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HomeMy WebLinkAbout1991-22 Amending the Investment Policy of the Town of Vail~ ~ i ORDINANCE N0. 22, SerleS of 1991 AN ORDINANCE AMENDING THE INVESTMENT POLICY OF THE TOWN OF VAIL WHEREAS, the Town Council believes that certain amendments in the Investment Policy of the Town of Vail will be beneficial. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. The Investment Policy of the Vail Town Council for the Town of Vail is hereby amended to read as set forth in Exhibit A attached hereto and made a part hereof. 2. If any part, section, subsection, sentence, clause or phrase of this Ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this Ordinance; and the Town Council hereby declares it would have passed ibis Ordinance, and each part, section, subsection, sen#ence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, 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 Code of the Town 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prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repeated or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein.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 16th day of July , 1991, and a public hearing shall be held on this Ordinance on the 16th day of July , 1991, at 7:~0 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 16th day of July , 1991. J ~ ~1/~ Kent R. Rose, Mayor ATTEST: ~a,~x~c~„t. ~u-dnuW~,..J 5' y~ A ' •'. C. f ..f t ' r ~+. INTRODUCED, READ, AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by tit7.e this1~~h day of 3uly , 1991. Kent R. Rose, Mayor ' ATTEST: ~ ~.r,(.~ , . t ~ + ~ ~ Pamela A. Brandmeyer, Town Clerk c:lord.fmt .~ ~x~r~ ~ •,~ ~~ Chapter 3.52 INVESTMENT POLICY Sections: 3.52.010 3.52.a2o 3,52.030 3.52.040 3.52.050 3.52.060 3.52.070 3.52.080 3.52.090 3.52.100 3.52.110 3.52.120 3,52.130 3.52.140 3.52.150 3.52.160 3.52.170 3.52.180 i Statement of purpose. scope. Investment objectives. Delegation of authority. Investment prudence. Investment instruments. Competitive selection of investment Interest allocation method. Safekeeping and custody. Portfolio diversification. Maturity scheduling. instruments. Qualified institutions and broker/dealers. Investment co~unittee. Reporting requirements. Monitoring and adjusting the portfolio. Internal controls. Policy review. Funds borrowing from pooled cash fund. 3.52.010 Statement of purpose. This Investment Policy of the Vail Town Council for the Tawn of Vail represents the financial boundaries within which its cash management process will operate. REVENi]E AND FINANCE A. Areas covered by this policy include: 1. Scope of Financial Funds to be Invested (Section 3.52.020). 2. Investment Objectives (Section 3.52.030). 3. Delegation of Authority for Investment Decisions (Section 3.52.040). 4. Investment Prudence {Section 3.52.050). 5. Investment Instruments (section 3.52.060?. 5. Competitive Selection of Investment Instruments (Section 3.52.070). 7. Interest Allocation MEthad (Section 3.52.080). 8. Safekeeping and Custody (Section 3.52.090). 9. Portfolio Diversification {Section 3.52.100}. 10. Maturity Scheduling (Section 3.52.110). 1i. Qualified Institutions and Broker/Dealers {Section 3.52.120). 12. Investment Committee (Section 3.52.130). 13. Reporting Requirements {Section 3.52.140). 14. Monitoring and Adjusting Portfolio (Section 3.52.150). 15. Internal Controls (3.52.160). ~~ .. ,~~' 16. Policy Review (Section 3.52.170}. REVENUE AND FINANCE (CONTINUED) B. Cash management goals shall be developed within the constraints of this policy statement. Goals shall include. 1. Percentage of cash invested. The town shall be earning interest on all available funds for investment. 2. Percentage of return {yield). A targeted range of yields should be stated as a goal. This target yield goal shall be presented in the annual operating budget. 3. Total dollar return goal. Combines the goals of percentage of cash available and the percentage of yield to obtain a total dollar return goal. (Ord. 22(1989) I:Ord.34 (1988}:Ord.17{1987},) 3,52.020 Scope. This investment policy applies to all financial funds of the Town of Vail ( hereby referred to as the "town") , except the Pension Trust Fund. g~~e--~-t~nels---ire---aec..~...~eci--for--.~.r:__t.~}~e--t~n~~ pre~heasi~ a~xx~al-~raa~.~a~-~pa~ -andT-c~u~~.~..:t~.