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HomeMy WebLinkAbout6478RESOLUTION NO. 6478 A RESOLUTION RELATING TO THE DEPOSIT AND INVESTMENT OF CITY'S FUNDS, AUTHORIZING THE DIRECTOR OF FINANCE TO DEPOSIT AND INVEST CITY'S FUNDS, AND AUTHORIZING THE DIRECTOR OF FINANCE TO ESTABLISH AND ADOPT ELIGIBLE DEFERRED COMPENSATION PLANS FOR CITY EMPLOYEES WHEREAS, Section 7 -18(i) of the Charter of the City author- izes and directs the Director of Finance to deposit and invest all funds coming into his hands as shall be designated by resolution of the Council, subject to the requirements of law as to surety and payment of interest on deposits or investments, and WHEREAS, the state legislature in 1989 amended the statutes regulating the investment of public funds, and WHEREAS, all prior resolutions of the City Council authoriz- ing the Director of Finance to deposit and invest City's funds should be amended to conform with the amended statutory regulations; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Director of Finance is authorized and directed to deposit and invest all City funds in such of the legal investments and deposits authorized and permitted by §24 -75 -601 et. seq., and §24- 75 -912, C.R.S. as amended, as the Director of Finance shall deter- mine to be in the best interest of the City. SECTION 2 The Director of Finance is hereby authorized and directed to execute and deliver in the name of and on behalf of the City all instruments, contracts, agreements, and documents required to make deposits and investments of City's funds permitted and authorized by Section 1 hereof. SECTION 3. In order to allow City employees to designate a portion of their respective salary to be deferred each month and invested by the City, the Director of Finance is authorized to establish and adopt in the name of the City as employer, and, if required, to act as the administrator thereof, eligible deferred compensation plans meeting the requirements of §457 of the Internal Revenue Code of 1986. The Director of Finance is further authorized and directed to execute and deliver in the name of the City all documents, instruments, contracts and agreements required to establish and adopt such eligible deferred compensation plans. SECTION 4. All prior Resolutions or provisions thereof inconsistent with this Resolution or any provision hereof are hereby repealed to the extent of such inconsistency. INTRODUCED: December 26, 1989 ATTEST: L O'IA4��' A t Ci Clerk By MICHAEL OCCHIATO Councilman APPROVED: President of the City Council TJ 41.22 -2-