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bocc.res.139.1985
,:�:. � � �. R . ,--,�.��--^��w.,�'' -� �_^�� `�'��-. �t�A,� ..�;�,. . ��� �3 .�ii ? �"'3-'�-_ �p 2+ �. ���x�z�� r� ` -•': t s��`t- � € .{_. '�'+� �`2"y`�St�+. . ��}�"'T�'fd�.a � �1 �� � �:�i'�` °� " '��� !�f{v..if"-. +.� - ''>" � i} ,t11.:' _. . _ - F:a. .a •�- . .,. . . " . _i'r:�� - 'I,c� - . ._- ✓�� . �- � PiiKIM GOUN?Y 90ARD OF C�'UNtY COMMI SSt ONERS RESOLU110N �85- 139 _ ADOPTING INVE�fMENt POLtCY MHEREAS� coilap�ing financ9al institutiong and diarepurable sacurities dcaler� have co�� other p�btic pntiti�s su6glantfa{ euw9 in reeenl years; and MHEREAS� to avui d 3�ch 1 uea�a f'i tlti n Cduntys' i nvestwent operetior�� ahould be �uthari7ed and �dntrollod by .rrieten inv�»c�eht pol l ci aa thet oddrefls det�u!t r i yk. 1 i qu(di ty. i nv�tstwant rsturn� aut hor i t y, �Sr udrnce, appr apr i�t a t ypos df gacur{t 1 es� and df!A I tr y, � di vcr ai F i c�t i�n, ��t ur i t y, eo�p�t i t i vre b�ddi n�, »af @ke@pi�g. ond rspnr t i ng; ond MlIEREAS, Colorndo otatutcg oniy udJrrnn �aree al thaae lasuas; m�d , MHEREAS. lhe Cnunty Flno�ra Oireee�r recorwando tho oltaeheed Invootwcnt pht�cy oddraasing all u1 thos�o iasuca; and z NHEREAS. t 1 MI ny d�d not pe�wl t pr i or �ovi er of the i nvost�anl pollcy by the fi�anelal Advino�y Beard; ond MMEREAS, tha currant inveol�nnt pprtfolio doaa not ■oel tho - ? divor9lficolton requlre�ents of �oction Y11 oi lhe Invaa�wont q poi I ty. � NOY, iHEREFORE. BE !T RESOLYEO BY THE PlTKIN COUNTY � 80AR0 OF COriMISS10NERS TNAT � 1. tha altachec! inv�at�e�t pa�icy is haroby adopted and taearporatad as a co�panant at tho Pitkin Cau�ty Polieios ta�d ProcQAuros Aa�ual; 2, tha Cou�tys' investeen4 pertfalio be adjustnd to co�ply .� wi 4fi the di versi f i cati on requi�e�o�t� ot S�cti pp V11 of the invo�twent policy by MareA 31, 198b; i - � 3. the invost.e�t policy da roforrad ta th@ Financia� � Advisary Board for rGVieW a�d cos�cn4; �, C�entral 8ank o� Qanvrsr i s hereby dosi gnated as an pligib�e aecurity deal�r under 5actipn VI, 3 of tha inveatrent pal i�y. APPRQVEO ANO AOOPTEO �NlS 16TN OAY OF OECEMBER, 1985, BY THE BOARD OF COUNTY CONMISSIONERS OF PITKlN COUNiY, COLORADO ATT BOARO OF COUNTY COMM!SS!ONERS _" PI TK11 UNT��DyOFjADO ., '�X�.2_� '�'t- --°-------°---------�-- --------°------------------- lEW SC0.NlAN TOM BLAKE DEPUTY COUNTY CLERK CHAlRMAN 'F;- ;,�-i _� ��_�, �'="�• APPROVEO AS TO FORN: RECOMNENDED EOR 0.PPROYAI: � r,� °.-:.d :%4:. � �.=i � / �:. liyiL �� ------- ----------------------------- T AS FENiON SM1TH TOH OKEN - COUNiY ATTORNEY FtNANCE DIRECTOR r�� 1 >� � , - ..�,- ..,Yy it r���' 1 .. _, _ _ �.. .