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RESOLUTION AMENDING AN INVESTMENT POLICY AND DESIGNATING PUBLIC DEPOSITORIES.
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WHEREAS:
Statement of Intent
It is the policy of the City of West Allis to invest public funds in a legal and safe manner which will provide the highest investment return with regard for the maximum security, while meeting the daily cash flow requirements of the City and conforming to applicable state and local statutes governing the investment of public funds. This resolution is to repeal Resolution No. 27172, adopted by the Common Council on September 3, 2002, and any other resolutions that may exist regarding the investment of City funds and the designating of public depositories.
This investment policy is intended to designate public depositories for City funds and establish a policy for investing. In addition, the policy will also outline the types of permissible City investments.
Scope
This investment policy applies to all City funds not immediately needed to meet the operating expenses of the City. These funds shall, where permissible, be pooled together to achieve the best rate of return. The following funds are covered by this investment policy: general, special revenue, debt service, capital projects, enterprise funds and trust and agency. This policy will include any new funds created, unless specifically exempted.
Statement of Purpose
Investments shall be made with judgment and care giving first consideration to the legality, safety, liquidity, and finally yield of the investment. "Not withstanding any other provision of law, a treasurer who deposits public moneys in any public depository, in compliance with s. 34.05, is thereby relieved of liability for any loss of public moneys which results from the failure of any public depository to repay to the public depositor the full amount of its deposits thus causing a loss as defined in s. 34.01 (2)." (Section 34.06 of the Wisconsin Statutes) This policy should not be construe...
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