Number
011628
Version
Original
Reference
Sponsor
Chair
Title
Resolution authorizing the City Comptroller to execute a Deposit and Sales Authorization Form to sell 79,281 shares of Principal Financial Group, Inc. and the proceeds to be deposited into the City's account in the Employer's Reserve Fund. (City Attorney)
Analysis
This resolution authorizes the City Comptroller to execute a Deposit and Sales Authorization Form to sell 79,281 shares of Principal Financial Group held in the account of the City of Milwaukee of Mellon Investor Services. This resolution directs the City Treasurer to contribute the proceeds to the City's account in the Employers' Reserve Fund established under section 36-08-8 of the Milwaukee City Charter.
Body
Whereas, The City of Milwaukee is the holder of Group Annuity Contract No. GA 88797, a single premium guaranteed annuity contract with The Principal Mutual Life Insurance Company of Des Moines, Iowa; and
Whereas, The Principal Mutual Life Insurance Company has changed its status from a mutual life insurance company to Principal Financial Group, a stock company; and
Whereas, The City has received notice from Mellon Investor Services that as a result of such demutualization, it has on deposit to the account of the City of Milwaukee, 79,281 shares at Principal Financial Group, Inc.; and
Whereas, The shares may be sold by Mellon Investor Services for a transaction fee not to exceed $15 per transaction plus 12 cents per share, such transaction fee to be deducted from the proceeds of the sale; and
Whereas, Such sale will occur at the market price, with receipt for such shares and the proceeds to be delivered by check within 5 days after settlement of the sale transaction; and
Whereas, The City of Milwaukee is desirous of selling its shares; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that W. Martin Morics, City Comptroller, be and hereby is authorized and directed to execute the Deposit and Sales Authorization Form authorizing Mellon Investor Services to sell all book entry shares to the account of the City of Milwaukee; and, be it
Further Resolved, That upon receipt of the proceeds from such sale, the proper City officers be and hereby are authorized and directed to contribute the proceeds to the Employes' Retirement System for deposit in the City's account in the Employers' Reserve Fund established under s. 36-08-8 of the Charter.
Requestor
City Attorney
Drafter
TEH:kef
49869 1054-2001-3777