$� k�� � '�' - ���� ^T I ��E _� � ���7j,, i�l����}��i „�.YC t t�-. .f`..� . ... � , .... i f.. �4�3�. . FAT%-t P1TK1N COUNT\', COLONADO [3�Vfi5TNgNT 1'OLICY i. FUkf'o58 AND SCOE•� �; — -- ------- — � The �nirpovc of this i��vc9twenl policy is to �33�(1I)IIRN puldeL'Itte9 fnr !he purchase nnd sole of lfiVerilMebly fot` ��;; Pitkin C.ounlv. Thid yolicv :tpplieo to �11 fundp for whirh t thp cuuht,v Pit��pce direr.tori[rre�urer h�s 6een degtgnuted us }�� cuato.tlru� ±•v��.�p! Uec i'itkin �.o��nt� !'ublic Ewployeeg` �� Het i t���et�t Fuh�1. C�. i�V{`tST�lli�t Qlt.lff,1'111;� 'sae � �unds vht�ll b._e inrosled 1.� s��.co�rplit�l� tlw f��lluNin/ oV}�t;- ��[ '�±!'�;, lfvr.» it� Il�r P.�lini�itiN, pPtnrit!:. , ��aF 1. 5+►1`�,iy. ta ln»��r�� lhr rrol`�Ip nP nI! Couhty tund». �� I�►vr»tr.�n�n nit+�l f Ir� wn�i+� aa na tn •tul�izc l6� .�, rut��ntlril 1`u�• +����11i�1 iR.nwr� ariglug frnr �h��ngr.ri !n � ra�•6�t at�lu� .n' dr.Cnul► . � :. t.i��u1�1�1Y. Tu �uuu�•�, thnl +�.Irq4�r►lr funrin r�r�• �ivn�inblc• '� nt nit t�wnn tu �,ruwptl� f���y :�il itie G.�untY's fiunn�.�nl 4I)�IM�i) i/�flq. 3! :t. 1!.>l.i. Tu .r:�ru r� ■:�rkat, nrrrt�qa r:�tc� uf ralurn Kh11.� ■�:�t1pM Ihn anfQly t�nd li+�utdtt�• al�jsi�itvns. �li 1�1. OFiLFCA'�IUN OF_ ,1U7HQIt�_'fY ", Mt�nf�NHM��nI PHL�(�U��KI�I{IJI] �OY �IIH inv..atrnot pruK�•e�■ ►� dalKKat«+�1 tu thd Fi��»��.-H G�1'HL'��lY, who ia ti�a �uatod►an far ��1! �uuntY fuo�i�:. tl�a t"inr���r.- t►irecto�• xhal► dAVnlu�� .���J a ■tt�����i„ ��I���IH�JIU'NS ro�- �nH �NH�-�i,u�� �,r rae i��ds��R,►� prupraw cunstxtuut with thitt Nuticy. TbaKe prucedu►•e� shall � include dx�lic�t de1Hq��ioo �1' autbority t�, ull�er pKr�on� r.=spu��s►bt` !"or �nvestr�+nt trupa+�ctiuns and �h»11 eatabliab a syst�w uf i►�lerua! cui►irols to tuaure cu�pliance witl� this policy. _ � 1 :u= :;��`, :�`� �.� . • rs�+�M1.�' ' . � . _-�. � _ - � �� � _ s�' . . �Y� s�._ . .. . . . ' . >,StL ._ •;� � ' . . i;�: �` � � , .� . `_�: . . . ' °lIG�...� . ' . h�. �� :.7�'_Srr..,c_-,� . y:,. ' W�... .� � � • . ' 'a% - r�.� :��� � - , .I� F k�f - f"'.�': - '�'l� s..:5�: 4 : � _ :11'.. �� I �7: . �.�i,.. �: � ��' �'.s L c. ',��� �t�*:.,i t 1 � �S . �� ��� ��{'�. .�. 4��'�} " - -a:.- . .. • . �_�w`.,._,3....-_ - - ... , .,.�.�N`.i�. �;h . . _a,o- . � _ _ .. . _ . _ _. . _. . Iv, PRUbENr,g ANb tNbgMNIFtcATto� � —------— -— - The stand�r.l ot pru.f.-nce to be arrliPa by Lhe investsehf officers shatl be th.� "pruJent investor" rule, v�hich states, � "Investw�nts shall b� srad..• wilh ,judp,senf and cc�rc, under . C11'CUI�9I.F1I1Crg th�n prevailinp„ Nhich p�rsons of prudence, ' discretion nn•I intcllip,ehrc exercisc in th•� !Mahagceent nf t� their o�s� atfairs, hot for speculatirtht but for ihVestMent, �� cnnsidee•ina the prnbohln saf.