~-xnci-use-t~3~e: Uer~e ~a3--Fs~d- E~pi tai- -P ro j~e ts- -~~ rid E~s~~~~~.orr-Fug fi~~a3 Re~~~te-~xds-:- R~~ - E~ a~.e--~+~atrs-f-a r- ~x ^a. }~i~g wee--~as,d E~se~~t3.ort--'Prt1a-t -Fs~ Ma-r-]~et3~g - ~'tt~d Est-e~p~xse- F-~r~ds~ ~~rt-c~r~~~-Sec-~~ee--•--F~~~ Marrtt~..,:,..ee-i~und ~~rrt~~s~~-Se-r-~ice- -~-Hee-~th-3~ri-anlL.llili~ 6fye~ia3- P~ssegsme~trt--Ft~~rci-~ Monies held by the Colorado State Treasurer and Eagle County Treasurer during tax collection period shall be governed by State of Colorado and Eagle County investment policies and are not subject to the provisions of this policy. {Ord.22(1989( II:Ord.34(1985):Ord.17{1987}.} 3.52.030 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 principal, internal cash flow •; .« • • securities: A. Fully collateralized or insured interest bearing checking accounts, savings accounts, and certificates of deposit at commercial banks with amount not to exceed one hundred thousand dollars if the bank is not designated as a qualified institution by the investment Committee. Collateral sha11 be limited to treasury bills and notes, municipal bonds, and government agency bonds and notes. Real estate mortgages are prohibited far use as collateral. A commercial bank may use any securities authorized by the Public Deposit Protection Act as collateral under the following circumstances: When money is being wired from one bank to another and for some reason the transaction is not completed and in order to protect the town's funds it is necessary to deposit then into an account for one banking day, plus any consecutive days that fall on a Saturday, Sunday, or a holiday. D. Certificates of deposit at savings and loan associations insured by the FSLIC or other agency of the federal government w~.th amount not to exceed ninety-nine thousand dollars. beposits with savings banks insured by the FDIC with amount not to exceed ninety-nine thousand dollars. _,~~_---_---_---~~ea-s~~~~+ -~i11~-; __-tr$asnr~---reet~s,---t~eas~--b:,:.u9--•~r~c} -€e ele~al - a y ~,~~ c ~.~ ~-- s ~c~tr i~.~~s -wlri~h- ., ~ ~.~ -•g n~rant ~ ~,: -by- •~he -furl -fai#;-l~r-as~d--~~ed-r~-off -eke--Urttt~ed--St-~tt~s-cs~-,~„~~rca~: _.~,_-_____.._-rl,}~e-~~13o~tr~g-~3~.-S:--GoversrTnenf- P~g~..~~r-;,~4ari~rea:- ~is~n~.-~ea~~ttes~ -Fa rm• -ire d~-~ -t ons~li, d u 1. ~ d - 5ys~emywrde- d~ sc ~..,. L °n.~ L -Pe d~rzt 1-1l-o~me- man- •Ha~ r3cs--cir s cairn t° ~rvt e~s •-Fed~rzx}--Hvnte:- ~oa~r--~Farty~ye--E.,~ro~~Lrorr•-j~re~Ia.~.G ~-Mae-j--e}iacottnt--rrat~s -Fe~l~~~i-3~Yatr~,~,«1-i~l~.~ Lgar~-Asa~~ia-~ron--~-FI~I~r -'C~a ri~rb l e•ux+zrt e- ~c a ~ i ~ ~ G ~7 . -~tn~rrt-frrz:n-~fiarke•Li~ag- r,~ aoc-i•~rtigrr-rSa~-rie-~fiae j -~onk,.~,.-sari t.i~s Feder-a 1- #a~~io~~l -A4o-r-tg a~ge• -Assc~e ~.a-t ro A- ~~P7A~A-}~ ~ed~e~-~1-~-a-rx~-£~-edit -Baer ~e~i~r-a 1- ~}o~e- man- $a-r~k ~e derma 1- ~-a rad- •B~ae)~ C. (1) Any security issued by, guaranteed by, or for which the credit of any of the following is pledged far payment: The United States, a federal farm credit bank, the federal .land bank, a federal home loan bank, the federal home loan mortgage corporation, the federal national mortgage association, or the government national mortgage ., considerations and any Tawn 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 not purchase a security which cannot be held to maturity. This does not mean an investment cannot be sold prior to maturity. {Ord.22{1989) III:Ord.34(1988):Ord.17(1987).) 3.52.040 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 the monthly investment report{see Section 3.52.140). 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 shall assume these duties. The authority for the investment philosophy and selection of investment managers for the Town of Vail Employee Pension Plan and the Town of Vail Police and Fire Employees Pension Plan shall be the responsibility of the Pension Plan Trustee a5 defined in the pension plan document. {Ord22{1989) IV:Ord.34(1988):Ord.17(1987).) 3.52.050 Investment prudence. Investments shall be made with reasonable financial judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the primary objective of safety of principal as weal 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 a timely fashion, and appropriate action is taken to control adverse developments. {Ord.22(19B9) V:Ord.34{1988):Ord.17{1987).) 3.52.Q60 Investment instruments. The town shall invest in the following accounts, or • association; (2a) Any security issued by, guaranteed by, or for which the credit of the following is pledged for payment: An entity or organization which is not listed in paragraph {].) of this subsection {C) but which is created by, or the creation of which is authorized by, legislation enacted by the United States congress and which is subject to control by the federal government which is at least as extensive as that which governs an entity or organization listed in paragraph (1) of this subsection (C)• {2b) No security may be purchased pursuant to this paragraph {2) unless, at the time of purchase, the security is rated in its highest rating category by one or more nationally recognized organizations which regularly rate such obligations. ~. Colorado Investment Pools. The town may participate in a Colorado Public Investment Poal, the Colorado Local Government Liquid Asset Trust or other similar local government pools Qrganized in conformity with Part 7 of Article 75 of Title 29, CRS, which provides specific authority for pooling of local- government funds. E-~.