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RESOLUTION NO. 13696
A RESOLUTION APPROVING AND AUTHORIZING THE
PRESIDENT OF THE CITY COUNCIL TO SIGN THE AMENDED
AND RESTATED INDENTURE OF TRUST DATED MAY 23, 2017
AND THEREBY JOIN THE COLORADO STATEWIDE
INVESTMENT POOL AS A PARTICIPANT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City of Pueblo (“Participant”) desires to join with other Local Governments to pool
funds for investment; and
SECTION 2.
That certain Amended and Restated Indenture of Trust of the Colorado Statewide
Investment Pool dated May 23, 2017, having been approved as to form by the City Attorney, is
hereby approved. The President of City Council is authorized to execute and deliver the Amended
and Restated Indenture of Trust in the name of the City and the City Clerk is directed to affix the
seal of the City thereto and attest same.
SECTION 3.
The officers and staff of the City are directed and authorized to perform any and all acts
consistent with the intent of this Resolution and the attached Amended and Restated Indenture
of Trust which are necessary or appropriate to effectuate the transactions described therein.
SECTION 4.
This Resolution shall become effective upon passage and approval.
INTRODUCED: June 12, 2017
BY: Ed Brown
City Clerk’s Office Item # M-8
Background Paper for Proposed
RESOLUTION
COUNCIL MEETING DATE:
June 12, 2017
TO: President Stephen G. Nawrocki and Members of City Council
VIA: Gina Dutcher, City Clerk
FROM: Sam Azad, City Manager
SUBJECT: A RESOLUTION APPROVING AND AUTHORIZING THE PRESIDENT OF THE
CITY COUNCIL TO SIGN THE AMENDED AND RESTATED INDENTURE OF
TRUST DATED MAY 23, 2017 AND THEREBY JOIN THE COLORADO
STATEWIDE INVESTMENT POOL AS A PARTICIPANT
SUMMARY:
This Resolution approves adopting the attached indenture of trust, and thereby joining as a
participant with other local governments the Colorado Statewide Investment Pool.
PREVIOUS COUNCIL ACTION:
None
BACKGROUND:
The City of Pueblo currently invests approximately $4 million dollars in a money market fund
managed by PFM Asset Management LLC. The share class was designed specifically for
Colorado local government investors, and has been marketed under the Colorado Statewide
Investment Program (“CSIP). Because of Federal regulatory changes, the interest rates on
money market funds are less than that of local government investment pools. Local Government
Investment Pools are similar to money market funds and are authorized under Colorado law by
C.R.S. 24-75-701.The Legal Structure of CSIP is being changed so that it becomes a local
government investment pool. In order to invest in a local government investment pool the city
must pass a resolution to adopt the Indenture of Trust. CSIP will offer the City two investment
options, a Liquid Portfolio, rated AAA by Standard and Poors, and a Term Portfolio rated AaaF
by Fitch Ratings. Both investment options will afford the opportunity to increase interest earnings
compared to money market funds.
FINANCIAL IMPLICATIONS:
Specific dollar amounts are not immediately available.
BOARD/COMMISSION RECOMMENDATION:
None
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
If the Resolution is not approved, the city will continue earning lower rates on its investments.
RECOMMENDATION:
Approval of the Resolution.
ATTACHMENTS:
Amended and Restated Indenture of Trust Dated May 23,2017
