HomeMy WebLinkAbout2012-R-22 RESOLUTION NO.c/o7 ( 200-R - ,
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE
AUTHORIZING THE INVESTMENT OF PUBLIC FUNDS
PURSUANT TO IC 5- 13 -9 -5 AND 5- 13 -9 -5.3
Whereas, the City of Jeffersonville (the "City ") desires pursuant to IC 5- 13 -9 -5 to allow banks outside the
political subdivision to submit quotes on public funds certificates of deposit for the purpose of investing
its operating and utility funds and;
Whereas, the City also desires pursuant to IC 5- 13 -9 -5.3 to invest in federally insured certificates of
deposit under certain conditions.
Now, therefore, pursuant to IC 5- 13 -9 -5, the board hereby authorizes the investing officer of the City to
invest in certificates of deposit of depositories that have not been designated by the local board of finance
but have been designated by the state board of finance as a depository for state deposits under IC 5 -13-
9.5. This authorization expires two (2) years after the adoption date.
The board also authorizes the investing officer to invest in certificates of deposit under certain conditions
in accordance with IC 5- 13 -9 -5.3 as follows:
(1) The funds are initially invested through a depository that is selected by the investing officer.
(2) The selected depository arranges for the deposit of the funds in certificates of deposit in one (1)
or more federally insured banks or savings and loan associations, wherever located, for the
account of the City.
(3) The full amount of the principal and any accrued interest of each certificate of deposit are
covered by insurance of any federal deposit insurance agency.
(4) The selected depository acts as a custodian for the City with respect to the certificates of deposit
issued for its account.
(5) At the same time that the City's funds are deposited and the certificates of deposit are issued, the
selected depository receives an amount of deposits covered by insurance of any federal deposit
insurance agency from customers of other institutions, wherever located, at least equal to the
amount of the funds invested by the City through the selected depository.
Voted For: OP Voted Against:
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PASSED AND ADOPTED by the Common Council of the City ofJeffersonville, Clark Count, Indiana
upon this 05 day of , 2012.
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Jeffersonville 'ommon Counc
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Vicki Conlin, Clerk
City of Jeffersonville
PRESENTED by e to the Mayor of the City ofJeffersonville Clark County, Indiana upon this 'V
day of k 41 i12.
Vicki Conlin, Clerk
City of Jeffersonville
SIGNED and APPROVED by me upon this (- 4 day of DOOetklekc 2012.
V.. •
Mike Moore, Mayor
City of Jeffersonville