-_-------ems ~r~C~-ae~s~-~f.E,#r~-pr~~a~i~.~--}n~r~t-3ir-tree-s~nr~ ate s-,- -k~i ~ .lam- -~ns~- bcx~d s- ai'~ -g o~~ Ame-rr~a~.--ache net ~ee~rr-kt ~e~s~ -f Frr ~xe~i ~ha~~-~-be--pe~~asec~-f~--ane•-do3~-ar--eixd-3rq-~i.~ted ~~~ - -el erl-l-a r ~. Any money market fund that is registered as an investment company under the federal "Investment Company Act of 194Q", as amended, if, at the time the investing public entity invests in such fund: {I) The investment policies of the fund include seeking to maintain a constant share price; {II) No sales or load fee is added to the purchase price or deducted from the redemption price of the investments in the fund. Repurchase agreements - with either qualified commercial banks or a primary securities dealer for which a properly executed 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 3.52.090 on Safekeeping and Custody. ~'~a ~ew~-~i13-~xeent~at~ tts-3-r~est~neht-~-f~fort.~-rn;--bnt uo~. ~.~+-be- ~-imi#,a~-to-,-~3*~--~F~~ea~f~r-oar]-igetiars; -~cr~arfi.~.ul.~a e~ -dQ~osi~--a~r~s~- i-~te4r~t--bea~~~-e"Yreek~~rg-e;..:,~urrt~--~i~~.~ecb-by / , ~ • .:.~ „ - , #-~i'Yali~l$~-~,-133~~~i~~~4!]$-~E}E}~'~Bel ~-~~^^~~Wi3~T-~~@-~i~k1A~~-atld h~e-----frt$-t•e-----c~~-----~-a3-o-~ a~o-~___......-_-~ A-~d~r~~-{ 1-9~8-g~j ~3 r0~~.-34~3~-88~-a4~d,37~(~~g~~}*~- 3.52.070 Competitive selection of investment instruments. If a specific maturity date is required for 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 of far overnight or open-term repurchase transactions, The town may place an investment with a local institution that is not the highest bidder, provided the bid is not more than twenty-five basis points below the highest bidder. 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 or savings and loan association doing business inside the corporate limits of the Town of Vail and/or Eagle County. (Ord.22(1989} VII:Ord.34(1988}:Drd.17(19$7}.) 3.52.080 Interest a~.location 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. Payment to the general fund of a management fee equal to fiive percent of the annual paoled cash fund investment earnings. D. Payment to each fund of an amount based on the average monthly cash balance included in the common portfolio far the earning • per.3.od. (Ord.22 0.989) VTII:ord.34 (1988) :Ord. 3.7 0.987) . } 3.52.090 8a~ekeeping and custody. A17_ i.r-vestment 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 sha11 issue a safekeeping receipt to the town listing the specific instrument, rate, maturity and other information. ';b securities may be purchased from the primary agent's brokerage department and safekept by .the same banks trust department. (Ord.22{1989) IX:Ord.34{1988}:ord.a.7(1987).) 3.52.100 portfolio diversification. The town will diversify use of investment instruments to avoid incurring unreasonable risks inherent in overinvesting in specific instruments, individual financial institutions. u Maximum Percent of Portfolio Diversification by Instrument; Money Market and Interest Bearing Checking Accounts with ` Commercial Banks • Money Market ~,~etttZ#~ Funds U.s. Treasury Obligations (Bills, Notes and Bonds} U.S. Government Agency Securities (per Section 3.52.p6p(C1)) U.B. Government Agency Securities {per Section 3.52.a60(C2a}} Repurchase Agreements Certificate of Deposit Commercial Banks e~ or Savings Banks Certificate of Deposit savings and Loan Association Local Government Ynvestment Pool Diversification by Financial Institution: Repurchase Agreements No more than fifty percent portfolio shall be secured institution. Ceztificates of Deposit ~- Commerci Na more than twenty percent portfolio shall be secured in CDs. 50~ 50~ lao~ 100 255 75~ loop 25% 100 of the total investment in Repos with any one al Banks of the total investment any one commercial bank's If the amount of any of the above investments are in excess of the percentage allowed, it is not considered a violation of this i ~ policy if the amount is corrected within thirty days. (Ord.22(1989) X:Ord.6(].989)Ord.34{1988):Ord.17(1987).) 