HomeMy WebLinkAbout890855.tiff RESOLUTION
RE: APPROVAL OF THE COMPENSATION PROPOSED TO BE PAID PURSUANT TO
A LETTER OF AGREEMENT FOR INVESTMENT CONSULTING SERVICES -
DENMAN & COMPANY
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, the Weld County Treasurer ("the Treasurer" ) is
authorized by Section 30-2-104 , C.R.S. , to appoint deputies,
assistants and employees at compensation to be fixed by the
Treasurer and approved by Board of County Commissioners, and
WHEREAS, Denman & Company has developed a computer based
modeling system capable of analyzing trends and movements in the
bond market together with other relevant economic data, pursuant
to which Denman & Company is able to provide informed
recommendations on the timing of bond purchase and sale
transactions for the purpose of maximizing transactional profits,
and
WHEREAS, the Treasurer desires to retain the services of
Denman & Company to serve as an investment assistant or counselor
pursuant to a Letter of Agreement dated August 2, 1989, pursuant
to which Denman would be compensated on a commission basis not to
exceed $20 ,000 annually for each million dollars invested in a
designated account; such fee will be reduced if trading profits
achieved in such account are less than 5% annually, and
WHEREAS, the Treasurer will at no time surrender title to or
control of the funds so invested, and
WHEREAS , the fee schedule fixed by the Letter of Agreement is
designed to provide both an incentive to Denman and a protection
to the County against any expenditures for fees or commissions not
offset by profits on investment transactions, and
WHEREAS, Section 30-2-104 (1) (a) requires approval of the
Board of County Commissioners of compensation payable to
assistants designated by the Treasurer.
890855
Page 2
RE: DENMAN & COMPANY
NOW, THEREFORE, BE IT RESOLVED that the Board of County
Commissioners of Weld County, Colorado, approves and authorizes
the Treasurer to retain and pay Denman & Company a percentage
commission as set forth in the Letter of Agreement dated August 2,
1989, between the Treasurer and Denman & Company which commission
shall be an amount equal to the lesser of 2% annually of the
principal balance of a designated account or 40% of the trading
profits , exclusive of interest earned, which are derived from
recommended trades of security instruments held in such account.
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 2nd day of
August, A.D. , 1989.
‘fihBOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
Weld County lerk and Recorder 7/7717-1,
and Clerk to the Board C.W. Kirbyairman
Lan—
( c iJi son Tem
D putt' County Cl k
Ar
APPROVED AS O FORM: Gene R. Brant er
eorge Ke cr
ounty Attorney I;
Gaxiff a69
890855
The Letter of Agreement was never executed and this Resolution was
rescinded by a Resolution dated 9/11/89.
!7941
890855
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