Adopt City of Portland Investment Policy

WHEREAS, the City 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; commercial paper of financial institutions and corporations; corporate bonds; repurchase agreements; municipal bonds of governments and agencies located in Oregon, California, Idaho or Washington; and the Local Government Investment Pool; and WHEREAS, there is a need to clearly define the criteria for management 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 assets, provide liquidity to meet the City’s cash needs, and enable the City to generate a market rate of return from its investment activities; and WHEREAS, the Treasury Division of the Bureau of Revenue and Financial Services is charged with responsibility for managing the City’s investments; and WHEREAS, the Treasury Division of the Bureau of Revenue and Financial Services has developed a formal Investment Policy after seeking the advice of the City’s Investment Advisory Committee; and WHEREAS, ORS 294.135 requires the City to adopt an Investment Policy; and WHEREAS, when material changes are made to the Investment Policy, the City is required pursuant to ORS 294.135 to submit the Investment Policy to the State of Oregon Short-Term Fund Board for review; and WHEREAS, the Investment Policy, attached as Exhibit A-1, fulfills all State of Oregon, City Charter, and City Code-mandated requirements. NOW, THEREFORE, BE IT RESOLVED, that the Investment Policy, attached as Exhibit A-2, is hereby adopted as the City of Portland’s Investment Policy; and BE IT FURTHER RESOLVED that the City Treasurer shall be responsible for the implementation of the Investment Policy; and BE IT FURTHER RESOLVED that this resolution shall remain in effect from the date of adoption unless a change is directed by Council; and BE IT FURTHER RESOLVED that the Investment Policy is binding City Policy.