209 City of Meridian Investment of Funds
RESOLUTION NO. 20Q
RESOLUTION FOR INVESTMENTS OF THE CITY OF MERIDIAN
BY: Ke/fh Bt'rd-
t;fJ CtJlthC /1 In ah-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MERIDIAN
SUPERCEDING RESOLUTION NO.20B ESTABLISHING AND APPOINTING
AN INVESTMENT COMMITfEEAND DIRECTING AND EMPOWERING THE
CITY TREASURER TO INVEST IDLE FUNDS OF THE CITY OF MERIDIAN IN
ACCORDANCE WITH I.C. g~ 50-1013 AND 50-1013AAS THE CASE MAYBE.
WHEREAS, it is necessary to supercede Resolution No. 208 to clarify the
empowerment of the City Treasurer and modify the approval authority and process of
the Investment Committee in order to facilitate the ability of the Treasurer to mal(e
timely investment decisions; and
WHEREAS, it is the intention of the City Council to provide for a process by
which the investment of City Funds is accomplished in a Inanner that maximizes a
return and is in accordance with the requirements ofl.C. SS 50-1013 and 50-10 13A; and
WHEREAS, it is found by the City Council that its intentions can be facilitated
by the exercise of its authority under I.C. S 50-210 by the establishment and
appointment of an Investlnent Committee to advise the City Treasurer; and
WHEREAS, it is found by the City Council that the Mayor, Council Preside11t,
City Clerl( and City Treasurer are the appropriate elected officials and City officers to
serve on the cOlnmittee; and
WHEREAS, it is found that the amount and number of investment decisions that
will need to be Inade in order to be efficient and tilnely require that the Treasurer be
directed and elnpowered by this resolution to mal,e reasonable investments upon the
advise and approval of the Investment Committee and upon the advise of Buffington,
Mohr, McNeal Registered Investment Advisor, in accordance with their proposal to the
City dated the 22nd day of June, 1998, all in accordance with Idaho Code ss 50-1013
and 50-1013A as is appropriate; and
RESOLUTION FOR
INVESTMENTS OF THE CITY OF MERIDIAN - 1
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WHEREAS, it is found that it is in the best interests of the City to direct and
empower the City Treasurer to establish an account with Buffington, Mohr, McNeal
Registered Investment Advisor in accordance with their proposal to the City dated the
22nd day of June, 1998, to assist and effect this investment directive subject to all
investments being in accordance 'With I.C. SS 50-1013 and 50-1013A as is appropriate.
NOW, THEREFORE, BASED UPON THE ABOVE AND FORGOING IT IS
HEREBY RESOLVED AND THIS DOES RESOLVE THAT:
1. There is hereby established an Investment Committee which COffilnittee
shall have the duty to advise the City Treasurer on the investment of idle funds of the
City in accordance 'With the restrictions on the type of investments and the manner in
accordance 'With I.C. Ss 50-1013 and SO-1013A as is appropriate; and
2. The Investment Committee shall consist at all times of the currently
serving Mayor and Council President and the currently serving City ClerIc and Treasurer
and the same are hereby appointed by virtue of the elected office or officer position they
hold; and
3. The City Treasurer is hereby directed and empowered by this resolution
to invest such idle funds of the City as are reasonable upon the advise and approval of
the Investment Committee which advise and approval may occur at such times as
provides efficiency in decision mal<ing in the management of investment accounts; and
4. The City Treasurer is hereby specifically authorized, directed and
elnpowered to seelc the investment advise of Buffington, Mohr, McNeal Registered
Investment Advisors in accordance 'With their proposal to the City Council dated the
22nd day of June, 1998, entitled "Investment Strategy for funds held by City of
Meridian dated June 22, 1998", and to sign all necessary documents together with the
City Clerk to carry out this directive and empowerment.
5. That Resolution No. 208 passed by the City Council on December 15,
1998, is hereby superceded by this Resolution.
RESOLUTION FOR
INVESTMENTS OF THE CITY OF MERIDIAN - 2
PASSED BY THE CITY COUNCIL OF THE CITY OF MERIDIAN, IDAHO,
this 5~ day of .JaJ1u.a~1 ' 1 99 9 .
APPROVED BY THE MAYOR OF THE CITY OF MERIDIAN, IDAHO, this
51-:!!- day of Jah<<ary , 199 r.
