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this Resolution or any provision hereof are hereby repealed to the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-