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Legislation #: 990403 Introduction Date: 3/18/1999
Type: Ordinance Effective Date: 4/11/1999
Sponsor: COUNCILMEMBER SIMMONS
Title: Amending the Code of Ordinances by repealing Section 2-1611 and enacting in its place a new Section 2-1611 to add a member of the City Council as appointed by the Mayor to the Investment Committee.

Legislation History
DateMinutesDescription
3/18/1999

Prepare to Introduce

3/18/1999

Referred Finance & Administration Committee

3/24/1999

Do Pass as a Committee Substitute

3/25/1999

Assigned to Third Read Calendar

4/1/1999

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 990403

 

Amending the Code of Ordinances by repealing Section 2-1611 and enacting in its place a new Section 2-1611 to add a member of the City Council as appointed by the Mayor to the Investment Committee.

 

WHEREAS, pursuant to Section 2-1611 of the Code of Ordinances, the Investment Committee is composed of the Director of Finance, the City Treasurer, and representatives of the City Manager, City Attorney and Budget Officer; and

 

WHEREAS, the Investment Committee meets periodically to approve investments of the Citys idle cash; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Code of Ordinances is hereby amended by repealing Section 2-1611 and enacting in its place a new Section 2-1611 to read as follows:

 

Sec. 2-1611. Investment of idle cash.

 

Whenever the funds of the city exceed the amount for which the various city depositories have given securities as provided in sections 2-1614 to 2-1618, or there are surplus or reserve funds which, in the judgment of the director of finance, should be invested, the director of finance is authorized to invest such idle funds of the city in accordance with section 79 of the city Charter subject to the approval of the investment committee. For those funds for which the cash demands will permit the investment in securities with a longer term, the director of finance, subject to the approval of the investment committee, is authorized to invest such funds in securities permissible under Section 79 of the city Charter having a term not to exceed five years. The investment committee shall be composed of a member of the city council who serves on the finance and administration committee as appointed by the mayor, the director of finance, the city treasurer, the city manager or his or her designee, the budget officer or his or her designee, and the city counselor or his or her designee. The director of finance shall provide a monthly report to the city council which summarizes all investments and bank deposits. This section is enacted pursuant to the provisions of section 79 of the Charter and for the purpose of giving authorization of the city council for the investment of funds as therein required.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney