Loading...
HomeMy WebLinkAbout1988-34 Adopting the Amended Investment Policy for the Town of Vail` `- ORDINANCE NO, 34 Series of 1988 AN ORDINANCE ADOPTING THE AMENDED INVESTMENT POLICY FOR THE TOWN OF VAIL. WHEREAS, the Town Council adopted Vail Town Council Policy Statement 87-1, "Investment Pal icy"; and WHEREAS, the Town Council has directed that said Investment Policy be amended as set forth in Exhibit A attached hereto and made a part hereof by reference. NOW, THEREFORE, BE I7 ORDAINED} BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. The amended Investment Policy attached hereto as Exhibit A and incorporated into this ordinance by reference is hereby adopted by the Town Council. 2. If any part, section, subsection, sentence, clause or phrase of this Ordinance is far any reason held to be invalid, such decision sha11 not affect the validity of the remaining portions of this Ordinance; and the Town Council hereby declares it would have passed this Ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or mare parts, sections, 5Llbsect10n5, sentences, clauses or phrases be declared invalid. 3. The Town Council hereby finds, determines and declares that this Ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. 4. The repeal or the repeal and reenactment of any provision of the Municipal Cade of the Tawn of Vail as provided in this Ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. INTRODUCED, READ AND APPROVED ON FIRST READING this Ist day of November 1.988, and a public hearing shall be held on this Ordinance an the 1st day of November 1988, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ordered published in full this 1st day of November 1988. ~ lr v~ C.+~~, Kent R. Rose, Mayor t s • T' 4 ~~r. ~~. ,~ ,, N ., hill /~~~ (`~=7gyJ\Iy~7Q~~ }a A. B~andt~eyer, awn Clerk r ', ;~.i ~ -~ FNTRODi1C~D,~•READ AND APPROVED ON SECOND READING AN8 ORDERED PUBEISHED t1k1`~'''only th7s 15th day of November , 1988. 1~ \~ ~~ Kent f~. Rose, Mayor EST i ~~ ~ IBC ~,, ela A. Brandmeyer, "down Clerk ''~i~1lr~ti5tiiti _2_ • , .S f . , EXHIB A VAIL TOWN COUNCIL COUNCIL POLICY STATEMENT 88-1 INVESTMENT POLICY SECTION I. STATEMENT OF PURPOSE The Investment Policy of the Vail Town Council for the Town of Vail represents the financial boundaries within which its cash management process will operate. Areas covered by this policy include: IT. Scope of Financial Funds to be Invested III, Investment Objectives IV. Delegation of Authority for Investment Decisions V. Investment Prudence VI. Investment Instruments VII. Competitive Selection of Investment Instruments VIII. Interest Allocation Method IX. Safekeeping and Custody X. Portfolio Diversification XI. Maturity Scheduling XrI. Qualified Institutions and Primary Dealers XxII. Investment Committee XIV. Reporting Requirements XV. Monitoring and Adjusting Portfolio XVI. Internal Controls Cash management goals shall be developed within the constraints of this policy statement. Goals shall include: A. Percentage of cash invested. The Town shall be earning interest on all available funds for investment. B. Percentage of Return (Yield). A targeted range of yzelds should be stated as a goal. This target yield goal shall be presented in the annual operating budget. C. Total Dollar Return Goal. Combines the goals of percentage of cash available and the percentage of yield to obtain a total dollar return goal. . ~ SECTION II. SCOPE This investment policy applies to all financial funds of the Town of Vail (hereby referred to as the "Town"}. These funds are jccaunted for in the Towns comprehensive Annual Financial Report and currently include the: General Fund Capital Projects Fund Construction Funds Special Revenue Funds: Real Estate Transfer Tax Parking Fee Fund Conservation Trust Fund Enterprise Funds: Internal Service - Fleet Maintenance Fund Internal Service - Health Insurance Debt Service Fund Special Assessment Funds Monies held by the Colorado State Treasurer and Eagle County Treasurer during tax collection periods shall be governed by State of Colorado and Eagle County investment policies and are not subject to the provisions of this policy. SECTION III. INVESTMENT OBJECTIVES Each investment transaction shall first seek to ensure capital losses are avoided, whether they are from default of securities or erosion of market value. The Town, as its second major objective, seeks to attain market rates of return on its investments. Market rate objectives must be consistent with