City of Milwaukee - File #: 980598

• File #: 980598
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/24/1998
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 9/23/1998
• Title: 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.
• Sponsors: ALD. HENNINGSEN, ALD. JOHNSON-ODOM, ALD. D'AMATO, ALD. RICHARDS
• Indexes: BANKS AND LENDING INSTITUTIONS

Date	Ver.	Action By	Action	Result	Tally
9/29/1998	0	MAYOR	SIGNED
9/23/1998	0	COMMON COUNCIL	ADOPTED	Pass	15:0
9/15/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Motion to have all members as Sponsors (excluding Ald. Butler)	Pass	4:0
9/8/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/8/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/8/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/24/1998	0	COMMON COUNCIL	ASSIGNED TO

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 depositor...