City of Milwaukee - File #: 130364

• File #: 130364
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 7/2/2013
• In control: COMMON COUNCIL
• Final action: 7/23/2013
• Effective date: 8/10/2013
• Title: A substitute ordinance relating to the investment of city pooled funds.
• Sponsors: THE CHAIR
• Indexes: CITY TREASURER, MUNICIPAL FINANCE

Date	Ver.	Action By	Action	Result	Tally
8/9/2013	2	CITY CLERK	PUBLISHED
7/25/2013	2	MAYOR	SIGNED
7/23/2013	2	COMMON COUNCIL	PASSED	Pass	15:0
7/17/2013	2	CITY CLERK	DRAFT SUBMITTED
7/17/2013	1	FINANCE & PERSONNEL COMMITTEE	Minutes note: Individuals appearing: Spencer Coggs, Treasurer's Office Jim Klajbor, Treasurer's Office Proposed Substitute A was accepted.
7/17/2013	2	FINANCE & PERSONNEL COMMITTEE
7/15/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/2/2013	0	COMMON COUNCIL	ASSIGNED TO

Number
130364
Version
SUBSTITUTE 2
Reference

Sponsor
THE CHAIR
Title
A substitute ordinance relating to the investment of city pooled funds.
Sections
304-6-1-c rc
304-6-2 am
304-6-3-b am
304-6-3-c am
304-6-3-d cr
304-6-4-b am
304-6-5-a am
304-6-5-d rc
304-46 rp
Analysis
Currently, the common council annually approves the investment agreement between the city treasurer and the bank or trust company for the investment of the city’s pooled funds. This ordinance amends code provisions to allow the city treasurer to enter into an agreement for the investment of the city’s pooled funds without common council approval. This ordinance also requires that the common council’s annual review of the performance of the city treasurer concerning the investment of pooled funds include the net income on the pooled cash portfolio. Finally, this ordinance repeals an obsolete section of the code relating to the investment of funds by the city treasurer.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 304-6-1-c of the code is repealed and recreated to read:
304-6. Investment of City Pooled Funds.
1. DEFINITIONS.
c. “Total return” means the capital gains or losses on the portfolio and the net income of the portfolio.

Part 2. Section 304-6-2 of the code is amended to read:
2. INTENT. It is the intent of the city to [[issue commercial paper]] >>use debt<< to enable all available pooled funds, to the maximum extent practicable, to be [[annually]] placed in investments other than the state of Wisconsin local government investment pool, to reduce the impact of liquidity needs on investment options, and to enhance investment performance relative to that available through the local government investment pool and bank deposits.


Part 3. Section 304-6-3-b and c of the code is amended to read:
3. INVESTMENT AUTHORITY.
b. The city comptroller shall issue [[commercial paper]] >>debt<< authorized through the public debt co...