�t� nf lheir r�piLnl os uell oa the phobable� inr��r !o be derive�l." The prudebt investoY ruln shnll b.• �npli.-.1 in th•e Ctitilr!tt nf Mnnny,inp, lhc c�veroll portfniiu. ��� tha investw.-»r .,ff[.,��r, a�tinr*, in s��'rp�VIAhC� with this polic) :�nd rx=•r••ising due Jillenhrr� ghall no1 be hcid pri`sopt�ll�• r•+-vpnuait�le I`nr t� 9�recific secul•itp'a credlt rit+k or •�r•het pri�:c rhnn��s. pt`:�vided ENai th�.rr devletlnng nrr rrpc�r�led in ri tia�r_lt f:�xhirrn t�nd U���f nppYnpr-i:�tr nctlon in tnkan tn rnntrol a.lv�rs� d.���lnpw„nt�. �. �� ,..:;,. " t'. H1.IC[Itl.h.t�V}`74N�T5 .11Fp Iltif'nti[_��Nth=S Thw fflliawiaa »r� e±li.�;fblr ►uvr�+�w�ntn nn.l d�ha»itvries: 1. t:.ti. �rrr�a��rv �b1►un1 iant� It.S. 7rrra�ury bi l ls, nalaa r►nd bendn. '�`? :.�. 't�*�• ���+1'1 l��t°t11�*M c�(' t�1jh��Nl1 (1�� t�r+,iptlll tlCl_`q1111►� �11 Atntr I�n��kr+ nr i�aliuhnl bnnNu tu�•nteRl in Celurh�ln whieh :�rr � insur.�A I+�r ehN Fnd�+r+�) p�•peuil lnaurnn+rr» CurpWrn�ion nnd . � M�i���l til'r x�pn�•�tve+�� e�ei 1�41���1e �ilU� �JA��ofi1�U1'IHS �Y l�l�t S(fll�T i�P Ge1n�':�do de��tkir�R euw�issiw�cr. c..rtifi•�ntaa af JvpuNil . »nd da����ni� ncu��uota ul�i.•h Rx.-r�4 the inxurerJ n�ount will 4F <<�l lni.*rnllz�•.i tlti A'K�IUIPRa�I (i�• IL�� P4�11�' n�-I�uNII PI'utncllull Act fnr r�aA�e�•c'Itil ►•�ukx, :!. Tir.* �•H�•1 ificntrcc uf .I.�poail nr dK��osit �crr,u�te in atntF .,� rederaltS L'M2�I��NI�HtI sa�•i���s and loau asa�,�iations - �ortll�*d ill 1�1e ati�tB n! Cu�urtu(u 4t��le�! tll'e lQdUCer) ��p t�i[t "- Fvder+�l S�viuBa auJ I.R�an Illic4l'NJIc�• C.�r�.urat�w� a�d which a�e ��`- app�•�v�•d :i� publ i.: f+�nd JepoRi�u►�ivs I�y tt�e Stnte uf Gol�rndu Saviu�a a�ed 4onn Cowwis�sioner. e:ertificatns uf d�posit Hu�) d��.�aii nc��unts Mhich excead t4d inaured o�aunl will f.e cullata�A�4Sed as re�uired by ti��, Savit�gs apd Loao ARSUCi�tion 1'ubltc Oapo6[L Protrclluu .1c1. q. Sha��ea uC anY local g.,vernrent surplus Punds truat fund (AOnay ■arket rulual Fund1 Pstablished unde� the pruvisione of '«4-75-TOI, CRS, as &�epded. � �?�s�ie: ��.�•: ��+�'�`. . . ['�:.,^'�f_ . .x. .�.. ..."'_. .. . .. . . . . . . . . . . . .. . .. . _ � `. \ _ . . . � . . t� }y,y'��� . ' .. . � . . . . . ��'��:�• " - j . . . r�, - � . ' � � - .. . "�� � � � . - � ."'�..'. . . Y-• , - - .�:- _ :;;; �'` ' � s- �;,w �s-�# �,� �,�rg r �r�, °�a`�s�.�fi.'. „�9. ,a =-�s �,.�. I �3 u` � ,�� �� _ �g' '�I� � �, � - . _ . ... _ ��y'�i•y�y� d,.i+,' VI. SLiCIRi.E SHCtJRITIHS UBAi.ERS The followina are �ligible sr_curities dPalers: 1. FriOary denlers. Ser_urilies dealers and banks which arc � d�siy,n�ted as rcpnri ing �Ict�lers bc the Feder:�! Rvservc Itank '- of New York. 