HomeMy WebLinkAbout04-25 Adopting an Investment Policy for the City of South Bend for Calendar Year 2025 Through 2028 County-City Building ••.., Phone 311 inside City limits
227 W Jefferson Blvd Suite,1200 N SQUTH B ;'•. Email 311@southbendin.gov
South Bend,IN 46601 Q4 ��'�.ti Website Southbendin.gov
James Mueller,Mayor �� 1 � '
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City of South Bend 'AN
Bianca Tirado
Department of Administration 8r Finance City Clerk, South Bend, IN
Division of Human Resources
January 7,2025
Canneth Lee, President
City of South Bend Common Council
227 W.Jefferson Boulevard,4th Floor
South Bend, Indiana 46601
RE:2025 CoSB Investment Policy
Dear President Lee,
This ordinance establishes an investment policy for the City of South Bend for calendar year 2025.
This investment policy will be established for up to 4 years unless it is amended by ordinance.This
ordinance also provides that the types of investments that need to be renewed more frequently will
be renewed by Resolution,as is authorized by Indiana law.That would begin in 2026.This
ordinance also allows for the City's investment portfolio to be invested in maturities with more than
two years but no more than five years after purchase.
I will present this bill to the Common Council at the appropriate committee and Council meetings.
It is requested that this bill be filed for 1st reading on January 13,2025,with 2nd reading,public
hearing and 3rd reading scheduled for January 27,2025.
Thank you for your attention to this request. If you should have any questions,please feel to contact
me at 574-235-9822.
Regards,
14 n
iilet
Kyle Willis
City Controller
Filed in Clerk's Office
A'V OS
BILL NO. 04-25
Bianca Tirado
City Clerk, South Bend, IN
ORDINANCE NO.
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 2025 THROUGH 2028
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. On December 12, 2022, this Council enacted Ordinance No. 10909-22,
which adopted an identical investment policy for the City of South Bend for calendar year 2023.
On December 11,2023,this Council enacted Ordinance No. 10993-23,which adopted an identical
investment policy for the City of South Bend for calendar year 2024.
This ordinance adopts an identical investment policy for the City of South Bend for
calendar year 2025 unless it is earlier amended by ordinance. As provided for in I.C. 5-13-9-5.7,
the investment policy may be established by ordinance for a period of up to four (4) years.
Authorization under I.C. 5-13-9-5 and I.C. 5-13-9-5.3 may be granted by the Common Council by
resolution, so it is the City's intent to adopt future resolutions in 2026 onward to establish those
components of the investment policy and establish the investment policy by ordinance for a four-
year period as authorized by state law.
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 2025, and shall
read as follows:
With the approval of the City Controller, as the investing officer for the City of
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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 January 27, 2026.
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, 2025 through December 31,
2028, unless earlier amended by ordinance. The City's investment policy as contained in Section
I, Subpart(2) of this ordinance affecting certificates of deposit shall be effective for a period of
one year from its adoption by this Council expiring January 27, 2026, unless earlier amended by
ordinance or resolution. This ordinance is further conditioned upon adoption by the Common
Council and approval by the Mayor.
Canneth Lee, Council President
South Bend Common Council
Attest:
Bianca Tirado, City Clerk
Office of the City Clerk
Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the
City of South Bend, Indiana on the day of , 2025, at
o'clock . m.
Bianca Tirado, City Clerk
Office of the City Clerk
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Approved and signed by me on the day of_ , 2025, at o'clock m
James Mueller, Mayor
City of South Bend, Indiana
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