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2012_1022_packet
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2012_1022_packet
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� Investment Policy to allow investments in banks that have a presence in the United States, but whose parent <br />� company might be foreign-based. This is permitted under Minnesota State Statutes. Investing the bond <br />� proceeds in repurchase agreements instead of a money market or similar vehicle is expected to garner an <br />additional $40,000 - 45,000 in interest earnings over the next 3 years. <br />Again, it's important to make the distinction that the collateral (security) pledged against the repurchase <br />agreement would be backed by U.S.- based institutions such as the ones listed above. It should also be <br />� noted that all monies held in custodial or trust accounts, including repurchase agreements or the collateral <br />pledged to the repurchase agreement, is off limits to creditors and would remain untouched in bankruptcy <br />�� proceedings or other institutional reorganizations. <br />Given these added challenges, Staff is recommending that the Council temporarily, and with specific <br />limitation, amend the Investment Policy by allowing the bond proceeds from the 2011 and 2012 bond sales <br />� to be placed with institutions that have a rating of `A' or better and include collateral pledged by national or <br />state chartered financial institutions. <br />A copy of the proposed Investment Policy is embedded in AttachmentA in markup form. City Staff will be <br />� available at the meeting to address any Council inquires. <br />�;a <br />POLICY OBJECTIVE <br />Maintaining an Investment Po]icy is consistent with governmental best practices and ensures compliance <br />with all State Statutes. That Policy should maintain an emphasis on security and liquidity but also address <br />the City's cash flow needs. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Staff Recommends the Council adopt the revised Investment Policy to allow far greater investment <br />earnings of the the City's bond proceeds, while meeting the City's cash flow needs. <br />REQUESTED COUNCIL ACTION <br />Motion to Adopt the attached resolution approving the revised Investment Policy. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution to adopt the City's Investment Policy (revised — See Portfolio Management Section) <br />Page 2 of 7 <br />
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