constraints imposed by the primary objective of the safety of principals internal cash flow considerations and any Town of Vail ordinance, restricting the placement of public monies. Speculative investments will. not be allowed. Speculative investments are those attempting to gain market premium appreciation through short term market volatility resulting in increased risk and loss exposure. The Town will nQt purchase a security which cannot be held to maturity. This does not mean an investment cannot be sold priaa~ to maturity. - 2 - SECTION IV. DELEGATION OF AUTHORITY Management responsibility for the investment program is held by the Town Manager and appointed designees. No employee may engage in an investment transaction except as provided under the terms of this policy and any procedures which may be established by the Town Manager, The Town Manager shall review and approve the monthly investment report {see section XIV). It shall be the duty of the Controller to manage the day-to-day operations of the portfolio, and place actual purchase/sell orders with .institutions. In the absence of the Controller, the Administrative Services Director sha11 assume these duties. The authority for the investment philosophy and selection of investment managers for the Town of Vail Employee Pension Plan and the Tawn of Vail Police and Fire Employees Pension Plan shall be the responsibility of the Pension Plan Trustee as defined in the pension plan document. SECTION V. INVESTMENT PRUDENCE Investments shall be made with reasonable financial judgement and care, under circumstances than prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not far speculation, but for investment, considering the primary objective of safety of principal as well as the secondary objective of the obtainment of market rates of return. Investment officers acting in accordance with written procedures and exercising due prudence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectation are reported in an timely fashion, and appropriate action is taken to control adverse developments. SECTION VI. INVESTMENT INSTRUMENTS The Town shall invest in the following accounts, or securities: 1. Fully collateralized or insured interest bearing checking accounts, savings accounts, and certificates of deposit at commercial banks with amount not to exceed $100,000 if the bank is not designated as a qualified institution by the Investment Committee. Collateral shall be limited to treasury bills and notes, municipal bands, and government agency bands and notes. Real estate mortgages are prohibited for use as collateral. - 3 - SECTION VI_ INVESTMENT INSTRUMENTS (CONTINUED) A commercial bank may use any securities authorized by the Public ©eposit Protection Act as collateral under the Following circumstances: When money is being wired from one bank to another and for sums reason the transaction is not completed and in order to protect the Town's funds it is necessary to deposit them into an account for one banking day. plus any consecutive days that fall on a Saturday, Sunday, ar a holiday. 2. Certificates of deposit at savings and loan associations insured by the FSLIC with amount not to exceed $99,000. 3. Treasury bills, treasury notes, treasury bonds and Federal agencies securities which are guaranteed by the full faith and credit of the United States of America. 4. Coupon or discount notes issued by the Federal Home Loan Bank, or the FNMA. 5. Colorado Public Investment Pools. The Town may participate in a Colorado Public Investment Pool, the Colorado Local Government Liquid Asset Trust ar other similar local government pools organized in conformity with Part 7 of Article 75 of Title 24, CRS, which provides specific authority far pooling of local government funds, 6. Money Market accounts which primarily invest in treasury. notes, bills and bonds and governmental agency securities for which shares may be purchased for $1.00 and liquidated far $1.00. Repurchase agreements ~- with either qualified commercial banks or a primary securities dealer for which a properly ex- ecuted master repurchase agreement has been entered into by the Town. Repurchase agreements involving pooled collateral shall be avoided. The securities used as collateral shall be safekept in accordance with Section IX on Safekeeping and Custody. The Town will concentrate its investment efforts in, but not to be limited to, U.S. Treasury obligations, certificates of deposit and interest bearing checking accounts issued by financial institutions located in the Town, Eagle County and the State of Colorado. .