3.52.110 Maturl,ty scheduling. lnvestment 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 blocks of anticipated revenue (sales tax, 'A property tax). The average maturity of the portfolio shall never ~{~ exceed two years. (Ord.22{1989) XI:Ord.34(1988):Ord.17{1987).} 3.52.120 Qualified institutions and broker/dealers. Qualified banks - can only be commercial banks and the fawn's investment with the bank may be in excess of one hundred thousand dollars. The town's finance controller shall obtain and review the bank' s quarterly consolidated report of condition { "Call" Report ) - tiie annual audited financial. statements, the monthly Listing of securities pledged for collateralization, and the independent bank evaluation, quarterly, to ,determine that the banks meets the standard selection criteria established by. the .investment GammittE?e. Non-qualified banks -- can be either commercial banks or savings and loans ar savings banks `and the town's investment with the bank is or will not be in excess• of one hundred thousand dollars. The finance controller shall inquire with bank officials and/or review an independent bank evaluation to determine the banks meets the standard selection criteria established by the investment committee. The town shall select a primary bank, the bank the town uses to ~~rocess daily deposits and checks, every two years beginning in 1991. A formal request for proposal should be used in the selection process. Securities dealers not affiliated with a bank shall be req~iired to be classified as reporting dealers affiliated with the New Yark Federal Reserve Bank, as primary dealers. Broker/dealers which are not primary dealers may be used if they have been approved by the investment committee. The investment committee sha:Ll develop and document the methodology for qualifying non- primary broker/dealers. (Ord22(1989) XII:Ord.34{1988}:Ord.17(1987).) 3.52.13Q 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 deca.sions 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, authorised depositories, rate of return, maturity structure and investment transactions. {Ord,22{1989} XZIZ:Ord.34(1988):Ord.17(1987}.} 3.52.140 Reporting 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. (Ord.22{1989) XIV:Ord.34{1988}:Ord.17{1987),) 3.52.150 Monitoring and ad~uating 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. {Ord.22{1989} XV:Ord.34(1988}:Ord.17{1987}.) 3.52.160 Internal controls. The finance controller, shall establ3.sh a system of written internal controls, which shall be reviewed annually by the independent auditor. {Ord.22(19$9) X:Ord.34{1988}:Ord.17{1,9$7}.} 3.52.170 Policy review. The investment policy shall be reviewed annually by the investment committee and the town council. (Ord.22{1989) XVZII.) 3.52.180 Funds borrowing from pooled cash fund. All funds may borrow cash from the pooled cash fund in order to cover shortfalls in their equity in pooled cash, The interest rate charged shall be equal to the interest rate earned on the pool at the tame the money is borrowed. ~~ ~~ ~~ ~' `1 ~~_ c~ ~a r F\ l.t• c. 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In whofcl or In {1c1rf sand )aubfished In the County of EaglQ, Siafa of Colorado, anti bus a g~lnoral circulation lharclln; first stilt} newspaper has been publlshoci continuously and uninlorruptedly in said County of Eagle for a period of more than fifty-two consecutive wt~eks noxt prior to the first pubficafion of the annexed legal notice or aclvortisemanf; that safci rlawspaper has bean admitted to the United States mails as second class matter undo[ the provisions of the Act of March 3, 1874, or any arnnndments thereof, and that said newspaper is a we©kiy newspaper duly quail tact For publishing legal notices and advertisements within the meaning of the Paws of tt~e Stale of Colorado. fiber rho annexed legal nailce or adverfiserrient was published in the regular and entire issuo of evory numbor of said woofcly newspaper fa the period of /~-P~ consecutive Inserifons; and Tf1at the first publicafi'i/on of said notice was in the Issue of Bald rewspaper dated _ L~411.G ~~` A.D. 19 ~ and that fhe fast f~//~ ~ J r publi orlon of said not ca was In the issuo of sold newspaper dated c ` 7 ,~~~ ,4D. 19.11,E In wl tress whereof I have hereunto set my hand this f~~ day of /I.UI ~ _~ A. D. 19 __ .~. f Subsaribad and sworn 10b~cafore mr~, a notary pu~bflc~ ~I ~ a. nd~ f he C my of eagle, State of Colorado, this -.=Z_{~_-day of ~~ A.D. 19 ~ ~~ fvty commisslan expires _1~ -~~ .:~j~..