HomeMy WebLinkAbout951756.tiffRESOLUTION
RE: DESIGNATE ADDITIONAL PUBLIC ASSET POOL AS DEPOSITORY FOR WELD
COUNTY FUNDS AND AUTHORIZE WELD COUNTY TREASURER TO INVEST WELD
COUNTY FUNDS IN TWO MONEY MARKET 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, pursuant to § 24-75-601.1(1)(k), C.R.S., Weld County may invest any moneys
in its treasury, which are not immediately required to be disbursed, in money market funds as long
as such funds are registered as investment companies under the federal "Investment Company
Act of 1940", as amended, and comply with all of the remaining requirements set forth in
§ 24-75-601.1(1)(k), C.R.S., 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, by Resolution of the Board dated January 23, 1995, the Board designated
various banks, savings and loans, and public asset pools as depositories for the funds of Weld
County, Colorado, and
WHEREAS, the Board now deems it in the best interest of Weld County to designate, in
addition to the public asset pools designated in the Board's January 23, 1995, Resolution, the
Government Asset Pool, 751 Horizon Court, Suite 118, Grand Junction, Colorado 81506, as a
depository for funds of Weld County, and
WHEREAS, Arthur Willis, Weld County Treasurer, advises the Board that the Treasury
Obligations Fund and the Government Obligations Fund, both being managed by Federated
Investors, Federated Investors Towers, Pittsburgh, Pennsylvania 15222, are registered as
investment companies under the federal "Investment Company Act of 1940", as amended, and
comply with all of the remaining requirements set forth in § 24-75-601.1(1)(k), C.R.S., and
WHEREAS, the Board also deems it in the best interest of Weld County to authorize the
Weld County Treasurer to invest funds of Weld County in said investment companies through
Colo -First, P.O. Box 88, Niwot, Colorado 80544, as agent for Federated Investors.
951756
TR0015
d�? TkiC/1
RE: WELD COUNTY FUNDS
PAGE 2
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Government Asset Pool be, and hereby is, designated as depository
for the funds of Weld County and that the Weld County Treasurer be, and hereby is, authorized to
pool such county funds as are not immediately required to be disbursed in said Pool.
BE IT FURTHER RESOLVED by the Weld County Treasurer be, and hereby is, authorized
to invest such county funds as are not immediately required to be disbursed in said Treasury Asset
Fund and said Government Obligations Fund.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 30th day of August, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
AP
ifl11\Clerk to the Board
, L - u04_,
_,
Deputy Clerk to the Board
ED AS TO
u ty Attor ey
WELD COUNTY, C()LOFjrADO
Dale K. Hall, Chairman
/7
9/ c a
GeorjiVE. Baxter
a J. Kirkmeyer,,P/o-Tem
Constance L. Harbert
W. H.
dCt
/1 LLtk
951756
TR0015
a
TO: Board of County Commissioners
IllI FROM: Bruce T. Barker, County Attorney -'r P-
C. DATE: August 29, 1995
COLORADO RE: Government Asset Pool and Colo -First Investments
I have reviewed the prospectus information for the Colo -First investments and financial
statements for the Government Asset Pool. As you may recall, Art Willis and I had asked the
Board of County Commissioners to approve the Pool and the investments on Monday, August
28, 1995. The Board continued the matter to August 30, 1995, to obtain more information.
The Colo -First investments consist of two money market funds. They are the Treasury
Obligations Fund and the Government Obligations Fund. Both of these funds are managed by
Federated Investors. The agent in Colorado for Federated Investors is Colo -First Management
Corporation, which is owned and operated by Bob Hullinghorst.
The Treasury Obligation Fund and the Government Obligations Fund comply with the
requirements of §24-75-601.1(1)(k), C.R.S. Specifically, both funds are considered to be
"registered investment companies" under the federal "Investment Company Act of 1940", as
amended. They also: (1) seek to maintain a constant share price; (2) have no sales or load fee
added to the purchase price or deducted from the redemption price of the investments in the
funds; (3) consist of securities with a maximum remaining maturity of 365 days (which complies
with rule 2a-7 of the federal "Investment Company Act of 1940", as amended); (4) have assets of
one billion dollars or more and have the highest current rating from the Moody's and Standard
and Poor's ratings services; and (5) have a dollar weighted average portfolio maturity of 90 days
(which again meets specifications of rule 2a-7 of the federal "Investment Company Act of 1940"
as amended)
Also attached is a copy of §7.1 of the Operational and Investment Policy for the Government
Asset Pool. This document states the type of securities in which the Pool invests. All four of the
investments are those which are authorized pursuant to §24-75-601.1(1)C.R.S.