~ Q - SECTION VII. s 1 COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS If a specific maturity date is required far cash flow purposes, bids will be requested for instruments which meet the maturity requirement. If no specific maturity is required, a market trend (yield curve) analysis will be conducted to determine which maturities would be most advantageous. After selecting a type of instrument at least two bids should be obtained from similar institutions. Two bids are not required if treasury bills or notes are purchased at a treasury auction or far overnight repur- chase transactions. The Town may place an investment not the h~.ghest bidder, provided points below the highest bidder. with a local institution that is the bid is not more than 25 basis The rate of interest must be at least equivalent to the average rate of return available in the market place. It is the responsibility of the Controller to demonstrate compliance with this section. A local institution is defined as a bank ar savings and loan association doing business inside the carporate limits of the Town of Vail and/or Eagle County. SECTION VIIY. INTEREST ALLOCATION METHOD All investments will be in the name of the Town of Vail and in most cases it will be a general policy of the Town to pool all available operating cash into a Treasury Cash Management investment portfolio. However, a specific investment purchased by a specific fund shall incur all earnings and expenses to that particular fund. Interest earnings from pooled funds shall be allocated to all participating funds in the following order: A. Payment of interest earnings shall be allocated to designated funds from its specific investments. B. Payment to the General Fund of an amount equal to the total annual bank service charges as incurred by the general fund for all operating funds as included in the annual operating budget. C. Fayment to the General Fund of a management fee equal to 50 of the annual pooled cash fund investment earnings. D. Payment to each fund of an amount based on the average monthly cash balance included in the common portfolio for the earning period. -- 5 - SECTION IX. SAFEKEEPING AND CUSTODY All investment securities (which are held in book entry form) purchased by the Town shall be held in third-party safekeeping by an institution designated as primary agent. The primary agent shall issue a safekeeping receipt to the Town listing the specific instrument, rate, maturity and other information. Securities may be purchased from the primary agent's brokerage department and safekept by the same bank's trust department. SECTION X. PORTFOLIO DIVERSIFICATION The Town will diversify use of investment instruments to avoid incurring unreasonable risks inherent in overinvesting in specific instruments, individual financial institutions. Maximum Percent of Portfolio Diversification by Instrument: Money Market & Interest Bearing Checking Accounts with Commercial Banks 50$ Money Market Accounts 50a LT. S. Treasury obligations {Bills, Notes & Bands) 100% U.S. Government Agency Securities (per Section VI.4) 1000 Repurchase Agreements '750 Certificate of Deposit Commercial Banks 1040 Certificate of Deposit Savings & Loan Association 250 Local Government Investment Pool 1000 Diversification by Financial Institution: Repurchase Agreements No mare than 50% of the total investment portfolio shall be secured in Repos with any one institution. Certificates of Deposit - Commercial Banks No more than 20-°& of the total investment portfolio shall be secured in any one commercial bank's CDs. - 6 - SECTIOid X. PORTFOLIO DIVERSIFICATION (CONTINUED) Na brokered certificates of deposit. If the amount of any of the above investments are in excess of the percentage allowed, it is not considered a violation of this policy if the amount is corrected within 30 days. SECTION XI. MATURITY SCHEDULING Investment maturities for operating funds shall be scheduled to coincide with projected cash flow needs, taking into account large routine expenditures (payroll, bond payments) as well as considering sizeable blacks of anticipated revenue (sales tax, property tax}. The average maturity of the portfolio shall never exceed 2 years. SECTION XII. QUALIFIED INSTI'ru~rIONS AND PRIMARY DEALERS Qualified banks - can only be commercial banks and the Town's investment with the bank may be in excess