ORDINANCE NO. 990195
Amending
the Code of Ordinances by repealing Section 2-1611 and enacting in its place a
new Section 2-1611 to authorize the Director of Finance to invest idle funds of
the City in accord with Section 79 of the City Charter.
WHEREAS,
a vote was held on August 4, 1998, and the citizens of Kansas City, Missouri
approved an amendment to Section 79 of the City Charter which expanded the
Citys categories of permissible investments; and
WHEREAS,
pursuant to Section 2-1611 of the Code of Ordinances, the Investment Committee
is composed of the Director of Finance, the City Treasurers, 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; and
WHEREAS,
the Investment Committee approved a revised investment policy which includes
procedures to properly manage and incorporate the additional permissible
investments approved by the voters into the Citys current investment policy at
its meeting on January 28, 1999, and the Council now wishes to adopt the policy
as the Citys official investment policy; 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 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.
Section
2. That the City Council hereby adopts the Investment Policy as the official
investment policy of the City.
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Approved
as to form and legality:
_______________________________________
Assistant
City Attorney