City of Pittsburgh - File #: 2006-0763

• File #: 2006-0763
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 9/19/2006
• In control: Committee on Finance, Law and Purchasing
• Final action: 10/3/2006
• Enactment date: 10/3/2006
• Enactment #: 612
• Effective date: 10/9/2006
• Title: Resolution amending Resolution #141, effective March 14, 2003 entitled “ Authorizing and directing the Director of Finance and the City Controller to open an account or accounts with the following financial institutions: Fidelity Investments, Goldman Sachs and J. P. Morgan/Chase for the investment of City funds.” To also include BlackRock financial institution .
• Indexes: MISCELLANEOUS

Date	Ver.	Action By	Action	Result
10/11/2006	1	Mayor	Signed by the Mayor
10/3/2006	1	City Council	Passed Finally	Pass
9/27/2006	1	Committee on Finance, Law and Purchasing	Affirmatively Recommended	Pass
9/19/2006	1	City Council	Read and referred

Presenter

Presented by Mr. Deasy

Title

Resolution amending Resolution #141, effective March 14, 2003 entitled “ Authorizing and directing the Director of Finance and the City Controller to open an account or accounts with the following financial institutions:  Fidelity Investments, Goldman Sachs and J. P. Morgan/Chase for the investment of City funds.” To also include BlackRock financial institution .

Body

Whereas it is in the best interest of the City of Pittsburgh to maximize investment earnings on all available City funds and

Whereas, the City has, from time to time, funds available to be invested for short periods of time which do not lend themselves to the standard investment practices of the City of Pittsburgh; and

Whereas, such an account or accounts will of the city improved interest earnings on short term investments; and

Whereas, such investments would be made solely in the United States Government Treasury Obligations held by a third party trustee and fully guaranteed as to the principle and interest by the United States Government.

Be it resolved by the Council of the City of Pittsburgh as follows:

Section 1.                     That Resolution #141, effective March 14, 2003  which currently reads:

The Director of Finance and the City Controller are hereby authorized and directed to open an account or accounts with Fidelity Investments, Goldman Sachs, J.P. Morgan/Chase for the purpose of making short term investments with available City funds at the discretion of the Director of Finance.

Is hearby amended to read as follows:

The Director of Finance and the City Controller are hereby authorized and directed to open an account or accounts with Fidelity Investments, Goldman Sachs, J.P. Morgan/Chase and BlackRock for the purpose of making short term investments with available City funds at the discretion of the Director of Finance.

Section 2.                     The Director of Finance is further authorized and City Controller directed to make investments from time to time from all available City funds.  Provided, however, that all such investments may be made in the United States Treasury Obligations which are to be fully guaranteed as to the principle and interest by the United State Government.