I have modified the Resolution in order to authorize these investments and the Pool as a
depository. I recommend that the Board approve the Resolution.
pc Don Worden
M:\ W PFILES\MEMO\BOCC\ASPOOL. W I
951756
TREASURY
OBLIGATIONS FUND
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
PORTFOLIO AS OF MAY 31, 1995
CURRENT NET ASSETS - $3,696,580,948
Rating: Standard & Poor's, AAAm
Moody's Investors Service, Aaa"
Seven -Day Yield: 5.920/o(a)(c)(d)
Effective Seven -Day Yield: 6.10%(b)
Average Maturity: 34 Days
FUND NUMBER 68 ON MASTER EDGE
Security Name
Face
Value
Due Date Yield* (000)
United States Treasury Bill 07/27/95 6.14% $ 32,000
United States Treasury Note 07/31/95 5.86 17,000
United States Treasury Note 08/15/95 6.93 11,000
United States Treasury Bill 08/17/95 6.26 23,000
United States Treasury Bill 08/24/95 6.24 79,000
United States Treasury Bill 09/21/95 5.73 14,000
United States Treasury Note 09/30/95 7.09 63,000
United States Treasury Bill 10/19/95 6.11 84,000
United States Treasury Bill 10/26/95 6.07 10,000
United States Treasury Bill 11/09/95 5.87 55,000
United States Treasury Note 11/15/95 6.32 41,000
United States Treasury Bill 11/16/95 6.48 32,000
United States Treasury Bill 11/24/95 5.82 38,000
United States Treasury Note 12/31/95 6.58 9,000
United States Treasury Note 01/31/96 6.30 20,000
United States Treasury Note 02/29/96 6.04 11,000
United States Treasury Bill 03/07/96 6.52 55,000
United States Treasury Note 03/31/96 5.90 20,000
United States Treasury Bill 04/04/96 6.29 74,000
United States Treasury Bill 05/30/96 5.97 15,000
U.S. Treasury Obligations Bought Under Repurchase Agreement VARIOUS 6.13 3,037,800
TOTAL FACE VALUE $3,740,800
* Yields are calculated based on the specific characteristics of each security.
The Trust received the "AAA" rating by Standard & Poor's and the "Aaa" rating from Moody's Investors
Service, the highest ratings available from these independent mutual fund rating services. This means that the
capacity of the issuers of the underlying securities to pay interest and repay principal is extremely strong. This
rating may be changed, suspended,or withdrawn as a result of changes in, or unavailability of, information.
FEDERATED SECURITIES CORP.
uistuilTIIUr
I his nlnlerial IS to be used onl} ouch pin cded 01 ac<ampanied by a current limd prospectus (:all sour rrpre-Scnetlice
Fcdcraid Securiucs Corp_ L)iairihutur. Federated Investors l one'. Pittsburgh_ I'A 15244-:i77J.
951756
GOVERNMENT
OBLIGATIONS FUND
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
PORTFOLIO OF INVESTMENTS AS OF MAY 31, 1995
CURRENT NET ASSETS — $1,816,917,963
Rating: Standard & Poor's, AAAm
Moody's Investors Service, Aaa**
Seven -Day Yield: 5.95%(a) (b) (c)
Average Maturity: 32 Days
CUSIP Number: 60934N104
NASDAQ Symbol: GOIXX
FUND NUMBER 5 ON MASTER EDGE
Security Name
Face
Value
Due Date Yield* (000)
Federal Home Loan Bank Floating Rate Note 06/01/95 6.17% $ 35,500
Federal Home Loan Mortgage Corp. Floating Rate Note 06/01/95 6.20 16,500
Federal National Mortgage Assoc Floating Rate Note 06/01/95 6.17 15,500
Federal National Mortgage Assoc Floating Rate Note 06/01/95 5.80 10,000
Federal Home Loan Bank Discount Note 06/05/95 6.54 20,000
Federal Home Loan Bank Floating Rate Note 06/06/95 5.87 19,000
Federal National Mortgage Assoc Floating Rate Note 06/06/95 5.92 34,500
Student Loan Marketing Assoc Floating Rate Note 06/06/95 6.02 11,230
Student Loan Marketing Assoc Floating Rate Note 06/06/95 5.97 10,000
Federal Home Loan Bank Discount Note 06/12/95 5.51 7,000
Federal Farm Credit Bank Discount Note 06/13/95 6.84 9,000
Federal Home Loan Bank Discount Note 06/13/95 6.92 7,000
Federal National Mortgage Assoc Discount Note 06/20/95 6.44 16,000
Federal National Mortgage Assoc Discount Note 06/29/95 6.82 22,000
United States Treasury Bill 06/29/95 5.46 7,000
Federal National Mortgage Assoc Discount Note 07/17/95 6.89 11,185
Federal National Mortgage Assoc Discount Note 08/17/95 6.29 15,000
United States Treasury Bill 08/24/95 6.43 17,500
Federal National Mortgage Assoc Discount Note 09/11/95 6.04 22,000
Federal National Mortgage Assoc Discount Note 09/11/95 6.12 16,000
Federal National Mortgage Assoc Discount Note 09/14/95 5.97 15,000
Federal National Mortgage Assoc Discount Note 09/14/95 6.04 14,000
Federal National Mortgage Assoc Discount Note 09/25/95 5.99 19,875
Federal National Mortgage Assn Discount Note 09/29/95 5.99 16,755
Federal National Mortgage Assoc Discount Note 10/23/95 6.13 23,000
Federal National Mortgage Assn Discount Note 10/26/95 6.09 23,000
Federal Home Loan Mortgage Discount Note 11/01/95 6.78 7,165
Federal Home Loan Bank Discount Note 11/02/95 6.89 6,000
Federal Home Loan Bank Discount Note 11/22/95 7.12 7,000
FEDERATED SECURITIES CORP.