'l Sc•rurit i.rs d�.�icrs which are nnt ds•oi�;nated Ycportiny, denlers by th� FeJcrnl Resnrve Rank o!" �er+ Yotk hut nre ' speciPirelty :�pprovr.l bt tho Eluard of Cnunty C��mwi�+sionr_rs. ��. = 3. Nrti.+nnl nud vto�e b�inks whi�rh h�v.e lhPtr prinr_ipol uffi�:cs in lh.� sleie uf r.�lorArt�� s+nd �hicl� nrr. a�ectftcnMly �` arrE•.,�v�l IrV lhe Bo�rd ..f Cnunty Cowt�i9�ioners. e�;;; "� Nil. t►lvEUStFIr.ATto� � wilh �hr .•!:�•�pti�.n nf is.;�. Trc��.nry nblipationq: ;�< 1. i��� wor.. Ihnn Rb3 n�' the I.rrinl porl.fnliu nhall ler invent.rrl In :�np aft��;l� Iyp�e of ipvr�t.wenl �pv�•itirrd In : t�- Dnri�ar»ph C. -� � th.• 1����.•:�tMr,nl in „n.• i��rl�lulinn aliofi u,�l rxcrad lnry � �IOt ��..rcrnl .+f Ih� ��unt�'x �+»rtfulio. :i. Tb..� w���iwnw ��w����nl ■nl��rinp, wtlh n ainKln fn»litutin„ � uith►n thtrly t:i0� •In>=�c uhntl nnt �xr,nrd ;.riU0�dQ0. raclu- �IinY.. h�iwr�rr. tb�• trn�.nt�'� priwar� d�•p��uitnrY =�ar.nunl. �e � VII1. MATIt�►t,9'Y Inraatr�•nl anturiti��n alu�il tr•• h:�Rrd �u tht• It��uldilY nseda of the Cuuutr and thy ��tP�,wurr. tr� ■iirk�t �•iRk. Apprnxi�atA- 1Y lOS uC tl�r� purl f��l iu ahal l ►�t investud aa a 1'tryUld'tty I�ufP«r in c�vHrnieht inKeru��ntK, dnpuailurY aecou�[K. u�• � �e�rkt•labl.� se.�•u�•itith k�th l.•es �hs�n t� uuN-y�:ar walurity � whi�h c�,uld rrante ���nilablN r»sh Kithin �nd dar. Tl�r• �•un•.•ut porl iou ��f th•� p•�rt fot i., ia fu�• ePSI� d+�ange�n��1 � Pu�•r�ses. Tt,�i�•,rorP tlia tern ur ►ovns►.unta rur cl►;s purt ion uf th� p��rt ful i.� sh+�l l nut e�CCr+e�1 thirleuo f t1? ^� �ont hs. � Tt�e nu�r�•urr�rnt por► io�� of th.. purlf"utiu cuusists ol' - �•ese�ves Jesi�ot�te�l b}• the Board uf County Gauiesiapers. Tt�e trrw uT iuvestonnts f��r this portiun o1' the po�t1'utio sha�l pot exceeJ two !2) Yeat•s. BoarJ uf County Caaqjs- sioner bPProval is raquired for in�•estsents of non-cu�- rent fuods fur a period rxcneding two (�i yeurs. 3 :.'�h i�2�r. ..-... ........_. ... ... . . ... . .. .. .. . �. - . +rY9 ,,��,�"q�� . - � . � . . . :�,��s . 'S ' �. � . � . . '#`ti,'.� . - � . . � • _'.-��-:- -, . . . . . yx"�.T' . ' � . ti , �r'.`?`.� � . '_ � . � ��n r E ? �✓e *'_- - ,�;- ;��'- �.�-�j r_ ��: r_. • " - �l � ` '� kj;' _ - "�� _ z�, -� �` � � -�, �` .� _ ,.:.. - '��� . `� _ . ..... `�r., ,...- I%. �OMP6'1'ITIY$ Bi11DlYC A co�pclitivr Irid nrocess sh.�ll hc condurted hefiore Lhe Co�nly ii�cests any funds. A si�tii.:i�nt nuwher- nt bids for n !tpecific tppe nf insfruAenL ahall hr 4oI7C!►n�I tu inst�re a rol�p�•[itice (+rice or rate. rhP County shnll arcept. the bid ��� khich p�•m•i�1es !h� hivie��sl ca�(�arnhl�� aicld Fnr the t��lurity �y required, pro�iderd Ihe iObr_g11�s�n! I9 ►rithin llie (�eFLMptpC9 of Ihie pulirt ati.l Lhe invtiluti�n is oi nQrquYtl.