___.._._~._ ~ __ Pubii~fice ~~-. aRnw ~ ' ~ 8eeiea of 7881 `' ~~ AN ORDINANCE~AMENDINq THE'~INYEST- • MENTPt3LICYOFTHETOWrFOF~VAII::- °'~ WHEREAS, 111e Town Council belhves that certain erttendmenta' 6 the ' pdby d the Town d Veil wllf be benMldal.' ~'~':• .. NOW, THEREFORE~~BE IT OROAIVED BY THETOWNOOt1NCfL~OF~THETOWNOFVAIL. COLORADO."` ~.~~. ttiy,,•-.. ~:.. SECTION I..~,%:.'.;~~~.,~~',. ~...~ ...-..,, The Investment poNry o11he Yail Town Caun- r cl for the Town d Vad Is heroby amended 4o read ' sa set lodh In Erh6i1 A`~athwhed. hsrotc and " made a part hared. "-'c=,' :~t:;~ SECTION 2.-'~ ' +~ ^- H any pan, section, subsection, eeMenee,~ clause ar phrased fhb Ordlnance-Is 1a arty '' reason held to be hrva6dr,such derision shall not.,; allad the validky d ihe~remeinirrg porliom d fhb : Ordinance; end tF6 Town CounclFhereby ~- dedaree h wourd have passed this Ordinarwe, -; and each part, seatinn, subsectbn; sentence, clause a phrase Iheroof, regardless d the !ad that any one or more parts, sealien s, eubseatlam, sentenom, clewas a phrases be dadared Invalid. SECTION 9. Tha Tawn Councilhereby Linda, determines and dederee that Ihia Ordinance i necessary and proper Far Tha health, selety end welero d [ha Town of Vail and the inhabkants thered. SECTION 4. - The repeal or the repeal and reenadmsnt d any provision d the Municpar Lade d the Town d Val as provided in tks tkdinance shall oat at- fad any raight wttith has accrued, any duy in-wsed, any violation that occurred pda to the . effectivs~ date hareol, any proseaWlan calunenoed, nor any dher action a,......:inga as aorrxrtenaed under a try virtue d the provbkxl repealed a repealed and rsenacled. The ropeaE d any provlebn hereby shalt nd revive ary provision aany ordnance provicus}y repeaed or srpereaded unless eepresey staled herein. INTRODUCED, READ AND APPROVED ON FIRST READiNt3 AND ORDERED PUBLISHED ONCE iN FULL this 16th day d Juy, 1991 and a - public hearing shall be held on Ihia Ordinarrro on the 21st day d January, 1992 al 7~0 Rm• in the ~' Councl Chambers d the VaV Munidpal BuBdkrp, . Vail. Cobrada -..',::, :. ~ : TOWN OF VAIL Kent R. Rose ' . . Maya~}~ Pamela A, Brandmayar. i .. Town Cork ~ .. ~ -- ~~' .~ - } REAL1 AND APPROVED ON SECOND READ•~ i f INO AND ORDERED PUeLiSH£O ONCE IN i FULL this 21st day d Jenudry, 1992. TOWN DF VAIL , MargareS A. Deledoae , Mayor AT'rFST: '' Pamela A. Btandmeyer Town Clark E1Brerr A + ~~ ' INYFSTIAEMPOY.ICY #: 9.52 010 Statarrent d purpose. ' 3.52.020 Scope. .: " ;rT~,u 3.52.030 investment abjeckives. 3.52.040 Delegeticnd authaily.. ' 3.52.OCA Imeslmertt pradenoa ~ ~ ' 3.52.050 rrneefineM tMtNrlMhte Bey,. ,1 3.52.070 CorrgsiAive;:tektRkklt'd~ .: IrntrumeMS. : ' ~ ~s 9.52.080 fnlareal ailacellon method - ~ ;` 3.52.090 3afekaeping and rautody , 3.52.100 porNora diverailicahon. - i ' :- '~ 3.82.110 Mafuriiy achedulirrg r - - - ~ -~ ' 3.62.120 Qualrlied rnsihWbns and,~broksrl~ ~. `.3.52.1301m.... ~oornrnittee ''. ; 19.52,140 Reporl.^9 requlmmerde,' ~ ', 3.52.150 Monilorip ant adjueBng the pcstrelio. 3.52.160 Infernal coMrab..1 `-' _ '° ~3.52.i70PoRcyrevlew ~ .,- ~;i 3.62.1801-urMa r.. ~ 4omP~d omh fund ... :- 3.62.014 StidUrtsnt d puM1iose.t ,'::. .,; Thb Irrvaatenlent Poliuy d tlteVell Town IIounol~~ fa the Twm d Vdl repsssnh the tfttandal IIt1uM ~ dariss wilhla-~whloh'1ls~~h, gernellf~ wit opiate ' ~ ' ~~ :~ RNIJIe AND FINANCE;y F~i a,'- ~., '~ A. Aroas covered bYlh;r pa6cyr_Ndiide.":'iv":- ;~: 1. Scope d Finandal Frinda.A~a6e-Invest~d~!~; {Sadist 3:62.020). - "..?:•,''i~~..•i'"~'y`~'u.~:a3;{ 2. Inveelrnert! Objedrvae {9ectbii~S.61.OC10).:` ~:.•; 3.' Defepalion of Authority tor, Investmentb Dedslam {900riart 3.Ii2.0yW}. -.' .`' ....' i' 4. Imeskrrwnt Prudence (Seclbrt 3.R2.054).:.~'. gait+;.. ' !i. frweahrrerA hMrumenb (Sadian 9.re2.000}~ „s'.> - ~: 8. ~' CmpelBNe Sehdion d ~ f ~,Imtru- meMa (Sedlan 3.52.070). ; ~':%~s `!3h~', .~ ~~ , 7..Interop Alk>Qatbn Method (Secllot.~a5~,`O60}.. a~ rs & 8dekeePlr~ ard.Cuarody'{9edia! _3.62:07.4fu'. j q p, Paditilio Ulvaslkadbn 1$ed{on 862.100N -, taMaturry Scltedullnp {Ss~tnrr 9.62.110} 11,~Oual6iad. Ingilraione ar1d.B .. taref~ ~. .. ,~., (9aclion 9.62.120).;.;~~=' ~~ '.:~+r ., 12. ..: C,: '.. (S.olian35213Qi:''• ., ~.'~ 19, " .. ~,~ , Rtm ~ t8adion 3.62-140): . i4 ' 1 . ' seld )4djtatYq PoeNglio (SenBott . 362.150)• . ' rtRr'. „~ h §] i ,'1.1'.xr~. ~§~ 1li~.InterrlY IIeniwie {r3ed3at 3 62,ZBQl' tY~ h 16.'PoAo!'. RwiaWiBaoBm-3.62170}I,;tr...'r.~.`.,..,~'.:t 8: Caeir men ptistk ehafY W ^, '. ' wiHyn tM caalraMs'~1_ thk Pdbjrfatatamr,ara..s.t ' - Ooeis shd irtokrde '~ 7:~ L 1.