of $100,000. The Town's Finance Controller shall obtain and review the bank's quarterly consolidated report of condition ("Call" Report) - the annual audited financial statements, the monthly listing of securities pledged for col~.ateralization, and the independent bank evaulation, quarterly, to determine that the hank meets the standard selection criteria established by the Investment Committee. Nan-qua~,if~.ed banks - can be either commercial banks yr savings and loans and the Town's investment with the bank is or will not be in excess of $100,000. The Finance Controller shall inquire with bank officials and/or review an independent bank evaulation to determine the bank meets the standard selection criteria established by the Investment Committee. The Town shall select a primary bank, the bank the Town uses to process daily deposits and checks, every two years. A formal request for proposal should be used in the selection process. Securities dealers oat affiliated with a bank shall be required to be classified as reporting dealers affiliated with the New York Federal Reserve Bank, as primary dealers. - ~ 1 ~ ~ SECTION XIII_ INVESTMENT COMMITTEE There is hereby created an investment committee, consisting of the Town Manager, Administrative Services Director, and the Finance Controller. Members of the committee will meet at least quarterly to determine general strategies and to monitor results. Minutes of the decisions made by the investment committee shall be kept on file in the Town Clerk's Office. The committee shall include in its review and deliberations such topics as: potential risks, authorized depositories, rate of return, maturity structure and investment transactions. SECTION XIV. REPC?RTING REQUIREMENTS The Finance Controller will submit a monthly investment report which discloses investments on the last day of each month. This report will be distributed to the Town Manager, Town Council Members, and the Administrative Services Director. The Finance Controller will present at least semi--annually the investment report to the Town Council. SECTION XV. MONITORING AND ADJUSTING THE PORTFOLIO The Finance Controller will routinely monitor the contents of the portfolio, the available markets and the relative values of competing instruments, and will adjust the portfolio accordingly. SECTION XVI. INTERNAL CONTROLS The Finance Controller shall establish a system of written internal controls, which shall be reviewed annually by the independent auditor. The effective date of this policy shall be the day of 19 Kent Rose, Mayor - 8 - ~~~~ -~ r: _ _ ~ ..__._~. _. _. j ,.-~,: ~~;*;z_iia QRlN1µIiC@~:NO:~~[:=:t . , ' AfJ bRDINANCgg:ADOPTINO'rHE'AMENOED I INVESTMENTNCLMY'sFORaTH&'FOWN OF WWEREA$ the Town goiincY adopted veil Town Council Policy; ~:6lgramem n 57-7, 'IMeatmed,polcy'; and' - » ': '~ WHEREAS. Tha lawn Cduneq has dlreded M L C ~NCVQr' ~F ~QI I~ATI/'1\I 4A.14A~~ 1IVViY~, ~Ihei Bard Investment Polley ba amended ere let forth In Ezhl6h A atlacnetl hereto amt made a ~ STATE OF COLORADO ~ nom, ' pan hared by releranoe. '. ' NOW, THSREF4RE, BE f7 pgpAfNEf] BY TH5 70 COl1NCll. OF,T'H£TOWN OF VAIL. COUMY OF EAGLE COEbRADO:. .. „ • . . .SECTION 1. The emended Inveslmanl Polley I ~.,~~'~ ~NDX yattached hereto a8 Exhlb$ Aand-incorporated ~~Inro this ordlnanceby~rararengo lee hereby da solomniy swear t hat I am ~ adaptedrrythe.rownCauAglxSx •:= s~::. Publisher rho ~__ ._ Of THE VAIL TRAiL' that the Sam9 i5 a Weekly newspaper a SEOTpN 2;` , :~.,, :pFo' , " If any pert ssdka,°sut}asdion, sentence, printed, In whole or in part and published In the County of Eogle, Stota of Colorado, `masse « phrase d fhfa Ordinance la for any re 10 t h b En and has a general cUcufation therein; that said ne+A+spa r has boon ubflshed p ason e o e ya , auLTi decision shall nrn alien the v lkp d th ial i continuously and urilnterruptadly #n said County of Eagle or a period of m ore than a y e re~ n ng porrbM d this Ordinance; and the' Town Council hereby Tifty-two consecutive weeks next prior to the first publication of the annexed legal notice or advertis t th f ld dedarea X would have passed this tlrtlinance, and each en aenlo b i emen ; o Ba newspaper has teen admitted to the United Stales malls as second class matter under the pravislons of the Act of 1rAarch 3 1879 p , n, su sect on, eemence, chase dr pnrasa mered, regardlaas d lne lam ' , . or any amendments thereat, and that said newspaper is a weokty newspaper duly qualified for publlshing legal notices and advertisements within Fhe meanin of th that any one or Inure parts, aecnone. eubaectlana, wMentxl6, douses M phrases M declared {nvalkl ' taw3 Of the Stat i >r l d g e . SECTION 3 'G' ' O O O IXa q. Fhat iho annexed legal notice or advertisement was published In the regular and . The Town Coundl hereby 11nde, determinea and declares that this Ordinanoa 16 necessary and proper far the heahh, palely end wallas d entire issue of every number of said wAekry newspaper for the period of fs]'L.E. iho Town d vaN and the lnnabnenfa IAered. .