HomeMy WebLinkAboutbocc.res.073.2002 A RESOLUTION OF THE BOARD OF
COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO,
AMENDING ITS INVESTMENT POLICY
Resolution#42Y�5-2002
RECITALS
1. The Board of County Commissioners of Pitkin County, Colorado, (hereinafter "the
BOCC") has previously adopted an investment policy that established guidelines for
the purchase, sale and safekeeping of investments for Pitkin County.
2. Third-party safekeeping of marketable securities was viewed as the best method to
limit custodial risk at the time of adoption of the Investment Policy.
3. hi 1986 the Governmental Accounting Standards Board, in its Statement Number 3,
recognized another method as qualifying for the highest category of custodial safety:
holding securities in an insured customer account at a broker-dealer; and the
BOCC desires to authorize this method as well as third-party safekeeping in the
Investment Policy.
4. The BOCC also desires to amend the Investment Policy to increase to 25% from
20% the maximum amount permitted to be invested in any single money market
fund so that the county can meet the minimum investment required by many
institutional money market funds.
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of Pitkin
County, Colorado:
1. That section VII of the Investment Policy, entitled DIVERSIFICATION, be amended by
the replacement of paragraph 3 of that section with the following:
"3. The maximum amount invested in any single local government surplus fund
or money market fund shall not exceed 25% of the total portfolio."
2. That section XI of the Investment Policy, entitled SAFEKEEPING,be amended by the
replacement of the final paragraph of that section with the following paragraph:
"Marketable securities shall be held either (1) by a third-party custodian as
evidenced by safekeeping receipts or (2) by a broker-dealer in a customer account
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that is insured by the Securities Investor Protection Corporation and supplemental
insurance for the maximum held in such account. However, a single broker-
dealer shall hold no more than 25% of the total portfolio. U.S. Treasury
obligations may also be held directly by the Federal Reserve Bank in the County's
name."
APPROVED AND ADOPTED AT THE REGULAR MEETING ON THE 24TH DAY OF
Ajiette
PRIL, 2002.
ST: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
By: _
Jones Pay Clerk& order
Date:®z('O
APPROVED AS TO FORM: MANAGER APPROVAL:
John Ely Hilary Fl t her Smith
County omey County Manager
RECOMMENDED FOR APPROVAL:
Tom Oken
Administrative Services Director
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