-Perasalape d. aMii-ilttwsted~The,lrtwn ehal':SY - ba ,eandnY kAe(ial 61n ~ ~N,n+r+llehM' lurtds fa`" 2;'Pan>wMapa aN rrrluln pliatl) A tugMad ranpe'r i d,ylMde sltouid IM rtaaad r~a poa{. Thb Carpet ..yield purl etwllfae?peeen Wain lhsuinuak._, OPefaNl!Y 6!rdQef:`~.5.,..a :, ~ ~~ ~' 'i. ` 3. Tole) ddlar rotum goal. Combines the goals d •~ pamm~lage d Dash walade and the percentage d yleM to obtain a Caret ddlar taro+n goal. {Ord. 22(1989] I:Ord. 3411986}: Ord. 17[1967}.}' 3.52.020 Soaps. This investment polity applies to all linanelal '~ funds d tiro Town d Ysil (hereby rderred to as the 9ovrrt ). except the Pension Trust Fund. Mpnhs held by the Cdorado Siffie Treasurer and ; Eagle Gaunty Treasuer during lax cotlectbn 5' period ahaR be ~. .: by SSate d Cobrado ~~_ and Eagle County la .. ~. 1 poNcies and aro ~;; ' nd subject !a the provisions d this policy. (Ord. ~~' 22(1989) II:Ord. 36(1888): Ord. s7 (1987}.) ~:3 3.52.030 Investment d>JaclHes. Each investment transaction shell first seek to ~~ ensure e&pilal bares sus avoided, whdher they are fmm ddwk d searrilies a erosion d market :. value. Ths Tawn, as its secard msjor objective, '; seeks 1o evitain merkef tales d relwn an ire ' Irrrastmenfi. Merkel rate objadNes must be con• I sSSteM wkh oeretrelnls {rrpased by the Primary ob}edFro d the setetY d Pdndpal, internal Dash lbw eonelderaiions and any Tawn of Vall ' ordinance, restrkfinp the plsaemeM d ptklia ~~ monies. Speuolatlve rrwselmeMa wll not 1>s slowed. SpeculatHe invselmenh are those ai- terrrptinp Mgain market premium appredation through abort term rtterkd volatility resuAing in in- '. asased tier and toes aagwsure. The Tawn wit not purchase a eecuriy whkfi cannel tro held to rrtatunly. 7hb doss rtd mean an ImreatmeM ran• rot be gild odor to malurlly. (ord. 22(19991111: Ord.84(1988)t Ord. 17{1087).} t ) 3,yg.g4g pelegatbn d adhrxNy. . Man , 1 mppnabiNty'lar Ihs ImertmeM program i Mb by 11te lawn mrvro9er end ap• pdMed dwpnees. No anVbY++ mayertp age b an NwaatmsM eamadlon sxoeW ae provided un• der 1M tarps d fhb P+Ilcy +~ anY proosdura T}Ie taw~rl manager hell r+~+rl+w 1 mpMNy n. vwimala !Mrpt (sw 8edbn 9.b2.1~4}• h shah b fM duty d 1M aorefdler k rFtansW tM a~olwbd dpurchud eN orddefrsM wpl in~ :~.~ IM e6senae d the epdrdbr, the adminltralkro wrvbw dlndor chef vsurrre these duffs, The wthaky fa 1M Irlwstment phllowphy end seMdbn d NtvealmelA fn lM !oven d YaN Empbyw Rarsbrl Pllm ind the Tawlt d VaN PaNoe and Flro Empbyws Panslon Plan shall ba tM respgnsitil'ay d !hs PsMlan phut Trlstw as defined b thn Pension Plan dmumenL (ord. 22(1988] IV:Ord.34(1903)70rd. 17(f987}J 3.82,1759 Itweslmenl prudence. Invealmenls shat M made wNh raasonabb ~inen~ dal ludgntent and care, under olrwmatartpr; then prwaNing, whbh pxaone d prudence, dN•~ pMbn and intslligenoe exerdae In the manage meM d IMIr awn alfein, nil for Itpecuitbn, but fa ImMtn1M1, oonsldering Ihs Wknaq' cbJedive d slaty d prNw~+l w weA as ihs eemndsry ab• ledhro d tMdaiairanerd d malts( ralaa d reium. nvaetmsnl dfioerr ading b samrdanoe whh wrhten propedurea and exsrdaing due prudence chef( t» rolieved d perwnd rasponaN>IRty tw an Indkridual sspurtys aedN risk a merkai glee ahangw, provWed dsvltlicns From expeclatbn aro rapoRed b a Amery fwhbn, and sppraprkts adlon h lakes 1o control adwrw dsvelppmenla, (orl1.22(19B9J V: Ord. 34(1988]; Ord. 17(1907).) 3,62.060 Irnestmem InslrumsMS, The fawn shall irwwl h 1M lolknwing aopW Ma, p saaufdbs: A. Filly plllatanltred a Imurod IrNdwt baarkq pherldrp Itaoourtk, apktgs awootttae, and oer• 1Nbalw d depaN d Dpmrrrerdat ~ banks txNh atnounl not b exceed pre hundred Mrauearrd doF sklNulion by 1MIM InVMImMt Wnx7tINM. WRfid IM CoAdersl ehaN be INrited to lreaeury bIN and ~nalw, munlolpd bptda, and , . epertpy bends and Rohs. Real sskde rrtatpapes w prohWNad la we. r poltNwl. A oominerdal (lank may use a~~~ ~rN~- authptrad by tM Pubib DePOaN w .. . ' order tM knowing aNn : ' When rrlanay h being caked from one bath( k oonpl~Ned and In slat k ptded 1M lama - lunch N i y to dapwN IMm Into err ao• dq~ LMt faA m 8~rrd~~, 8uttday d hoNday B. CertNledw d deppaN tl savirg4 and loss w- eooirlom Imured try lM F8L1C a dMr +9+raY d the hdaral ~ , wNh amount nil to ex• ash n tslw~badra bauiad by rM FpIC with amsurtt set k eatxed nNlebr•nYte 9lousartd ddlaro. C, (11 Arty repurAy lewd by, rdaed by, ar for whbh Ble grad( d any pl 1M folbwlnp i pledged for paymeaf: The Untied Stales, a federal (arm oredN bank, lM lsdartl ltd bank, ^ laden( hanle ban barlM, khs iederd home ban mortgage aorporailon, the federal nailontl nloagape assneirMort, a Ste , . .l nalbntl martpaps aaadalbn: (2a- Any sapurNy (sued by, guanutlesd by. a for whbh the aedN d the idlav{ng l p{edged for paymerd; M adAy nt aganlxdbn which i rtd filed in paragraph (1} d Ntk