By:
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ATTEST:
RESOLUTION FOR
INVESTMENTS OF THE CITY OF MERIDIAN - 3
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JUSTIN P. AYLSWORTH
JULIE KLEIN FISCHER
WM. F. GIGRAY. III
D. SAMUEL JOHNSON
WILLIAM A. MORROW
CHRISTOPHER S. NYE
PHILIP A. PETERSON
STEPHEN L. PRUSS
ERIC S. ROSSMAN
TODD A. ROSSMAN
R. STEPHEN RUTHERFORD
TERRENCE R. WHITE
WHITE, PETERSON, PRUSS, MORROW & GIGRAY, P.A.
ATTORNEYS AT LAW
200 EAST CARLTON AVENUE. SUITE 31
POST OFFICE BOX 1150
MERIDIAN, IDAHO 83680..1150
TEL (208) 288..2499
FAX (208) 288..2501
NAMPA OFFICE
104 NINTH AVENUE SOUTH
POST OFFICE BOX 247
NAMPA. IDAHO 83653.0247
TEL (208) 466.9272
FAX (208) 466..+405
Email viaInternet@\vfg@\vppnlg.com
PLEASE REPLY TO
MERIDIAN OFFICE
January 57 1999
Mayor Robert D. Corrie
Janice Smith, City Treasurer
William G. Berg, Jr., City Clerl<
Charlie Rountree, Council President
MERlDIAN CITY HALL
33 East Idaho Street
Meridian, Idaho 83642
RECEIVED
J;~N - 5 1S9S
CITY OF MERIDIAN
Re: CITY OF MERIDIAN INVESTMENT OF FUNDS RESOLUTION
Dear Mayor Corrie, Janice, Will and Counciln1an Rountree:
Enclosed please find the follovving docllments:
1. Resolution No.
2. Certificate of Clerl(;
3. Men10 pertaining to the investn1e11t of funds; and
4. Letter to Buffington, Mohr, McNeal.
The an1ended Resolution is a result of my meeting with Mr. Buffington and Mr.
McNeal on the 28th of December.
I a111 novv vvaiting for their revievv and request your revievv as ,veIl.
f
Enclosllres
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RECEIVED
interoffice
MEMORANDUM
JAM - 5 1999
CITY OF MERIDIAN
To:
Mayor Robert D. Corrie
Charlie Rountree, Council President
Janice Smith, City Treasurer
Will Berg, City Clerk
Buffington, Mohr, McNeal
From:
Wm. F. Gigray, III
Subject:
CITY INVESTMENT OF FUNDS
Date:
January 5, 1999
Please find attached to this memo a proposed Resolution which will
supercede Resolutiol1 No. 208 passed by the City Council on the 15th
day of December. Please note that I have n1et vvith Dean Buffington
and Carey McNeal in my office on the 28th of Decen1ber. At that
meeting we reviewed the Resolution which was passed by the City
Council on the 15th. A5 you recall, I drafted that Resolution as a result
of the review of a memo received from the City Treasurer, which vvas
still in rough draft form. This Resolution provides for more flexibility to
the Treasurer and is not so explicit about setting .up an account with
Buffington, Mohr, McNeal because vvhat they will be doing, for the
most part, is providing investment advise. The City may incur delay in
the establishment of investment accounts unless this is changed. The
actual accounts vvill be, in most instances, set up vvith other entities in
compliance with State law and restrictions on investments.
This Resolution also provides more flexibility in the approval and advise
process by the Investment Con11uittee to allovv that process to follovv
function. I also believe it vvill be more appropriate to have the Treasurer
and the ClerIc sign the documents rather tl1an other melnbers of the
Committee. The Treasurer vvill report and get tht7 approval of t11e
Committee on all investments and they "viII direct this process that you
have envisioned.
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Page 2
February 12, 1998
Mayor Corrie and Janice Smith, City Treasurer, I recommend the
following:
1. That this Resolution be placed on the January 5, 1999, agenda
for consideration by the City Council; and
2. After passage that the City Treasurer establish an initial meeting
of the Investn1ent Committee and representatives of Buffington,
Mohr, McNeal to review operational aspects of this directive and
establish ground rules of committee operations and meeting
schedule which will have to be noticed under the open n1eeting
lavv.
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