RESOLUTION No. 36415

Adopt City of Portland Investment Policy (Resolution)

WHEREAS, the City of Portland is permitted under State of Oregon law to invest its funds in various classes of securities including but not limited to: United States Government or United States Agency securities; time deposits and bankers’ acceptances of financial institutions located within Oregon; in commercial paper of financial institutions and corporations; and in the Local Government Investment Pool; and

WHEREAS, there is a need to clearly define the criteria for operation of the City’s investment  portfolio; and

WHEREAS, the primary objective of the Investment Policy is to establish a conservative set of  investment criteria that will prudently protect the City’s principal sums and enable the  City to generate a fair rate of return; and

WHEREAS, the Public Finance and Treasury Division of the Office of Management and Finance is charged with responsibility for managing the City’s investments; and

WHEREAS, the Office of Management and Finance has developed a formal Investment Policy  after seeking the advice of the City’s Investment Advisory Committee; and

WHEREAS, ORS 294.135 requires that the City of Portland adopt an Investment Policy; and

WHEREAS, when material changes are made to the Investment Policy, the City of Portland is required pursuant to ORS 294.135 to submit the Investment Policy for review by the State of Oregon Short-Term Fund Board;

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portland, Oregon that:

1.  The Investment Policy, attached hereto as Exhibit I, fulfills all State of Oregon,      City Charter and Code mandated requirements, and is hereby adopted as the City      of Portland’s Investment Policy.

2.  The City Treasurer shall submit the adopted Investment Policy to the State of Oregon Short-Term Fund Board for their review, consistent with State of Oregon law and Oregon Short-Term Fund Board requirements.

3.  The City Treasurer shall be responsible for the implementation of the Investment      Policy.

4.  Amendments to the Investment Policy must be approved by the City Council.

5.  This resolution shall remain in effect from the date of adoption unless a change is directed by Council.

BE IT FURTHER RESOLVED that the Investment Policy is Binding City Policy.

BACKING SHEET INFORMATION

AGENDA NO. 716-2006

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36415