HomeMy WebLinkAbout1978 17_Investment Plan for OPWA_1978.07.11
CITY OF OWASSD~, OKLAHOMA
RESOLUTION NO.
WHEREAS, the Owasso Public Works Authority desires to gain
the advantage of earning interest on idle funds; and
WHEREAS, the Owasso Public Works Authority desires that the
City Treasurer be responsible for managing the OPWA investments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Owasso, Oklahoma:
Section 1. Establishment
a) There is hereby created an investment plan for the
Owasso Public Works Authority for the investment of
otherwise idle funds,
b) The City Treasurer is hereby designated as the
manager of said investment plan.
Section 2. Limitations
a) No more than ninety percent (90%) of available
funds will be invested at any time.
b) No investment shall be made in any instrument
having a maturity date more than ninety (90) days
after the day of investment.
c) Investments shall be made only in those instruments
permissable under the laws of the State of) klahoma and
the United States of America, and the regulations and
codes of the Federal Reserve and the Internal Revenue
Service.
Section 3. Reporting
Each month the City Treasurer will submit to the City
Manager and the City Council a report showing the total
funds invested, the instruments in which those funds
are invested, the maturity dates of all instruments,
and the effective rate of earnings of each of the
instruments.
Section 4. Effective Date
This investment plan is effective July 1 1978
PASSED and APPROVED this day of 1978
ATTEST