employed as well as to each member of the Investment Advisory Committee. This report shall include the following information:
(1) Amount of each Authorized Investment
(2) Security type
(3) Name of issuer
(4) Maturity
(5) Yield
(6) Custodian of the Authorized Investment
(7) Custodian of Eligible Collateral if applicable.
(Ord. 334-00. Passed 6-6-00.)
The City will designate and utilize a Central Depository. The Central Depository will be designated by ordinance of Council following the evaluation of proposals submitted by interested institutions in response to a request for proposals mailed by the City Treasurer to each institution having the qualifications of a Depository. The agreement with the Central Depository for its services shall have a term not to exceed three years.
If the Fitch credit rating of the currently contracted Central Depository shall fall below the minimum specified in Section 192.05, the Investment Advisory Committee shall meet within thirty days of the rating downgrade to review the situation and shall report to City Council with any appropriate recommendations. The City may continue to utilize the current Central Depository for the remainder of the contract period as long as all other requirements of this Chapter are met.
(Ord. 468-09. Passed 9-1-09.)
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