eubeadbn (C} but whbh l seated by a 1M oroalbn d whbh i aulhodiad hy, IagkNdipt ensiled by IM Untied Slates mrgreee and whbh l Mub}ed k mntrd by tM leelsrol gowmmeM whbh l a! beat as ex- Isrgfw as (hat which governs m enlNy a ar- gantrtlbn Ilsted In paaapnph (t) d Ihl subtiso• ton (C), - th~)pu°aprapli {2) uanMu, a1 the iwirrt~i pu hrc~ e~ fM eaaurky l riled in Ns hlgheet relbg category ~b7r one a rrlore ntlbnally J argantra• tons whlah regularly tale such nbllgtlbns, D, Colorado Inveatnaxti Fyoo(s. }"Re Fain may parlidptle in a Cobrada PubNa Invaslmed Pad, , I the Coorado Local Gavemmenf Liquid Aeeet • True( or dher elmller local gaanmeM pool or• gantred b oanlormlty wAh Pad 7 d Article 76 d TNk 24, CR3, whbh pm+ddes spwilip wl7tpdry for pooNng d local gaemmenl (undo. E. Any money marled Tund that i registered as en Invaslmsnt cortYiany under Ihs islets( 'Inveelmsnl Company Add 1940", as amended, N, M the time IM Imssllnp ptblb smiry Imeats Bt such fund: 9) TM Irnastment pWblm d the fund Nlakda . aeaking to malMdn a ponstanl aharo price; (II) No sake a bad fee la added to tM purahaw p$oa w dadtrated from the rademptfon prbe d the Invesimenh In Ihs fund, ' F. No iced nututl funds Ihat Nwesf b morlgege baclred seadtbe isued bYl eh Oowmmenl Na• tonal Modga(p AewoWlan ('+ONMA') a !M Federal National Mortppape Aasoalatipn ('FNMA'), a the Fadartl f•lartls Loan Mortgage Cegtaratbn ('FHLMC'), Repurchue -with eNhd gvalilied for wltbtt al banlu a • primary seoudks dealer property executed mwler repurnhwe agroenteM ttw bean Mterod into b1r Fhe lever(. R urcftrse rq pooed f xa1 shd b avdded. The dtM wed as pdtahrtl ehaN M satakspl In sxnttdanp wNh Sedbn 8.62.090 on StlakeapNtg and Custody. 3.62,070 t;ompetNlw ssbdbn d Irrvetlslenl ImlNmenh. N a spedfb mettxity date i requirod for mh Aow purpuee, bldg will be rsqueetsd kr inetrumenh which meet the maturny requlremenl. l( no epwyie tneludry b rsqulrod, a mrukd tratd (ybN curve) analyaie will 6e mndudad k determine whbh malurilbs would he moat advaMapeous. ANa aeleding a typo d instrument art Isut two bids should be obtelned from dmNar Irrthuliom. Two bids ere no! roqulred N Iroasury blRs a notes era purchased al a treasury solos d la over- night or apemtarm rapurdteaa trsmadlane. The town may place an Nrwstrrrntwnh a bowl in• stilulbn Ihel le nil the highstl odder, provided the bkf i nil more than hwMyr4kro basis poln4r bebw the highest bidder. the rate d bternt covet b~ ae last equlvelsrN to . the average rata d rdurn audible b !ha mwkN Ithli the responsibllhy d 1M acntrpller to dermrstmis aompNartpe wNh thi salon. A batl ImtNutlon h ddinsd a a bath( a wvNgs and "pp~~~~a iVaV-~ ,,~~,, race u d iM own d a E~gfi' CcuMy. lord. ((2(1989) YII: Old. st(19w-: Old. 17(19071•) _ _ _ 3.62.()8() interest aApeMton mn ~ Rte Tam d AN Invwimehri wNl b In Ilse Mane VaN end M moat mM N wAi ba r penlnld poky d the faun k pod aN avtllsMe cperplrtp a~nsint Ido a Troasury Cash Ma . ~, 1 1 partlcllo. liovrovsr, ^ specAlo IrtwslmeM pur• Chased by w apedtio lundl~larlfund! IerrMreetlsar- and expenses tothat pan ninga Ir6m pooled hinds ehaN !x irtboated la all partic4paling bads In tM Idbwing order. ORD, 22{2) A. Payment d Irtlsral samings shall be aNo- paled to dedgnaud funds from Ne sPeollb Irnatmenls. B. PaynteM k !hs general fund d an amount equtl k the Idtl annual bank tarvioa drarpw a Incurred by the general hard for all ppsrathp funds ce included in the annual apneiing budget. C, Paynsnt 10tH general fund d a manage- men( fw equal to Iles peroeM d 1tM armutl pmisd cult fund Invastmenk eamlrtpa. p. payment to each fund d an arnouM based on the average rnomhly cash btlartos Included let IM common pWHoiro for the eeming txrbd. (Ord. 22(1989) VIII: ord 34{iBB01:OM. 17(1907}.) 3.62.1)80 8alehseplnp aril anlody. AN ImrealmeM senudtba (whlah w held b bmk entry form] purchtaed bYlM tovm .hall be held in thlyd•pert adekeepklg by an intlkution desipnded as primary ages(. Tile primary agent (hall Isws a eafekeeping reosia to the lows Ibl• irg the epedfb Inslrurnenl, role, melurNy and other Infamalbn. 9eourhiee may M purchased from the primary lhasemsGank'aUu ledepartmentn(ord.22~jtg89 1%: Ord. 34(1980): Ord. 7 7(1907).) 