Number
110766
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
A substitute ordinance relating to investment of city pooled funds.
Sections
304-6 cr
304-46 cr
Analysis
This ordinance authorizes the city comptroller to invest pooled city funds provided:
1. All investments are in compliance with the restrictions established by s. 66.0603, Wis. Stats.
2. The city comptroller issues commercial paper authorized through the public debt commission and in consultation with the city treasurer concerning the city’s cash flow and the need for available funds to pay city obligations.
3. The city treasurer provides the city comptroller’s office with timely access to all information and systems relating to funds on hand in the city treasury necessary to implement investment of city pooled funds.
The ordinance also requires that the common council annually review the performance of the city comptroller concerning the investment of pooled funds.
Furthermore, the ordinance authorizes the city treasurer to invest those city funds not authorized for investment by the city comptroller.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 304-6 of the code is created to read:
304-6. Investment of City Pooled Funds.
1. DEFINITIONS. In this section:
a. “Local government investment pool” means the fund defined in s. 25.50, Wis. Stats.
b. “Pooled funds” means all unrestricted city funds. Pooled funds shall not include debt service funds, funds in the public debt amortization fund or any restricted funds, but shall include the following:
b-1. General funds that are not immediately needed to pay for obligations of the city.
b-2. Enterprise funds, including funds of the Milwaukee water works or of the sewer maintenance fund.
b-3. Proceeds from revenue anticipation note borrowing.
b-4. School operations, school construction and school extension funds.
c. “Total return” means the capital apprecia...
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