To: Board of County Commissioners
Through: Michael Westerberg, Treasurer, Treasurer's Office
Prepared By:
prepared
Michael Westerberg, Treasurer, Treasurer's Office
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Subject:
title
Ratification of Bond Purchase
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Purpose and Request:
recommended action
The Board of County Commissioners is requested to adopt a resolution ratifying a bond purchased by Treasurer Westerberg that was in the best interest of the County, technically met statutory requirements, but fell outside of previous authority given to the Treasurer by the Board.
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Background and Discussion: Per the administrative discussion with the full Board on October 1, 2024, it was stated and discussed in detail that Treasurer Westerberg consented to the purchase, by his team, of a Treasury Bond with a remaining maturity date of five years and nine months. That maturity period, while not a technical or willful violation of the normal investment statute followed by the Treasurer (C.R.S. ?24-75-601.1), does fall outside of the previously granted authority from the Board of County Commissioners to Treasurer Westerberg, per the Board's power as listed in C.R.S. ? 24-75-601.1, and recorded in Board of County Commissioner's Resolution No. 24-134. The administrative discussion with the Board on October 1, 2024, contained discussion of the process Treasurer Westerberg followed in deciding if purchasing the bond in question was within the best interests of the County and Taxpayers. There was also discussion of the meaning of language in C.R.S. ? 24-75-601.1, which there was some parsing and slight disagreement but none that was consequential. The Board agreed Treasurer Westerberg followed a good and proper procedure for this type of decision-even if a conclusion was reached the Board did not agree with-and that Treasurer Westerberg did not act with any recklessness, bad faith, or willfulness to violate Resolution No. 24-134. The Board agreed to draft a letter to Treasurer Westerberg encapsulat...
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