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.


Georgia Fund I Resolution.pdfGeorgia Fund I Resolution.pdf


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