-. SECTION 4. conseautbe Insertions; and that the firs! publication of said notice was in the Issue of The repeal or the repeaF and raenadntaM d any prwlabn d the Menlcipal coda d iAe Taws . I sold newspaper dated n -'~4'-~J 1-~t 1~ ~1 A.D. 19 ~ and tha t the last d Vail as provided in Chia Ordinance shall rid ffifen anY rlAht which has accrued, any duty imposed, any vblatbn that downed prior to Tha pu b licatlan of sold notice wee in 1hA Issue of said newspape r dated e119clive date hereof, any preeecution commeLced, nor any other action or ! 1' d I 1 ~IX,fYlL~{,~~ ~ ,7 ,5 A Q '19 Pracgadfnge ere cortmenced under or by visas M [h = l l ~ ._ . , ' ~l a prov a dn ffea~p~laetl~er reReafad and raerieered. Tha ,y ptwlalon hereby shall d A l In witness whereof 1 have hereunto set my hand this ~`~ day of ri rev rs BnY prov ebn or any ordinance prevbuery rapes+ed or ,aeparseded ashes _~,", `~ p r, C~lr~~ eapeaely Mated herein. ~ A r ~©• ~D (' n FIRSFREAOiN6AND 0ADEREDPBLSHED ONCE IN FULL nth let day d f : ,.1888 - and a public hearing shah be held on thh ' Ordinance on ill 1st day of Novantar,.tOgS a! 7:30 p,m, In the Collncii CMrMere d the Vall . M7ndclpal SuNdhq in Vad,.gotorado. ' , K t A R - '` SLlt?SCllbed and 51NCNr7 t0 beforA rYle, a n04a ry public In d for th dusty of Eagle, an . aw ... ' f ..:.,~..~; : .,.;i,,~ ; v.', •- Y.yar of ~EC-e-lk~f [ L1 q p fq ~~' this ~~'+~ da State of Colorado ATTEST; T ~~ ~ k r'ndr~` , , • - , _ y p ct r -••i 8%HI81T A - VAIL TOWN COUNCIL J/ / ~ + //~~. ` L 7 ~IZ~U7lJ - u`^"` ~ "° COUNCIL POLICY ..^..:V:ei` r,~ 'STATEYENi lB.l :, {,:y~..'."~': : i ~ J ~ lll ! U , INYEBTMENT POLICY -t': e,,. ' BEOIION;?iY''BTA~EYENT IbF PURP08E' '; ' " ' ` 1 t ° :~'3 •-~~ Tfie InwelMeni Pplfejf d the Yall Town ~ c il t s ~ My COmmission a%plr@s ounc ar I e Town of Vail ropprreemrs ill SECTION ~. pELEOATKN! OF AUTHORITY YaMigNMn1 napmslblhy for the Irweatmenl ~ SECTION 7. COMPETITIVE SELECTION OF CedYicalea d pepoah - Comrnerdel Banks t ffnencief boundadaa ~whief sahfon ~ae ceeh ~+nw -pokyl+ICktde~':t II BcarsdFknrrdelFundat b Ntlnered . Program la' Mid by iho Town Ysnagar and INYEgTMENTINSTITUMENTS No more lfian 2074 d the trial lnveahnanM , o e _ Ill.lnwatmem 6eleclNlfis ? eppdpkd deslgftaea.,FM ~ nay Mq]pe ~ Y a apsdlk ma[urAy dots k required Iw cash Lida will be regveeled Idr ~ etrtwM Iransadltin eaeeP! r pro eel uses PurPdaet b h pmtloNv shell M secured h any one °`•"" IV. Deklgatbn. ol- Aulholhyr faF Jmmlmerq ~ ' ' an ve , under !he' terms of Ihle policy end any ~ Imtrumanla which meal the maturity procedwa which maY be aatsblHMd by the nqulrantrmt. A rro epedllc ntalurhy la required, e ~ Tarn Manager. TM Town Manager ahaN review market Trend iyieW curve) analysis wlil be ~ ld L°nNO bCip~heraga eenNlattead depoeh. B tM 9anounl d eery' d the aLwe InyetlmsMs ua in ~~t pr sM paroeMage aAavved, N M "d ' dkY N Ina amoVM 1hY -Dedsbrta ° Y" .^ ,;~~9.--<v tr~'i V~~~AIt]erIC1 t~ i F.:3A ~` s VFI;; CO ~ 5 rrpet wy8 'tiivd t~~ end approve IM mronthty 1mwNmenl rspon (eaa carrduged Id ddarmine whkh malurhlee yNU ~ be mast edvaMegeaue. Aner salecting a type d 8adbn %Ny p consldesed a v1oSMldn d h oaredatl wehln 30 days. ~ iOVlII Int r i t lY l i . t! aMN M [M duty of the GanOdler to IneirUmenl et least two bids should be obtained re not 6kt f h T gECT10N ti-MATURITY 9CHEDULSN6 tarts lands hlee for oils 8 t . s e es • dgA or YeUrM ~' ~ ~?' ~ "fM 8{Vekssrartg and CUtEOdy a a e wa t g Y Y p from similar IMOrellons. mane s the rip to de o eraloM o paddb, and dace equal purcAaadwtl steles fequlree! alroaeury bs4e er ndea are twrchseed ur {nyealmenl ma shalt bs scheduled to rbine]de whh Prole `. td account tare 1 8 lo - ' If. Ponldid DWefalkatl6n 7 ~ti ' r %I. Maturky 3cheduing ; , ;~" f., f ~ ~ wish InatsNbM. In the Wwrtwd 1M Conlydler, at a Treasury aupbn a for oveml hl repurchase A lrw'AdminlMrsliva 9rmlcea Dlrador shall . barueclbna. q s n cash lbw needs. ta realise aependhures ipaYML bond payrnanlsS eable blacks d l XII. OUelAIad lMlhulbM and Prkrtery Deabn ^~ •;'. %111 Investment C ~ ' aHUmM Thew duties. Tlu Town ma place en Invaslmenl web a p ~Y k+cal lnafNdbn that b not the hl heel bidder, TM sulhdhy Ipr the hrveatmenl bibs Y q y naldarln e rwenuepatasfaz,pfope Ylafg• aMkipalb m 8 n Tha ever ll , , , . ~ ~ ~ ~ ,'„I,XIV.ReponklgRsgOYamenle ~ ~ s and ahdldrt d Xlvptmanl rMnage,a loo the , presided Tha Wd k not more than 2a heels points , n ' erases trwtwNY d the poMdio sha s _ y; %Y, Monkodng and Adlrming p0ltierp: nr: ~, €; ~ . XVt. Infernal Cdraroie +.