On joint motion of all Councilmembers present, the following resolution was
offered:
RESOLUTION NO. 123615
A resolution formally amending the written Statement of Cash
Management and Investment Policies prepared by the Jefferson
Parish Department of Finance. (Parishwide)
WHEREAS, existing Louisiana State Statutes provide parishes with the legal
authority to promulgate and implement local standards for their cash management and
investment operations,
WHEREAS, the governing body of the Parish of Jefferson has adopted specific
cash management and investment resolutions expanding the Parish’s investment
authority and conferring broad powers and responsibilities upon the Parish’s Finance
Director, and
WHEREAS, a written Statement of Cash Management and Investment Policies
has been prepared, formalized and implemented by the Department of Finance, and
WHEREAS the different asset classes are identified below in the amendments to
the Statement of Cash Management and Investment Policies.
NOW THEREFORE BE IT RESOLVED by the Jefferson Parish Council of
Jefferson Parish, Louisiana acting as governing authority of said Parish:
SECTION 1. That the Statement of Cash Management and Investment Policies
is hereby amended to include the following types of investments:
A. Bonds, debentures, notes or other indebtedness issued by domestic United
States corporations provided that all of the following conditions are met:
(i)
The indebtedness shall have a long-term rating of Aa3 or
higher by Moody’s Investors Service, a long-term rating of AA- or
higher by Standard & Poor’s, or a long-term rating of AA- or higher
by Fitch Ratings, Inc.
(ii)
The total amount of such indebtedness shall not exceed 50% of the
Parish’s overall investments at the time of purchase
(iii)
The total amount of indebtedness of any one corporate
obligor/credit shall not exceed five percent (5%) of the Parish’s
overall investments at the time of purchase.
B. Bonds, debentures, notes or other indebtedness issued by the state of
Louisiana or any of its political subdivisions, provided that all of the following conditions
are met:
(i)
The indebtedness shall have a long-term rating of Baa3 or higher
by Moody’s Investor Service, a long-term rating of BBB- or higher
by Standard and Poor’s Corporation, or a long-term rating of BBBor higher by Fitch, Inc., or a short-term rating of M1G1 or VM1G1
by Moody’s Investors Service, a short-term rating of A-1 or A-1+ by
Standard & Poor’s, or a short-term rating of F1 or F1+ by Fitch, Inc.
(ii)
The total amount of such indebtedness shall not exceed 50% of the
Parish’s overall investments at the time of purchase
(iii)
The total amount of indebtedness of any one corporate
obligor/credit shall not exceed five percent (5%) of the Parish’s
overall investments at the time of purchase.
C. Bonds, debentures, notes or other indebtedness issued by a state of the
United States other than Louisiana or any of such state’s political subdivisions, provided
that all of the following conditions are met:
(i)
Such indebtedness shall have a minimum investment grade rating
of A3 or higher by Moody’s Investor Service, a rating of A- or higher
by Standard and Poor’s Corporation, or a rating of A- or higher by
Fitch, Inc., or a short-term rating of M1G1or VM1G1 by Moody’s
Investors Service, a short-term rating of A-1 or A-1+ by Standard &
Poor’s, or a short-term rating of F1 or F1+ by Fitch, Inc.
(ii)
The total amount of such indebtedness shall not exceed 50%
of the Parish’s overall investments at the time of purchase.
(iii)
The total amount of indebtedness of any one municipal
obligor/credit shall not exceed five percent (5%) of the Parish’s
overall investments at the time of purchase.
D. Investment grade commercial paper of domestic United States corporations,
provided that all of the following conditions are met:
(i)
Such commercial paper is rated P-1 by Moody’s Investor
Service or A-1 (or A-1+) by Standard and Poor’s Corporation.
(ii)
The total amount of commercial paper shall not exceed 25% of the
Parish’s overall investments at the time of purchase.
(iii)
The total amount of commercial paper of any one obligor/credit
shall not exceed five percent (5%) of the Parish’s overall
investments at the time of purchase.
And furthermore:
All such indebtedness listed above in Section 1, shall have a final maturity,
mandatory tender, or a continuing optional tender of no more than five years,
except that such five year limitation shall not apply to funds held by a trustee,
escrow agent, paying agent, or other third party custodian in connection with a
bond issue.
The combined total amount of such investments listed above shall not exceed
two-thirds of the Parish’s overall investments at the time of purchase.
Prior to purchase of any such indebtedness and at all times during which such
indebtedness is owned, the parish retains the services of an investment advisor
registered with the United States Securities and Exchange Commission.
The Parish may not purchase its own indebtedness.
SECTION 2. That the Council Chairman, or in his absence the Vice-Chairman, is
authorized to sign any and all documents in connection therewith.
The foregoing resolution having been submitted to a vote, the vote thereon was
as follows:
YEAS: 7
NAYS: None
ABSENT: None
This resolution was declared to be adopted on this the 17th day of September,
2014.