Explanation
This Ordinance is to amend Columbus City Code Section 325.012(F) to allow the purchase of securities with a remaining term to final maturity of more than three (3) years, only if the security is a city of Columbus assessment bond. Assessments bonds and notes issued by the City of Columbus are permissible investments per Columbus City Code Section 325.010 (D). However, most assessment bonds have a ten (10) year maturity term. Currently, the Treasury Investment Board is limited to purchasing securities with a remaining term to final maturity of three (3) years. Therefore, the Treasury Investment Board would like to amend this section to allow for the purchase of city of Columbus assessments bonds and notes with a remaining term to final maturity of greater than three (3) years, subject to approval by the Treasury Investment Board.
Title
To amend Section 325.012 of the Columbus City Codes to allow for the purchase of city of Columbus assessment bonds and notes with remaining terms to final maturity of greater than three years with City treasury funds.
Body
WHEREAS, Section 325.012 of the Columbus City Codes sets forth the criteria required for investments purchased with moneys in the treasury of the City; and
WHEREAS, per Section 325.010 (D) of the Columbus City Codes, bonds and other obligations of the city of Columbus, Ohio are permissible investments; and
WHEREAS, from time to time, the city of Columbus issues assessment bonds for various street lighting, sewer and other projects with maturities of greater than three (3) years; 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 April 18, 2018, the Commission and the Board voted unanimously to amend City Code Section 325.012 (F) to allow the city to invest in assessmen...
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