~ r=~~ _ ` ~_ _ ~'Y' ~ Town d V]ul Empbyw Panalon Plan and IM heroes IM highest balder. Town d Vall PoNca end FIN Empbyaes Panabn The n1s of Inlerael moat ba at leans aaoeed 2 years. SECTION A2. bUAL1FIED INSTITUTIONS , ~~" , -Cashmenegement goals ahail 6a davebped ~~. Plan mull M the rMpoMIbIINY d Tha Panabn ~ squWalent Curbs average rate d ralwn available l ~ ydyp pR]MARY DEALERS on ba wtmterdal ~ s • can N i r~~f n the ionetralnls of Chia polloy stafenrant. ~~~ i~;j[ioak.shapfrxAude: '"~~'~"-°~' ""' ~~: ~, an Phn Trustee es dslinad kI tM pambn p InlhemwFelRiace. ~ h le tAa raspaneA>Ilkly d the Controller to ent ' d c OualNhd bas banks and 1M Town's 4nvee1menl with Tha bank . y xr,~,,,A. Paroenlepe d cash bVeskd. The Town ,; . ~ ocum i SECTION 41NVEBTMENTPRU~ENCE den+onetrete corrpdance with Ihie aenlon, A bi i ~ 6 may W 4n excess d f1p0.660. The Tdwl hall Obtain and revew the l rT;ehah beeamlfq IMwwton;sA ayaha4lo~fuMS T~foi °~'•ai's~;: <~s'"- '~~ ngs l ~ s atoll ba nude web rauans e roast inerlmtlon k de1{ned ea a bank or sav ' enefsl l~dyyarrant and Dare, antler '_ end ban aeaodalbn riding business InsEtle the Ik er s Flnartoe Control bank's Wanarly eonsolklated repod d4 condilbn '~-°~ B. Percentage d Aelum IYbkB•.~A fergMed n cYcumelanca IAan prwLrYlnnpp whkh persona d : corpasre lmhe al the Mown d YaN andlor Eagle e ezerelw In n lG 1 (•Cal4' Report) •iho ensues nudged pnancial onthly listing d eacmNiaa ~-range d ybldt should be stated as a goal ThM !: 1. target yield goal shall ba; presented; In ;rile y pWr{h,, c nIa ga prudence, dlacrstbn end • ell managamanl o! IhNr own MIYHa, not br 9ECTIpN e. kNTEREST ALLOCATION stalemente. the m ' t ~n t i r l operaling budget. ' r ~ ,. ~ S D lla 'R l Ci al' 'C A l b lh ` % epeculMkM, but for I I, ooMlderl dN n9 METHOD pdnrvy d>lemkn d eafay d pdndpd w w~N as All rnvaalmansa will be In the Warne d Tha M d ' to gvanerl Y• veluailon e benk dependem in daurmine that the hank meets the standard hed Le' the Invealmenl bli F C, da O r e urn o . nry l Oe e~ 1 • ,-, gosh of percentaagge d men svalleble and 1M ;; paroentags d yield W o6tun;ti;lolal dollav ydum a the aeoondery obieeliva d IM abtalnms Town d Vall end In most cases h will be a s eladbn crherla eate t s 9~ ~ ' - Y ~ market rake d Mum. general pdicy d the Town Id pool all available ImwtmentdlkenactingheorordenceWhh opsraling cash Into a Treasury Caah °•"''*::ur.,ka"v"''aan•'be-•tellher Camaterc{e! banks or savings and bane end tM s='; ;:' ,: ?fi?; !i °: _P, 8"~'$ECTION2.8COpE~1~;;'- .~-~ "°s' `Thh InveMmeM policy apPYetl t0 st llmatlClel ~` wthlen precadurw end ezerdelnq due prudence Maria snnM Invaatmenl pon}Ollo. However, a diaed Or pendnM rwponabElhy far en A edlic IaM61men1 purchased ay a apedlic land sheN W r e ', Towne Investment with the bank Is or wig rtd be t ller C Th Fi ~ '{pMa d Ehe Towp d Vali tLe!ebY relaned k ere v ' ' ' ' ~ . p 1rMHldual Lecufkye aedll risk Rr market Wks sAaN Inver all sarMngs end espanaes Id the! t d e nance on ro In excess o1 198,000. shall In vim whA bank efrldais andlor review an q . These funds are acooumed toy in , '" 1M Town , i he Towns comprehenefve AnApal F1na4tGal 't bn pankular land- Interest eamlrigs tram poole changes, provided devlailana hum axpaCla Are lapolW In atimely raehk7n, and ppropdete funds shah ba allocated to eA panbipating lands mama l d d bank~mealelhe a[andardnaielecSion crlte la ~ , g ~eport and CUrrehlly lrxiud~tMl,:~~r:~„~,~, ,i ~lnet ^ t ` '~'-`- 8 Fr M eve ap er: . In the Iollawkig or agbn N taken td contrd edvene SECTION e.1NVESTMENT INSTRUMENTS A. Payment d Interest earnings shall be - l M ' estaUlehetl by the Investment Committee. The Town shall select a primary bank, the : v: : yL ~ Fund,` P d i1:,t->~ a~at ~ ~ ' - a .: ~ Canslmcllon Funds ~ ~ ~~ ow g Th- Town shall Invnt In the Ia1 Ma a saOUrAbe: saacated td designated lands Irore Ha epecNlc bank the Town uses to process dally deposlta ~ t A f l ~ -,"•,,, , g~{M Revenue Furtds ' aceoa ' t. Fully collelar+llud or Insured Interest Ir1MStlmenh. u B. Pgtn+enl to the Qenerel Fund d an orma aegUea and chedts, ovary two years. for proposal should be used In the aeledbn ~U,P,eal Estate TfaMrer Tact r g ~ d l,PuWng Fee Kpnd" ~•:'r. q ; :-: ? Wulnp ohecldnq accdunk, savingt aocoun and aahbpaa d tlepsen M oommerdal 6anlu amourt pest to IAe 1Me1 annua4 bash wrvlce k M ohvgsa tl kttuLed by ins gananl land for all M b process. 