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Home My WebLink About~Master - Revisions to City's Investment Policy RESOLUTION NO. 18-436 RESOLUTION APPROVING REVISIONS TO CITY'S INVESTMENT POLICY FOR THE CITY OF AMES WHEREAS, the Code of Iowa Section 12B.IOB requires the City Council to adopt a written investment policy; which provides guidance for investment of City funds; and, WHEREAS,staff periodically reviews the Investment Policy and submits revisions for approval, with the last review occurring in July 2007; and, WHEREAS, changes recommended in the proposed revision to the Policy include: clarified wording throughout policy to comply with the Code of Iowa;inserted wording in Section 2.0 to include achieving maximum security through diversification and adherence to the City's objectives; inserted wording in Section 5.2 to clarify that employees and investment officials shall disclose to the City Manager's office any material interests in financial institutions with which they conduct business; inserted wording in Section 18.1 to clarify that the City Treasurer shall prepare an Investment Report quarterly and present to the City Council within 45 days of each quarter's end;and updated the Appendix to show that FDIC insurance is now $250,000 per deposit; and, WHEREAS,as part of the current review,a draft of the revised Investment Policy was forwarded to the Association of Public Treasurers of United States and Canada (APT-US&C) for review and certification; and, WHEREAS, the APT-US&C Investment Policy Certification Committee has approved the revised City of Ames Investment Policy for the Investment Policy Certificate of Excellence Award;and, WHEREAS, the revised City of Ames Investment Policy establishes guidelines in accordance with best policy practices and has been updated to reflect the current Code of Iowa requirements. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,that the revised Investment Policy is hereby approved. ADOPTED THIS 3Pt day of July, 2018. Diane R. Voss, City Clerk John . Haila, Mayor Introduced by: Gartin Seconded by: Betcher Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson Voting nay: None Absent: Martin Resolution declared adopted and signed by the Mayor this 3Ft day of July, 2018.