Distributor
This material is to be used only when preceded or accompanied by a current fund prospectus. Call your representative.
Federated Securities Corp., Distributor, Federated Investors Tower, Pittsburgh, PA 15222-3779.
951756
GOVERNMENT ASSET POOL
(Operational and Investment Policy for GAP)
7.1 Statement of Investment Policy and Objective. Subject to the prohibitions and restrictions
contained in Section 7.2 hereof, the general investment policy and objective of the Trust shall
be to provide to the Participants of the Trust the maximum safety and liquidity. Secondary
objective is to pay the highest rate of return consistent with safety and liquidity by investing in
Permitted Investments in accordance with the Act, the Investment Act, the Public Deposit
Protection Acts, and any other applicable provisions of Law.
GAP's primary investment objectives are maximum safety and liquidity. Its secondary objec-
tive is to pay each Participant the highest rate of return on their pooled investment consistent
with safety and liquidity. Our investment policies and vehiclesareas follows:
Portfolio Composition - all pooled public funds shall be invested only in securities which are
authorized by statute governing the temporary investment and management ofassetpools.
GAP is further restricted to the following investments by this Resolution of Trust:
1. U. S. Treasury Bills - The Trust Fund is allowed by statute and this Resolution to invest
in U. S. Treasury Bills. These are backed by the direct "full faith and credit" pledge of the
United States Government. Maturity will typically be six months or less.
2. U. S. Treasury Notes - The Trust Fund is also allowed by statute and this Resolution to
invest in U. S. Treasury Notes which carry the direct "full faith and credit" pledge of the
United States Government. Treasury notes for the purpose of this fund will typically have -a
maturity of one year or less.
3. U. S. Government Agencies - statute and this Resolution allow the Trust to invest in
securities issued or guaranteed by the U. S. Treasury and agencies or instrumentalities of the
U. S. Government. For purposes of this fund, these investments will mature in one year or less.
These also (with some exceptions), have "full faith and credit" of the United States Govern-
ment.
4. Repurchase Agreements - the fund will be allowed by statute and this Resolution to
invest in repurchase agreements backed by securities that are guaranteed by the "full faith
and credit" of the United States Government. Such collateral may include U. S. Treasury
Bills, U. S. Treasury Notes, or U. S. Treasury Bonds. Repurchase agreements by statute must
be collateralized by U. S. Treasuries or U. S. Government agencies having a market value of at
least 102% of the public funds invested. Repurchase agreements held by this fund will typi-
cally have maturities of seven days or less.
The portfolio concentration will typically be divided equally among the above
described investments.
The overall weighted portfolio maturity of all investments made by this fund will
typically be three months or less and will at all times conform to the standard set by an S.E.C.
regulated money market fund.
951756
From: ART WILLIS
To: CENTDOMAIN.CENTPOST.BBARKER
Date: 8/23/95 10:11 am
Subject: Amendment to Investment Resolution
Reply requested when convenient
In addition to amending the resolution to name Government Asset Pool as an approved depository, please also add
the following:
Colo -First
Post Office Box 88
Niwot, CO 80544
Colo -First (not to be confused with Colo -Fit) is managed by the individual who used to manage our account with
Colo -Fit. We are pulling out of Colo -Fit which was recently sold to an out-of-state management corporation and
would have resulted in our account being managed by someone in Minnesota. Don't like distant money managers!
Please call if you need other information.
951756
Attrii1 MEMORANDUM
TO: Bruce Barker August 22, 1995
COLORADO From: Art Willis, Treasur r
SUBJECT: Amendment • nvestment Resolution
Bruce,
Please add the following asset investment pool to the list of approved depositories for Weld
County funds:
Government Asset Pool (GAP)
751 Horizon Court
Suite 118
Grand Junction, CO 81506
We have had funds invested with this pool since before I took office and wish to continue
investing with them. I don't know how we missed them in the first consideration. Thanks for
your help and I apologize for the inconvenience.
Art
951756
Hello