NUMB:
980598
VERS:
ORIGINAL
REF:
930357
XXBY:
ALD. HENNINGSEN, JOHNSON-ODOM, D'AMATO AND RICHARDS
TITL:
Resolution relating to the City of Milwaukee's Socially Responsible Investment Program and the investment of City funds in financial institutions designated as eligible to participate in the investment program.
ANLS:
- Analysis -
This resolution revises procedures for designation of financial institutions as public depositories to participate in the City's Socially Responsible Investment Program. Currently the City Treasurer solicits and reports to the Common Council on applications from financial institutions wishing to be designated public depositories; the Common Council then designates the institutions. This resolution changes the procedure by authorizing the City Treasurer, rather than soliciting and reporting on applications, to utilize data from the Comptroller's annual Financial Institution Lending Report and to make a final decision on designating public depositories. The City Treasurer's designations shall be from among those financial institutions placing in the top half of institutions for residential loans in the target area, and business loans to low and moderate income areas.
BODY:
Whereas, The Common Council adopted resolution File Number 890493 on July 31, 1990, establishing a Socially Responsible Investment Program for the investment of City funds; and
Whereas, File Number 890493 specified that the City Treasurer invest City funds only in those financial institutions designated by the Common Council as eligible to participate in this program; and
Whereas, The City Treasurer in compliance with this resolution and subsequent resolutions relating to the program has annually solicited applications from institutions for public depository designation in the Socially Responsible Investment Program, and prepared a report relating to those applications, which report is the basis for updating the list of public depositories for City funds under the Socially Responsible Investment Program; and
Whereas, File Number 890493 also requires the City Comptroller to prepare an annual Financial Institution Lending Report which summarizes and analyzes trends in residential and business lending by local financial institutions; and
Whereas, The information submitted by the City Comptroller in the annual Financial Institution Lending Report, particularly with respect to data on residential loans in the target area of the city and business loans to low and moderate income areas, could be utilized by the City Treasurer in designating institutions as public depositories, thereby eliminating the need for the City Treasurer to solicit applications for public depository designation and submit a separate report with respect to an analysis of the responses; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Treasurer is authorized to annually designate, with respect to public depository status under the City's Socially Responsible Investment Program, from among those institutions placing in the top half of institutions from the Comptroller's Annual Financial Institution Lending Report relating to residential loans in the target area, and business loans to low and moderate income areas; and, be it
Further Resolved, That File Numbers 911795 and 930357, resolutions establishing procedures for annual application for public depository designation under the City's Socially Responsible Investment Program, are rescinded; as well as the first Further Resolved clause of File Number 890493.
ZDPT:
City Treasurer
DFTR:
LRB98210.1
BJZ:bsw
6/26/98