Agenda Item # 3
Columbus Consolidated Government
Council Meeting
February 13, 2018
Agenda Report # 73
TO: Mayor and Councilors
SUBJECT: Georgia Fund I Investment Pool Signatory Update
INITIATED BY: Finance Department
Recommendation: Approve a resolution updating the signatories for the City at
the ?Georgia Fund I? Investment Pool which is operated by the state Office of
Treasury and Fiscal Services.
Background: O.C.G.A. ?36-83-1, et. Seq. authorizes local governments to invest
funds at Georgia Fund I which is operated by the state Office of Treasury and
Fiscal Services. The Office of Treasury and Fiscal Services requires adoption
of a new resolution by Council any time there are banking changes, changes in
the individuals who are authorized to deposit or withdraw funds from the pool,
or there is a need to provide new information. This requested resolution is to
change the individuals who are authorized to deposit or withdraw funds from the
pool.
Analysis: The investment pool is operated as a money market account, which
invests only in securities authorized by state law.
Financial Considerations: Continued use of the pool is expected to provide a
favorable investment return with minimal risk while assuring sufficient
liquidity for the City.
Legal Considerations: The Office of Treasury and Fiscal Services requires
adoption of a new resolution by Council any time there are banking changes or
changes in the individuals who are authorized to deposit or withdraw funds from
the pool.
Recommendations/Actions: Approve a resolution updating the signatories for the
City at the local government investment pool known as ?Georgia Fund I? which is
operated by the State Office of Treasury and Fiscal Services.
A RESOLUTION
No._________
A RESOLUTION UPDATING THE SIGNATORIES FOR THE CITY AT THE GEORGIA FUND
I INVESTMENT POOL WHICH IS OPERATED BY THE OFFICE OF TREASURY AND FISCAL
SERVICES.
WHEREAS, O.C.G.A. ?36-83-1, et. Seq. authorizes the investment of funds
by local governments in a local government investment pool operated by the
state; and,
WHEREAS, the local government investment pool serves as a cash management tool
for the Columbus Consolidated Government investment portfolio; and,
WHEREAS, the Columbus Consolidated Government is required to adopt a
resolution in order to change the individuals authorized to deposit and
withdraw funds from the pool.
NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA HEREBY RESOLVES:
The Mayor is authorized to execute the attached form to update the signatories
at the Georgia Fund I Investment Pool.
Introduced at a regular meeting of the Council of Columbus, Georgia, held on
the 13th day of February, 2018, and adopted at said meeting by the affirmative
vote of _________ members of said council.
Councilor Allen voting ___________.
Councilor Baker voting ___________.
Councilor Barnes voting ___________.
Councilor Davis voting ___________.
Councilor Henderson voting ___________.
Councilor Garrett voting ___________.
Councilor Huff voting ___________.
Councilor Pugh voting ___________.
Councilor Thomas voting ___________.
Councilor Woodson voting ___________.
______________________________ ________________________
Tiny B. Washington, Clerk of Council Teresa Pike Tomlinson, Mayor
Attachments