HomeMy WebLinkAbout20012447 RESOLUTION
RE: APPROVE DESIGNATION OF BANKS, SAVINGS BANKS AND PUBLIC ASSET
POOLS AS DEPOSITORIES FOR WELD COUNTY FUNDS
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, Section 30-10-708(1), C.R.S., as amended, states as follows:
"In all counties of this state, the county treasurer shall deposit all
the funds and moneys of whatever kind that come into his
possession by virtue of his office, in his name as such treasurer,
in one or more state banks, national banks having their principal
offices in this state, or, in compliance with the provisions of article
47 of title 11, CRS, savings and loan associations having their
principal offices in this state which have theretofore been
approved and designated by written resolution duly adopted by a
majority vote of the board of county commissioners, which shall
be entered into its minutes...", and
WHEREAS, Section 11-4(1) of the Home Rule Charter for Weld County, Colorado,
states as follows: "The County Treasurer shall, with prudence, deposit available funds in
accordance with the statutes of the State of Colorado giving preference to Weld County
financial institutions," and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, deems it
in the best interest of Weld County to designate the following banks and savings and loan
associations as depositories for the funds of Weld County:
The Bank of Colorado, Front Range
Key Bank of Colorado
Bank One, Greeley
The Colorado Community Bank
Colorado National Bank
Centennial Bank of the West
Farmers Bank
First Choice Bank
Community First National Bank, Greeley
First National Bank, Johnstown
First Northern Savings Bank
Wells Fargo Bank, Colorado
Independent Bank, Greeley
Vectra Bank, Kersey
Independent Bank, Platteville
Union Colony Bank
Commercial Federal Bank
Firstbank of Greeley
2001-2447
e, 7X I 4e, (A TR0020
RE: DEPOSITORIES FOR FUNDS
PAGE 2
Citizens State Bank, Keenesburg
First Security Bank, Ft. Lupton
Platteville State Bank
Valley Bank, Frederick
Weld County Bank
Cache Bank, Greeley
First National Bank, Windsor
Equitable Savings and Loan, Greeley
New Frontier Bank
U.S. Bank, and
WHEREAS, pursuant to Part 7 of Article 75 of Title 24, C.R.S., Weld County may pool
any moneys in its treasury which are not immediately required to be disbursed, with the same
such moneys in the treasury of other Colorado political subdivisions in order to take advantage
of short-term investments and maximize net interest earnings, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, deems it in
the best interest of Weld County to designate the following Colorado public asset pools and
money market accounts as depositories for the funds of Weld County:
Colorado Surplus Asset Fund Trust (CSafe)
Colorado Diversified Trust (CDT)
Colorado Local Government Liquid Asset Trust (Colotrust)
Government Asset Pool (GAP)
Piper Jaffray Money Management Account— First American Funds, Inc.
Merrill Lynch Funds for Institutional Series — Money Management Account
Fidelity Institutional Money Market Funds Treasury Only Portfolio, Class I
Federated Government Obligations Fund
AIM Liquid Assets Fund
Cash Management Programs, Inc.
A.G. Edward's Centennial Government Trust, and
WHEREAS, pursuant to Part 6 of Article 75 of Title 24, C.R.S., the County Treasurer
may invest the funds in his custody or possession in those securities set forth in Section 24-75-
601.1(1), C.R.S.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the above and foregoing banks and savings banks be, and hereby
are, designated as depositories for the funds of Weld County.
BE IT FURTHER RESOLVED by the Board that the County Treasurer, Arthur L. Willis,
be, and hereby is, authorized and instructed to secure such deposits according to law as stated
in Section 30-10-708, C.R.S., as amended, and that this Resolution shall supercede previous
Resolutions of the Board regarding the same subject as discussed herein dated January 23,
1995, August 30, 1995, and January 15, 1996.
2001-2447
TR0020
RE: DEPOSITORIES FOR FUNDS
PAGE 3
BE IT FURTHER RESOLVED by the Board that the County Treasurer be, and hereby
is, authorized to pool such county funds as are not immediately required to be disbursed in the
above and foregoing Colorado public asset pools pursuant to Part 7 of Article 75 of Title 24,
C.R.S., as amended.
BE IT FURTHER RESOLVED by the Board that the County Treasurer be, and hereby
is, authorized to invest such county funds as are not immediately required to be disbursed in
securities as set forth in Section 24-75-601.1(1), C.R.S., as amended, which have a maturity
date of five years or less from the date of purchase, or if authorized by the Board, for such
period in excess of five years. The County Treasurer shall hold all such securities until their
date of maturity, at which time he is hereby authorized to redeem them and deposit or reinvest
the proceeds in accordance with the foregoing resolution, or he may sell such securities prior to
their date of maturity at which time he is thereby authorized to redeem them and deposit or
reinvest the proceeds in accordance with the provisions of this Resolution.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 29th day of August, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
WELD CO NTY, COLORADO
ATTEST: I goy / arc E ilda‘
M. J. eile, Ch Than
Weld County Clerk to th= o- �ev�
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Deputy Clerk to the Bo1V�! ��
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Robert D. Ma den
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Date of signature: <5
2001-2447
TR0020
TO: Board of County Commissioners of Weld County
IFROM: Bruce T. Barker
C. DATE: August 17, 2001
COLORADO SUBJECT: Resolution to Approve Designation of Banks, Savings
Banks, and Public Asset Pools as Depositories for Weld
County Funds
C.R.S. § 30-10-708(1) requires the County Treasurer to seek the approval of the Board of County
Commissioners for him to deposit the County's funds into state banks, and national banks and
savings and loan associations "having their principle offices in this state." The Treasurer also has the
authority to invest the County's funds in public asset pools (funds) designated by the Board and
which are in compliance with the requirements of C.R.S. § 24-75-601.1.
On January 23, 1995, and August 30, 1995, the Board passed resolutions approving all of the state
banks, national banks, savings and loan associations, and funds in which the Treasurer has money
deposited or invested. Additional pools were approved by the Board by resolutions dated August 4,
1997, March 9, 1998, and July 21, 1999.
Art Willis has asked me to update and seek Board consideration of a resolution to approve all of the
state banks, national banks, savings and loan associations, and funds in which the Treasurer has
money deposited or invested. Attached is a copy of such a proposed resolution.
All of the national banks and the savings and loan associations listed on the resolution have their
principle offices in Colorado.
With respect to the funds, I have read through their prospectuses and have concluded that each
complies with the requirements of C.R.S. § 24-75-601.1(1)(k), as follows:
1. Each fund is registered as an investment company under the Federal
"Investment Company Act of 1940" as amended.
2. The investment policy of each fund includes seeking to maintain a constant
share price.
3. No sales or load fees is added to the purchase price or deducted from the
redemption price of the investments in each fund.
4. The investments of each fund consist only of securities with a maximum
remaining maturity as specified in rule 2a-7 under the Federal "Investment
Company Act of 1940", as amended, and the securities have the highest
current credit rating from one or more nationally recognized organizations.
.;?"o/2q/U7
Memorandum, Treasurer Investments
August 17, 2001
Page 2
5. The dollar weighted average portfolio maturity of each fund meets the
requirements specified in Rule 2a-7 under the Federal "Investment Company
Act of 1940", as amended.
I recommend that the Board approve the attached resolution.
Please feel free to ask me any questions you may have regaxling this information.
ruse T. Barker
Weld County Attorney
Attachment
pc: Art Willis
Don Warden
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