To: Board of County Commissioners
Through: Director Name, Title, Department
Prepared By:
prepared
Michael Westerberg, Treasurer, Treasurer's Office
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Subject:
title
10:30 AM *Annual Financial Institution and Investment Policy Resolution and Discussion on Increasing Treasurer's Authority to Purchase Debt Securities
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Purpose and Request:
recommended action
The Treasurer requests the Board of County Commissioners ("Board") approve the financial institution and investment policy resolution accompanying this report, including the language granting the Treasurer broader authority to purchase debt securities meeting at least certain specified requirements under the Board of County Commissioners authority in C.R.S. ?24-75-601.1(1)(a-b).
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Background and Discussion: The Board annually adopts a resolution establishing the banks and other institutions where county funds can be deposited by the Treasurer. The Board also has authorized Treasurer Westerberg to invest county funds in certain securities as allowed by state statute, subject to certain conditions. The current approved language can be found in Resolution No. 24-134, approved by the Board in May of 2024. The statutory authority for Resolution No. 24-134 comes from C.R.S. ??24-75-601.1, 30-10-708. Last year's resolution passing was accompanied by a study session discussion because the former version of the stated resolution had not been substantially updated in many years. Last year's resolution passing helped clear up multiple conflicting resolutions and give more clear investment authority and instructions to Treasurer Westerberg.
The investment authority granted in Resolution 24-134 generally follows the statutory limits in C.R.S. ?24-75-601.1: debt securities having a maturity date of five years or less from the date of purchase and a par value of five million dollars or less may be purchased with County funds by Treasurer Westerberg. In the third quarter of 2024, Treasurer Westerberg ...
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