Explanation
BACKGROUND:
This ordinance enacts changes in the Columbus City Codes relating to deposits and investments. The changes in the Code will permit the City of Columbus to retain the services of an investment advisor with the objectives to maximize incremental income in the City’s portfolio, obtain operational efficiency and information flow on the portfolio and to improve the City’s investment capabilities. In addition, the Code changes incorporate the investments permissible under the Ohio Revised Code among its options. Finally, the changes extend the maximum term to maturity from three to five years, a change that is also permissible under the Ohio Revised Code.
The aforementioned changes were authorized at a joint meeting of the Depository Commission and Treasury Investment Board, on August 28, 2018 subject to the approval of Columbus City Council.
Emergency action is requested for this ordinance so that the City may retain an investment advisor to assist the City with its investment of bond sale proceeds which are expected on October 17, 2018.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Sections 321.02, 325.010 and 325.012 of the Columbus City Codes relating to deposits and investments; and to declare an emergency.
Body
WHEREAS, the proposed changes will ensure that the Columbus Code is compatible with the Ohio Revised Code; and
WHEREAS, the changes have been authorized by a joint meeting of the Depository Commission and Treasury Investment Board on August 28, 2018 subject to the approval of Columbus City Council; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to amend Sections 321.02, 325.010 and 325.012 of the Columbus City Codes relating to deposits and investments, without delay thereby preserving the public health, peace, property, safety and welfare; now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. T...
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