• !atrenpth. `'`! Iinrtord9 411a 1 I f�e krrt n f rt l� Iti i rlv of fe�'Cd stnd arcert ed. ;=� !fi. C,1Cillhgi'IYr - A1t inaeatMents ahnll h� rt�d� in Ih«• nnwr �f Cilki�i Co��nty. tnalilut��ng i�+xuing n�n°nr�.rti�ht.- ..erttffr_o�eti nC riepnbil xh�ill koep the c�► 1n �n�.-M�Ppin� nn�l vrnd thr rounky �� �_upX ni` lhc r'U nnd � !ua!'�he.�h[ng r�rry�.t. Mnt�krtbblr �r.�u�`tti�r+ �hnll !r� d.•p���ltrd 1n a gc►frk�!rpi»g nr_r.ounl w�1N nn Ind�p.,nrlFnl tir�rd=t�nrtp »tr�ln_ ar nnllannl f'i"•� b:�nk hn�ina. t�n ti.rinr,���n! nfPS�•.• in t'u1o�r».In. tt.c. TrnnnurY ..� �b11K�tt.l�na g1�nI1 i.� I�Plfl In n r;uMlhr�•r ne-i.rruul eit the FrArrnl N����•�r.• {{r�uk iu thM �rri�an oP thr n��fakErpintS »Kr!��! � f�►r 1't�kfe r_nun�x. %tI. ItBNQNTS 7h„ f�nan+r< prr��•� nha+li is�sue qunrtf��•ly �•apwrlx !n !hn ! R�a�-�l of GnuotN G�,�Mia»innnrM at a lava_1 ut d�tai! Ruf.• Plc^it+��1 lu ubu�s �•uA�liant�n wllM tl►la pi�IleY. + '., i-. i� a � 4 • j :x� ���, \ . ' . .. _ � _ �� . � . � ' . . . � � �.-. . . . . . . � .�`. - ,� . . ' a • ;� r`.. +..`S:" ' ,�t: . �� � ��y� � �- `�`t. . . ;,�� �,-�,�- � �-�r, • � ,:�: �-: � _�'� t�.� �:;� '��:�,s, �� .=� � -:��.��. �w. ��. � . � . .� ; 66 . �tlpWtt tttp Rt►p0tf tff6 tiss ot obviramcer atcroRtstt txt��+aateu Zi NnR pe�lertt � � NnR Al Metlt�Ift lp � ��11Rlti 2Mr�t tOip�ll� � � �iMt!IIMMIfMf 06tlfll�tfli 1�l�tl[lf�� �11l. � Gna+ttal t�e�e uc►anR,�.�►. �MfUMMU tl�lllOit M�UOMI ��fIR�M hrn tO�pa�K Cnuqb texker��etanati ��rvc ►�ni r�awnu s�n�et Cnuya ; r�na tnur.uu r.n.et cu�rernu � _ K�iri�Tf�►t �rd!�•t11��pn4 , . .I IUnYf�tFY[tt/YNW��[tt��F GO�MM t � �; �eysn Or�tane�terrt Ce�p�iy ee M.tKi .:.^y TM lp[lM[e hr�t Ce�p�ny � C1e[otl eetwa�e �we6►nt�y ineerperaeN � _;.��! �t���.lenaNle •Os., t�. `' la�t��erd Deders . � � �; N�r lte�ro� a Os. OOM��N11� W��111 ►iMN[t�lMfTSLil�b[/�fll{011 • . . :M fISN WftO�Osfltf�ll!OU . .. ' CslMSn•�IQb►CO. . �.r. e+e�w�wpey. tee. �' � ; tWtr. N�MIr 1 Ca.. IeterperaiN " ` Mf�11 Ll�Dtfy ►�'iO.. 1PlOtp[atli � . �:!.� qln�Me�Nf]�aiNn�euru�. teeatpf�aM � hNiMU�I-peM HNr�t1��. tee. � � ' wIM0111HtRlf�. 1M. � M111 MIUt[lfyMlt�. t11t. .. . OtNMIM LI'IUl M�it{�• lllt. �N\�llfl�Cl�l!!• �i Ol�a�na fmpr��t�n ef Me��oe• . � � Or��l1 ��/11�Y tYMf{ OW�fIWnt�levflUlf. tM. � . k wtrey a.u�uaw�ee.. see . I.Nwn 6w�rwni Narni�e�. Ine. Mffl{1 L��P OOVffMfM ftN�itlt/� 111f. _ rs. t. N/�er 6�v�rwrwi Na�trttN�. lat. tefco/utn��• w . iwltn����y ppr�rw�twt hNrlaNr. ine. �l��nwri p+ren 4waMS�� Maun�N� - fOY�t�� f�/tr�t Ms�rv��W ot Mw raea. � _ '-� . �1ub ltu ��wrre+�s �s�t r�Y �. 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