RESOLUTION NO. 10817-011508

 

A RESOLUTION RESCINDING RESOLUTION NO. 10636-050206 AND

RESTATING THE INVESTMENT POLICY FOR THE CITY OF OAK CREEK.

 

BY      _____________________

 

WHEREAS, S. 66.0603 (1m) Wis. Stats., authorizes the City of Oak Creek to invest funds not immediately needed, in accordance with said statutes; and,

 

WHEREAS, the Common Council is authorized to delegate responsibility to invest said funds to its employees or officers, provided that guidelines are established for the investment of said funds; and,

 

WHEREAS, the City’s investment policy was previously set forth in Resolution No. 10636-050206, and now needs to be updated to accurately reflect statutory conditions.

 

NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oak Creek, Wisconsin, that there is hereby established an Investment policy, as attached to and made a part of this resolution in its entirety,  to ensure continuous, prudent investment of available city funds not immediately needed.

 

BE IT FURTHER RESOLVED that the City Clerk/Comptroller be and he/she is hereby authorized and directed to purchase for the General Fund of the City, investment instruments as set forth within the guidelines of the Investment Policy.  In the absence or disability of the City Clerk/Comptroller, the City Treasurer shall have temporary authorization to perform such duties; further, in the absence or disability of both officers, the Finance Manager shall have temporary authorization to perform such duties.

 

      BE IT FURTHER RESOLVED THAT all ordinances and resolutions contravening the provisions of this resolution are hereby repealed.

 

BE IT FURTHER RESOLVED THAT a certified copy of this resolution be delivered to the public depositories approved by the Common Council and said depositories may rely on this resolution until changed by lawful resolution and a certified copy of such resolution has been given to the cashier of each named depository.

 

Introduced at a regular meeting of the Common Council of the City of Oak Creek held this 15th day of January, 2008.

 

Passed and adopted this                  day of __________, 2008

 

 

             ________________________

            President, Common Council

 

Approved this                 day of  _____________, 2008

 

 

       ____________________________                          

            Mayor

ATTEST:

 

 

_________________________________              Ayes_____ Noes____

City Clerk