HomeMy WebLinkAbout1978 15_Create Investment Plan_1978.06.22
CITY OF OWASSO OKLAHOMA
RESOLUTION NO,
WHEREAS the City of Owasso Oklahoma desires to gain the
advantage of earning interest on idle funds; and
WHEREAS, the City desires that the City Treasurer be re-
sponsible for managing the City's 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 City of Owasso, Oklahoma, 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 instru-
ments permissable under the laws of the State of
Oklahoma 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 instru-
ments, 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