9ecvMlea desists not ahlllaled whh a Crank lr , .. ,,... , ' .... Coneervsubn Trust Fttltd~:.,~ s::::,~•: sr„t> , ~~ sr-,~~ Entarprlea Fonda: ~ . ,.. -,: :. -~ an wAh anfatid rid 1O ezoeed 3ge,000 N 1 rid dealgrsnsd u a quslNlad IMlhdlon by IM opanlhtp funds as Intruded In the annual d t shall be required to be clasaNled as repaving dealers affiliated with the New Ycrk Federal tir5n Imemal Servke • Fled Mekaenance Fund f ~. I vbe-HeaNh ktwranoe=~~:~.:~~' F ternal Sa ge . bvMlmem COtrarilnOS. operWttp bu htlarel aAall ba IlmNad lb Staaaury bgh C. aymeM 1d the Qeneral Fund of a C Reserve Bank, ere primary dealers. l n r --~ Dent Servke Fund "-' '~" f "" ~"~" .- t " ~' o and testes, munlclpal bonds and govetnrMnt menapement Ise equal [a 6% of the annual bofMa and nda. Reel estate mongpae ir°°ted max twat NrvsMmeM earrings. a e'kT SECTION 43. INVESTMENT COMMITTEE There h hereby seated an Investment er Mana l 0 d th T •;n{ gpecAd Aswsgprid F,mdg ::a; : : +.;~: ~ Monbp 1{ald 6y Ihp Cobrado Blare TregWreF ! A O. PayrnaMweach funeden amount based ~yeAprahbhtd far uw as oplhlaral. _ bn IAe average monthly cash balance Included M A g , dwn a nq e urommtttee, cona Adminlslrative services Olrador, and the lll h ..,end Eagle County Treseurer~ during tae ~ colbralon perbde shall M erred by 91de d ;S - ~ t e " PorHdlo Iw tM earning period. eNAedl:ld Iryr the Ps~bib DsposY Proteclbn Ad SECTION 8. SAFEKEEPING AND e cdmrn ee FlnarrcA Controller. Mambas of t wlYmeaEatbaatquanerlytodMamihegeMral Cp~~ and ~ le CouMy bvaatmant pollFlas .':dpdera'mttub~ecE prd~foMdthhL tekRe aeoelltlefdunderlhsfelSOaArtpclrcumnlancee: CUSTODY VMISa rrPMY b 6slrq wired from oM bank to Ai irweaiment aecumles {which are held In skaleglee and ld monsor reeuhe. Minutes d the decPobM made by the finvaetmenl commlllee , , ~ ~ - ~' =•t= •~~- ~ ~• - ': p BECTKSN 3 INVESTMENT DBJECTRfE3~ andhar and rte sums rawon the lrurnadldn b Itoolt emry Icnni ~~~ ~ the Town aAal! be pot „ I and b order to prdsq the Towne held In third-WnY aarekeeping try en belhutlon ehaN be itepl on fits In the Town Ck9rKe Ohke. 7M commhtes aheA Include Fn he Ievlaw and . _, Each ]mestrnem traMaglon shall feat fle6k to ,~ eMUn crphal lessee era avoided whether f ~ funds h fa necessary la depea3! tMm imo an daetNnxtad n prsywy agent Tha primary agent eCOOtrM fM one Lualneea day. anal) Iwua a ealekeepinp rewkrt td iho Town deSN7erallone eucA' topics ere: pdeMlat risks, authorltad d Ildrlw, fate or fMmn, nlaturhy ~ , i azefran tldauN daewrYfea.w erwbndmer at .1 i '~ value. The Town;~ae he adcbtd Ere M ~ o 2. CeRNkefw d depoeN a savings and Ivan rktinq the epedlk IrnhumeM, rats, rnaturhy entl easbckaloM lnwrad by IM FBLtC wyh amount Whet Infwrrelfar veetmenl transadiane. slfudura and (n , ~:' soaks to Weln market tares d r elur n on' hs' ~~ " . rid ro azcaed 1ae,ooo. socurluaa me be u~chaeod from the [roetury ndee eroaaur kith d 4 ' ~ SECTN7N 14, REPQATINO REQUIREMENTS Ths Finance CoMroAer wNl submit a tromhy Invwlmenk. Markel rata dbleilMae tr1uM M ; caMlMem with ooMlrnbh Iltpwed try the ~ y , 3. Tr asu7 , pvlmary agents rokare ponds end Fadarel aeencka eecurNlae whkh eafek 1 the A depanmem and aR ay same bank's trust depanmeni d th di lfrveafinen! report which dladOSes Investments Thb report wIII be d each month n the Taal tla ~':-prlrriary~obledive of ~a adaly d prlndpai, ; ~' IMSrnal cash IbW eoneWaratbne and any Town e . t are guuaMSed by the fu0 lahh an6 cre Untied 91Mee d Arnerka S EC T I U1i ~i 0: P O R T FnL 10 . n Y dlsirN>tAad to the Town Manager, 7rwm CouncN ~• d Vall ordinance, raslrkting the placemen! d Coupon or dllcaunl odes Aeued by the DNEASIFICA7pN 4 Members and the Adm{nlalrMive Services pu1Nb monies 8pecrdathre Investmens wNl rid . Federal Home Lcan Bank or Ths FNMA. Ths Tawn veil] dlvareky use d Investment ~ plraclor. The #Inance Controller wIN prates! et ~ 6e nllorred. Spetulathe hrveMrMnk are those . ' ' . Colorado Publk lnveflrnenl Poala. The