HomeMy WebLinkAbout09/16/09 6A
DATE SUBMITTED:
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Adopt Resolution No. 30'11
- Revise Investment Policy to allow the City
to purchase its own taxable bonds issued to
refinance the Gold Mountain Golf Complex.
Committee Meeting Date: September 9,2009
COUNCIL MEETING Date: September 16, 2009
Department: Finance
Presenter: Andy Parks
Phone: 360.473.5722
SUMMARY:
The City Council earlier this year approved the issuance of $5.37 million in taxable long-term bonds
to refinance the City's outstanding bonds. Additionally, the Council authorized staff to purchase and
hold those bonds as investments of the City. The attached policy has been revised to accommodate the
acquisition of the City's bonds. The City's financial advisor drafted the revisions and bond counsel
has reviewed.
ATTACHMENTS: Revised policy with changes noted in 601ditalics'imd shading.
P.eso\v....nOV\ ~o, 30'\1
FISCAL IMPACTS (Include Budgeted Amount): The allowed investments will result in increased
interest earnings City-wide of approximately $100k annually.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
COMMITTEE CHAIR
COUNCIL PRESIDENT:
CONSENT AGENDA D
GENERAL BUSINESS"Sl
PUBLIC HEARING D
RECOMMENDED MOTION:
I move to adopt Resolution No. ~o q 7
approving the revised investment policy as presented.
COUNCIL ACTION: ~pprove D Deny D Table
o Continue 0 No Action