Explanation
This Ordinance changes one word in Columbus City Code Section 325. The change applies to Section 325.012 (F). This change will allow the City's Treasury Investment Board to purchase permissible investments, as recited in Section 325.010, with a remaining term to final maturity of three (3) years rather than the current limitation of (2) years).
Title
To amend Section 325.012 of the Columbus City Codes in order to increase to three years the maximum remaining term to final maturity for investments purchased with City treasury funds.
Body
WHEREAS, Section 325.012 of the Columbus City Codes sets forth the criteria required for investments purchased withmoneys in the treasury of the City, other than those under the charge or control of the trustees of the sinking fund; and
WHEREAS, the average amount of the City's Treasury Investment portfolio since 2007 has exceeded $1,000,000,000.00 ($1 billion) and in 2008, 2011, and 2012 (through June 8, 2012) has exceeded $1,300,000,000.00 ($1.3 billion), and
WHEREAS, the completion of the City's next bond sale scheduled for July 2012 will cause the amount of the portfolio to rise to approximately $1,800,000,000.00 ($1.8 billion), and
WHEREAS, the growing size of the portfolio makes it prudent for the Treasury Investment Board to have a greater number of maturities from which to choose, and
WHEREAS, at a joint meeting of the Columbus Depository Commission and the Treasury Investment Board (both consisting of the Director of Finance and Management, the City Treasurer, and the City Auditor pursuant to Columbus City Code Sections 321.03 and 325.011), on June 14, 2012 the Commission and the Board voted unanimously that City Code Section 325.012 (F) be amended by the adoption of this Ordinance; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Section 325.012 of the Columbus City Codes, 1959, be and is hereby amended to read as follows:
325.012 - Inve...
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