HomeMy WebLinkAbout10909-22 Adopting an Investigation Policy for the city of South Bend for Calendar Yr. 2023 ORDINANCE No . 10909-22
Passed by the Common Council of the City of South Bend, Indiana
December 12, 20 22
7XAttest: /! ' / City Clerk
Dawn M Jones
Attest: SkaAN V\/\ C I President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
December 13, 22
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1(/( --)Z • / _ City Clerk
Dawn M Jones
Approved and signed by me pdeA4' lb, 2011
kPilik_/' Mayor
BILL NO. 75-22
ORDINANCE NO. 10909-22
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA,ADOPTING AN INVESTMENT POLICY FOR THE CITY OF SOUTH BEND
FOR CALENDAR YEAR 2023
STATEMENT OF PURPOSE AND INTENT
The Indiana legislature has enacted Indiana Code § 5-13-9 et seq., which permits the fiscal
officer of a city to make investments of public funds into designated investment vehicles. The
Common Council of the City of South Bend determined that it is in the best interest of the City to
authorize the full exercise of the City's investment powers under the Indiana Code.
Accordingly,on December 14,2020,this Council enacted Ordinance No.10768-20 which
established an investment policy for the City of South Bend for calendar year 2021, as provided
under Indiana Code § 5-13-9-5.7, and it authorized the City Controller to dedicate up to the
maximum allowable proportion of the City's investment portfolio to investments maturing more
than two years but not more than five years after purchase. Ordinance No. 10768-20 further
authorized the City Controller to invest in certain investment vehicles as provided under Indiana
Code § 5-13-9-5 and Indiana Code § 5-13-9-5.3. On December 13, 2021, this Council enacted
Ordinance No. 10832-21,which adopted an identical investment policy for the City of South Bend
for calendar year 2022.
This ordinance adopts an identical investment policy for the City of South Bend for
calendar year 2023 unless it is earlier amended by ordinance.
NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA as follows:
SECTION I. For purposes of Indiana Code § 5-13-9, the investment policy for the City
of South Bend first adopted on December 14, 2020 is approved for calendar year 2023, and shall
read as follows:
With the approval of the City Controller, as the investing officer for the City of
South Bend,the City may invest public funds in various investment vehicles,in accordance
with Title 5, Article 13, of the Indiana Code, as amended from time to time. The City's
investment portfolio may contain any investment vehicle generally provided for under
Indiana Code § 5-13-9. In addition, the City Controller is granted the following specific
authorizations:
1. Pursuant to Indiana Code § 5-13-9-5.7, the City Controller is authorized to
make investments having a stated final maturity that is more than two (2)
years but not more than five(5)years after the date of purchase or entry into
a repurchase agreement, provided that such investments may comprise no
more than twenty-five percent (25%) of the total portfolio of public funds
invested by the City, including balances in transaction accounts.
2. Pursuant to Indiana Code § 5-13-9-5, the City Controller is authorized to
invest in certificates of deposit of certain depositories, as defined by and
subject to the requirements of Indiana Code§ 5-13-9-5,which authorization
will expire on December 13, 2022.
3. Pursuant to Indiana Code § 5-13-9-5.3, the City Controller is authorized to
invest in interest bearing deposit accounts that satisfy the conditions stated
in Indiana Code § 5-13-9-5.3(b).
SECTION II. That portion of the City's investment policy contained in Subparts (1) and
(3) of Section I of this ordinance shall be effective from January 1, 2023 through December 31,
2023, unless earlier amended by ordinance. The City's investment policy as contained in Section
1, Subpart 2 of this ordinance affecting certificates of deposit shall be effective for a period of
1
one year from its adoption by this Council expiring December 12, 2023 unless earlier amended
by ordinance. This ordinance is further conditioned upon adoption by the Common Council and
approval by the Mayor.
i tyl/( 1\4q5Q-. I
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Sao c de, Cou c
South Bend Common Council
Att
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Dawn M. Jones, City Cler
Office of the City Clerk
Presented by me, the undersigned Clerk of the qty of South B d, to the Mayor of the
City of South Bend, Indiana on the /I, day of ,C ?z 2, , 2022, at 11
o'clock Gt . m.
/4(20 771C
Dawn M. Jones, City Clerk
Office of the City Clerk
Approved and signed by me on the I` day of fit u^I , 2022, at Z o'clock , m
f7jt4f
es Mueller, Mayor
ty of South Bend, Indiana
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