INVESTMENT POLICY

Binding City Policy

BCP-FIN-2.14

PURPOSE

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; in commercial paper of financial institutions and corporations; corporate bonds; repurchase agreements; 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 assets and enable the City to generate a fair rate of return; and

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

WHEREAS, the Bureau of Financial Services Public Finance and Treasury Division and 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 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;

POLICY

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 be responsible for the implementation of the Investment Policy.

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

4. 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.

EXHIBIT

Exhibit I - Investment Policy (PDF Document, 792 kb)

HISTORY

Resolution No. 36551, adopted by City Council November 14, 2007.

Replaced by Ordinance No. 181829, passed by City Council May 14, 2008 and effective July 1, 2008.

Amended by Resolution No. 36650, adopted by City Council December 10, 2008.

Amended by Resolution No. 36694, adopted by City Council April 8, 2009.

Amended by Resolution No. 36829, adopted by City Council December 1, 2010.

Amended by Resolution No. 36927, adopted by City Council May 16, 2012.