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HomeMy WebLinkAbout1989- 6 Amending Section 10 of the Town of Vail Investment Policya • • ORDINANCE N0. 6 Series of 1989 AN ORDINANCE AMENDING SECTION 10 OF 7HE TOWN OF VAIL INVESTMENT POLICY. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. Section 10 Portfolio Diversification is hereby amended to read as follows: 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 50% U.S. Treasury Obligations {Bills, Notes ~ Bonds} 100% U.S. Government Agency Securities {per Section VI.4) 100% Repurchase Agreements 75% Certificate of Deposit Commercial Banks 100% Certificate of Deposit Savings & Loan Association 25% Local Government Investment Pool 300% 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 20l of the total investment portfolio shall be secured in any one commercial bank`s CDs. 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 thirty (30) days. 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 this Ordinance, and each part, section, subsection, Sentence, 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 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. TNTRODUCED, READ AND APPROVED ON FIRST READING this 7th day of March , 1989, and a public hearing shall be held on this Ordinance on the 7th day of March 1989, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 7th day of March 1989. Kent R. Rose, Mayor ATTEST: "., ~ ~ ~~ ,~ • ~k,~AM,(~[~1~~J Pamela A. Brandm~yer, Town Clerk INTR~~II~'CFi~; READ AND APPROVED ON SECOND READTNG AND ORDERED PUB~.ISHED by title only this 21st day of March 1989. Kent R. Rose, Mayor ATTEST: "' -° 1,, , ~~.~. `~~ Pamela A. Brandmeyer, Town Clerk _2_ b 7 U t `~ c~ a ~ o ~O ~ ~. m~~~~~a-~fD ~' O O ~ ~ ~ ~ O Q~QYn'~N-pgap ~ ~n^ ~~ ~_ ~ ~ ~ ~ ~ m O~a~~~~3a~ O ~ ~ ~ ~ a ~ ~ ~ ~~~~~~~~_ ~ ~ ~ O ~ ~ a w~1 -~~~ ~ '~ ~ CT ~ ~ a d ~ i-C1 ~ ~~ ~~ Q ~ 7~ ~~ ~ (D ~ ~ .~ N A a ~ ~$= Q~~~m ~ ~ ~, ~ ~y o ~ gc~~~o ~ ~ Z R ~-o a i~o ~ ~ ~~~~~° ~~- cn ~ ,~- a . ~ ~ ~ -c ~ ~. a ~ ~- ~ ~ 7 0 ~.Q ~'~~~ ~ ~ m ~ ~. ro ~ ~ ~ ~ m ~ ~ ~~~~~o ~Uo m .t1~ ~ ~ ~ ~ ~ o~ ~c m ~~-g ~ Q c Q ~aoo~a`~ o ~~i o ~~~~m ~~~ ~ ~~~~~ s ~'~~ s s~~~ ~~ ~~ o~~W~~~ ~~. R~ ~~ ~~ ~3r ~~' .~ s- A ~~a ~ ~~' • a~' ~• ~ Est C ~ ~,~ ~p ~~ ~ ~~ ~~ ~ ~ ~~~~w~.~ ~2~ ~QO~~~ ~ ~~~- ~ ~ o ~. ~ ~p~m~~ pper. ~m `~ ~ N ~ 3 CI R ~I ~ b ~_ ~~ ~~ ~ ~~~ ~~~~ a~© -: g ~ m- ~ ~ 4~~~ ~ ~• ~ ~ ~~7 C a d.~ ~ ~ ~~ ~ ~ ~, . , _ ~ ~ ~ 3 caom~;po~, ~.. d ~ y ~ ~ n~N+at~~~n~ ~ ~ -~ ~ ~ p ~ ~ ~~mC]7~~C1 Q ~ ~~ ~~ O m p 0 (D aOpjQ~(D~~p-~ ~ 7 -' 2r 3 ~ O nQ~~4~,~3am . O p ~~ ~~7 + ~ ~ pp~~O~j~- vo ~ ~ ~ ~ ~ ~ a~ m o p-~~~ Q p Q. =,. ~ rr -c ~ ~~. mq~~C` ~ ' ~ ~~ ~~ r3 ~S n ~ ~ A o p ~ N~+~QSm~~}c~~ a ~, ~~ ~ ~D3-~p~'mp x ~~ Cym o O ~ m ~ ~ ~N~pCp ~ p O ~~~~ ~~~~ ~ ~, ~ ~ ° a m~ ~~Q Q ~o i~ ~~ ':,~ ~ ,~ ~~~ ~.:~ ~ ~~. . _~;`,. ..f~ C=i 7..i Q ~_ p l~)F 3 y ~~. „. ;m:zc~~~ ".~'m'rz .Y a o ~.~ ~ ~ a.~ z f~ ~ ~~~ q~ ~$~~' Q~.r ~o~r~~~A ~;~. p'.' m° n .z o ~ -w ~ v~ i ~;~~o. ,. ~. ~w ~ ~. ~; ~ m ~ . .: off:` ~ ~ ~ ~, ,~m~ •. z 71 a.. ~ ;g O D O O O O m 'T1 r Z .l"'. h1 n\1 ui