3,52.100 portloNo d)vareilioaibn, TM town w1N dHemhy use d Inwstntent In- strumew to avail )spurring unreasonable rbke InhnaM In ovedrnasllnp In rpedilc Instrumenh, individual finanokl Imlhuilom. Dlversyiaailan by Inatrumenl: Maximum Psr pant of PoMolb. Money MaMat and Interosi l7eadng Chedchtg Aoaounta with Commercld Banks: 6094 Money Marled Funds: 509E •~•{d,Ba~Treaaa7r°9CNgellbrli•'{BfATI;"N~AI'and . Bond(]: 100% U.B, RovernmeM Agency l3eoud5es (per Sea ton 3.62.1700(ci]):f0094 U,B, GaemmeM Agengr eepudtles (per 8eo- .lion 3.52.0801C2aJ): 26% Repurchase Agroemath: 7b% CerlNbala d Deputy • Corrlrneaoial Bade a Savings Banks: 100% Cer111icde d DettoeN 9avingr and Loan Aesodatbn: 26% Law( Amramment Irtvsstment Pool; 1009E Dkrerohiutiu f>r FbandaJ IneiNulion: Repur• chess Apreemenh Na mero than fNry percent d fM (dal Imreet• mast pordolb shall 6e warred h Relx>• whh airy one ImlNulbn. ~ ' CeRNbtlae d pepaN • ... i tl Bads No more than t+rr+nlY peruM d IM trial In• vwtmed paMolb ehati be scoured h any ens cammerclsJ bank's CDs. N the amount al any d IM above invasirnenq lue Nt excess d the peroentrge alkxeed N h nil oonsldered a vbladan d !hi poNcy N the amount h oorteded wRhin lhidy days. (Ord, 22(1989) X: Ord, 8(1909) Ord, 34(1g08):Ord. 17(198').} 3.52.11P Maturity wtiedulingidb funds shah inwsmenl maluritbe loi ape p be scheduled k minelda wNh prp(sded each Row needs,lekln9 into account large nwtim expendl• tune (payroll, bond paymenla) w weN as con• aldsring strsable blocks h aMw Pae ~ewn b shill never exceed two Y++r^• ( rd• tM per d ~~ ~• ~ 22p9B% 19: ord. 34(i960J: oro, l7ngg~1,) 3.52,120 OutlN{ed inslNdbm and 6rpkxr dwkn. G1udNled beaks -can ask M conmerclal bartks and Ihs tvlm'a bvwlrMM wnh lent bank may be In exasaa d pro hundred thousand doAsro. TM tam's flname aonlralbr shall abttln soil revew the bash's quarhdy mnwlldtled ~' roport d pondidan (CaR Report) • lM annual cud'Ned 9nancil ataterrbhh, the monthy lisling d seaudfba pledged for apltderoltraNon, and the Independent bank dvafuaiion, querlerly, to deter- mins 1htl the 6ankq made the stendazd retedbn shark eslehNshsd Eby Ihi Invwlmant oommNlse, NoaqueNlied lignlu • can M rMhsr aammer• dal txrtke w sevlnQs and:bans a sauings banks and IM town's hgoetmertl wAh the bank l ar wiN nil be In excess pF one hundred thaueand do0an. TM flnanae tontroNer shall Irtqulre wNh bash oRldal alMlo) ravlew an ' :.; . . >M bank ewgualbn k ddermina ilje bartM meets 1M ~lan~ lard ssledlon prharb esE.ablkhed bI the €nveet• msM mmmhtee. - . 7M ram shill seed a primary bash, the bank the fawn uaa 1o prooees dally depuNa and dtedre, wary two years beginning in 1090. A kr• mat request kr proposd.shculd bs used In lM serledton propane, 8soudlba declare nil aN'Nkted wish a bard shell 1>e requfrod to be daeeNled as reporllnq docbra eNlNated whh the New York Federtl Reserve Bank, as primary dealers. Broker! deabre which are not primary deelari may be uead N Ntey have been approved by the inveet- meM oammNlee. The bveetrtkM cammNbe ehaN dewlap and document the methodology for quallfying non•prlmary brohsrldealere, (Ord. 22(1989) %II: Ord, 34(1900}:OM. (7(1907).) 3.62.130 Irnedmeni opmrrallss. There i hergby arsated an InvsslmeM pommlltss, consiallnp d~IM town msnapar, ed• minldrtlWa urvbes dMedor, and the ilnsnae mnlydld. Member's al the commi9ee w111 rrwl al least quarhrly b ddarmine general etrategiee and to monNor results, Mlnulse d IM deds3ors nxWs b7' tM Irnreetmant mmmiew shah be kept nn INe h the town abrk's o0ba. The .. ~e shall NtpWde b Ne review and dslibaratbns such (cobs as: pdsMial rllu, sulhodmd daposNpiss, rob of rolum, mraurNy suuNwe and Inwstmen! transadbns. (Urd, 2211959) 1(111; OW, 34(igBOy: Ord. 17(1987).) 3.52,140 Reporting requiromenis. The iinanoe conlrolbr wtN su6mN a monthly la veetmeM report which didoeee invealmsnla on the last day d each month. This repot! will ba dl• trlbuled to the lam manager, town owncN ~~m~ bare end the adminlnlrative servbe+dirsdor. (fie Ilnanas mmroller; wig present al teas( seml•an- nuaAy the Investment repot( to Ihs town muntil, (prd, 2211909]; XIV: prd, 3411900]: Ord. 17(1987).) 3.52.75D Monllpring and adjveting the ponlolic. The 1lnanee cmtrollerwiN routinely monitor Ihs contend d the ponlvlip, the avaflable madceh and the rokdve values d sampeting Instrumenh, and wiN adlusl Ihs poMolio aooordingly. (Ord. 22(1909) XV:Ord~ 341t~1: Ord. 17{1807)•) 3.52.180 Internal mnirola. The Ilnanae conholfer shall eeleblish a system al wdtlen Internal pgntrole, which shall be revbwed annually bq the independent cudnm. (Urd, 22(190 %: Ord. 34(1908): Ord. 17(1087].) 3.62.170 PoNcy levfew. The Investment I:plby shall ba reviewed an• nually by the invulmeni opmmNtea and the ta+n awnpil. (Ord. 22(1959) ((VIII.) ' .3.62,100 Funds bonowing Iran pealed sash fund. AA funds may bcrrOw each imm the pooled cash fund b aderlo cover eMrNali in IMir equi- ty b podsd mh. The bterest rile charged ehaN be equalk tM Inhreak.rats esmed on 1M pool a! Ifro 9me 1M matey k banmved. ' Publhhed b Thr Vail TnN on January 24, ig9z .. ,