(A) Now, therefore it be resolved by the Legislative Authority of the city that there is hereby created and established a city Investment Board to be consisted of the Mayor, the City Treasurer and the City Auditor.
(B) Said Board, by a majority vote thereof, shall have authority to invest in U.S. government insured securities and instruments for the payment of money or in other financial insured securities that are insured in a manner satisfactory to a majority of the Board and such Board, under the stipulations herein stated, shall have authority to invest inactive funds of the city and such funds as the Cemetery Perpetual Care Fund and the Permanent Investment Fund derived from the sale of the former electric plant of the city.
(C) With the further stipulation that any investment whatsoever made by the Investment Board hereby created, shall first be submitted for an approval or disapproval to the Council, and a majority vote of the Council shall be determinative as to whether any proposed investments will be entered into; it being the intention of this section that any proposed investments made by the Investment Board hereby created, must first be approved by a majority of the Council, before the proposed investment or investments are formerly entered into; with all procedures to be in conformity with pertinent statutes of the state; and with all procedures to be in conformity with prior ordinances enacted by the city; it being here set forth that the Council, in 1967 enacted an ordinance prohibiting the spending the city’s Permanent Investment Fund derived from the sale of the former electric plant owned by the city, and prohibiting the reduction in value of the City Permanent Investment Fund derived from proceeds from the sale of the former electric plant owned by the city, without a vote of the electorate; and declaring an emergency, the emergency being the immediate necessity to conserve the health, safety and welfare of the city and the citizens thereof and to ensure that sound investment policies regarding funds of the city, as hereinabove referred to, shall immediately be in full force and effect.
(Res. 1249, passed 3-3-2005)