Inalrurtynk to avdd Incuulnp unreasonable b heel wdN~annuaFly 1M invnlment report to she : ~. agenpting to gale markM promrum epwedalbtl - . Town may penleipale In a Colorado Public rhlu InnaraM b trverlnwet€ng Irt speckle; ihs CobradO PubNo Inveelmeni IrgrrurrMnw, Indrvidwl Ortarrtlel fngllJibne. lnveetmont Pml Town Cound}. SECTION 15. MDNITORlNC! AND ;. tnrough abort term market volatilhy resuhing In 'lnaaaaed risk and bee expaeure. The Taws veil ~ , Pddl, the Cobrade Local Liawrnment Llqukl ONerayl[Mbn b1r (nalnxned ~ AwsF Trust or other slmlkr local government end MmlMrm PefoeM d PorMolfo AQJUSTINQ THE PORTFOLY) :~ TM Flnanm Contrdbr wAi routinely monhor ` °nd Wrdtaw a security whkfi cannel ha betel to ' :~ makrdy. 7hk1 does not 7neair,AO ;kNealmenl ,~ Peale or annud In conlormhY with pen 7 or Melly MeukN end interest Bearing Checkhg Adkyr. tty9Ee oL ale ~, pP$ .wAielt txovlda AtxoVnkwhh ConeMrcW Banks •60% *> ld"ALt N~f i h l l h ~ the contents d the pOnfollo, the available rturkMe and lha relative values d conpetlrg 0luet the ponlollo d lh t .•~CeMd be add to meta •. '.. ~;!." SECTIOAIA..O LEQATIDNOFAIJT}i0R1TY~ ~~r ~"'Y n bS 'f r dw h L t apew na e pod nq a oc grnemment Molly MarketAaouMe -6t1X t, an w a 1n61rtltaell e ,,,, rwpoM ry a . tra5 7wn ' lands. U.B, treasury ObhpalbM (BIAe, Ndes end ' eccatdingly. ~.pmgram kl held by..fh1 Tbam Mensger and ; 9. Money Market aoceunla which PnrMrlly Woodsy - 10014 Invest In Irnanury noses, bola end 4onde and U.3. Oovernntent Agency Bacurhle6 {per ~ SECTION 44. INTERNAL CONTROLS The #Inance Controller shall astahlleh a tpgolsled deafgrteee;,No eftploYee may engage .d Tk{aahreetrranllra azeepY9aptOVldad ' governmental egancY eecurltlea for which 3aClan Vl.fy ~ 10094 yatsm or written InlerneS oontroh, which shall wunda7 the';tgrrM ol-:ynlr' Palley eAd~ any -' ^hnree may 6e purchased Ipr 11.00 and Repurchaw Al -7b14 6e reviewed annuellY 6y the Independent pdcedVr6e w,h~ may M• asllsblbheil by IM t flquldated !or 11.00. CertAkale d DepoaR whh C-. .. ,.,18an1ot Rapufchnee agreements with either - 10D% eudAor• ~ 7M etfectNe date d lhfa policy 6ha11 be the .Town Yanager, Tha Tpwr1 Manager sLal review ~. etM approve the mmfhly : [sport teas 1 ' quallllsd Commerclet 4anke or a primary CeAYkate d Depdeh wEth 8tatngs and toss ~ daYd t 19 _ ,~8aUtIMt xIY}. :: ~ ~ ~ -- ~" •~ ' eaouryNS riveter for whkh a properly asewled Asaoclstlons - 26% '^ miller Ispbrchate aylrwmem hoe bean entered Locdt3wemrnant I+weMmeltt Pod • 700% TOWN OF VAL Kam_ A, Rose It .shall La tM dutyy d the Gontydhr to ` ; reana,~~n Uta deY fo de operallana of !M - Into by IM Town. RapurOhaw agnemanlt DMenhfcmbn by Flnanth{ hnthuibn: ' ,.. ~ Mayor ' ~ i poMo'b. and plea aduaE pandrssarsell orders , ~ Involvhg posted cdWtaraF shell M avoided, The Repurchase AgrserltaMa ATTEST: '~ rvtlh Ir,cdXlabns. In tM abeanoe d lM Canlydler, ; sewrlllea aced as t:ollaleral shall he eelekao! In No more (hart 60% of Tha total Inwssment Pamela A. Srandriteyer ~ '. - _. ~ ~ ! Ihd'Adminlatratrvs • 9ervicae , phactor ~ shall ': , ecmMensa whA 8actbh 1% an Balekaeping and portfoAO ahaM b aeeuesd M Rapes with any one C d Town Clerk - d T V N T A , I assume these deltas. ~; ': •. ; '::.~ `; :. ' ~ . uela y. rrtkulbn. 7re e ra In ~ , . PuLAeI{e ' - I Tha autltahy Tor the imisellnent phlbeaphy Tha Town will oanaentran ha Investment attune In, but not to W fleshed !o, U.e, Tnaaury • abilgaibM andlcalq d tlsRah and Interest ,, an November 4.1aa8 and eslenkat d ktveatrrtenl rimnapen for the Town d VaA Ertpbyee Pambn Plot and the ~ , : 6eulnq oheoklnq aecaunii ksuad 6y Ilnanc3al Town d Vail Prilke and Fin Ertpbyeea PaMion ~ Pl h N b N f m P th 0h r , IMlhu[bna located In the Torwr, Eegh County ' an a e reepoM e e pM arr a 7 y o +: Plan Trustee as defined ks ill penabrt plan ell the Bleled Coidrado. ;~ dowmeM. ' "~fi"TInNNS 11n'C^7HCH7rFlUnFnrr • ~. ~ ~. o~, 0 a ~. N ~Q ~~ ~-~ ~ a .. Z ~. , ~ ~~~~ ~. ~`` , (~ `~~. ~i dd~1l R C_. Q s ... - y cD ~ ~~ Clp~~„Q~p* ~ C? ~ .~~ C7. ~ t0 ~ ~, tD p ~ q ~ Q~ C3 ~ G ~ t~ ~, ~ ~ ~~a°~m~~~m ~ ~ m 4• ~ ~ N ~ ~ ~~~~~~~Q~ ~~ ~ ~ ~ ~ ~~~Q~f~~~ tD C_1, ~ O -" ~ ~ Qt`s-''$~oQ .fig p ~i ~ ~y4~g ~,rm ~ 0 4 ~. .-~ ff ~ sa ~- a ~ Q ~. m` y ~ Q ~ ~~,~$a~ ~~ 1 '` ~ ~ 7_ ~ ~ b ~ p t].~ ~~ C2 ~_ ~ ~ ~ ~ ~ 0 7 n 7 ~ 4 O~ ~ 4 ~~ (U ~ ~~~~y~,tp ~3 ~ t1 C~, m ~ ~ cD `~ ~ ~ ~ Q O ..~ .~ Cm c Q f ~7i m f r ~y~~ tp 1~~9QCa`~ ~ J~a ~'";yO~5 ~~~~ $ ~ F ~ ~ m~ ~- ~n o ~ m ~O 9.~ m ~~j• ~ ~ ~ ~~ ~~ `~ . i, e g ~_ ~~r.,~~_Z -,r