HomeMy WebLinkAbout076-2020DocuSign Envelope ID: A6F4F4F2-F307-489E-9069-811554513F63
RESOLUTION NO. 76-2020
APPROVING CHANGES TO THE TOWN OF DANVILLE INVESTMENT POLICY
WHEREAS, the primary objective of the Investment Policy of the Town of Danville is the
safety and security of Town funds; and
WHEREAS, investments can only be made in legal securities as described by the
Investment Policy and invested in a manner that assures adequate liquidity to meet
forecasted disbursement requirements; and
WHEREAS, maximizing interest earned is a secondary objective once safety, liquidity
and legality have been assured; and
WHEREAS, the Town of Danville Investment Policy has been reviewed by the Town's
Treasurer and independent investment advisor; and
WHEREAS, the Investment Policy continues to meet all known regulations and serve the
best interests of the Town; and
WHEREAS, the Town of Danville Investment Policy has been reviewed by the Town's
Treasurer and independent investment advisor who have recommended the following
updates:
1- Section 11, category g, item number 2, add: "or entities organized within the U.S
as a special purpose corporation, trust, or limited liability company, provided that
I has program -wide credit enhancements including, but not limited to,
overcollateralization, letters of credit, or a surety bond."
2- Section 12, item number 3, add: "not issued or backed by the US government."
WHEREAS, the Danville Town Council has duly reviewed and considered these updates
and find them to be consistent with the intent of the Investment Policy; now therefore be
it
RESOLVED, by the Danville Town Council, that these updates be made to the
Investment Policy and that all investment control and reporting procedures outlined in
the Town of Danville Investment Policy continue to be implemented by the Town
Treasurer.
DocuSign Envelope ID: A6F4F4F2-F307-489E-9069-811554513F63
APPROVED by the Danville Town Council at a regular meeting on November 17, 2020,
by the following vote:
AYES: Arnerich, Blackwell, Morgan, Stepper, Storer
NOES: None
ABSTAINED: None
ABSENT: None
p-DocuSigned by:
MAYOR
APPROVED AS TO FORM: ATTEST:
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CITY ATTORNEY CITY CLERK
PAGE 2 OF RESOLUTION NO. 76-2020