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CC_Minutes_2012_0123
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Roseville City Council
Document Type
Council Minutes
Meeting Date
1/23/2012
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Regular City Council Meeting <br /> Monday,January 23,2012 <br /> Page 17 <br /> cedure to restrict investments to only...., [those agencies] with AA ratings or bet- <br /> ter." <br /> Councilmember McGehee expressed concern with language related to unsecured <br /> promissory notes. <br /> Mr. Miller advised that, using the AA credit rating or better, the City would con- <br /> tinue to only make purchases through a broker that was trusted to monitor their <br /> credit rating agencies, as staff does on a regular basis, with assurances in place to <br /> avoid compromising the security of the public's money. Mr. Miller advised that, <br /> if a credit rating should be downgraded, a mechanism would be in place to main- <br /> tain the safety of those investments, similar to current practice, while allowing the <br /> City to receive much better interest rates. <br /> Councilmember McGehee questioned if it was customary for the City to pay bro- <br /> kerage fees. <br /> Mr. Miller advised that customarily broker fees were factored into investment <br /> pricing, and subsequently included in the rate of return for those securities. <br /> McGehee moved, Johnson seconded, adoption of Resolution No. 10966 (Attach- <br /> ment A) entitled, "Resolution Adopting Financial and Budget Policies for the City <br /> of Roseville;" approving a revised investment Policy; amended to add language <br /> on page 5, line 188-191 under "Portfolio Management, that the City's procedure <br /> would restrict investments only to those agencies with AA ratings or better." <br /> Councilmember McGehee questioned the difference in AA or AAA credit ratings. <br /> Mr. Miller advised that there were more investment opportunities in AA versus <br /> AAA ratings; however, there was a slim margin between those two credit ratings, <br /> and the AA still provided nice returns. Mr. Miller advised that ratings of a single <br /> A alerted him and were beyond his comfort zone. <br /> At the request of Mayor Roe, Mr. Miller confirmed that the City of Roseville's <br /> credit rating was AAA, among only 6% of cities retaining that high of a credit rat- <br /> ing. <br /> Roll Call <br /> Ayes: Pust; Willmus; Johnson; McGehee; and Roe. <br /> Nays: None. <br /> Mayor Roe noted, for the record, that this investment policy was constrained and <br /> operated under State Statute parameters. <br />
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