Sec. 2-595. Investment of city funds.
(a) The director of finance shall serve as the City's chief investment officer. In such capacity, the director of finance or designee shall have the authority to invest public funds, subject to all applicable federal, state, and local laws, city investment policies, and the supervision and control of the city manager.
(b) The investment of public funds shall be governed by the provisions of section 24-75-601.1, C.R.S., except insofar as the same may be superseded by this section; provided, however, that nothing in this paragraph (b) shall preclude the city from adopting an investment policy which is more restrictive than either this statute or applicable provisions of the City Charter or Code.
(c) In addition to the types of investments authorized by C.R.S. § 24-75-601.1, it shall be lawful to invest city funds in any of the following securities:
(1) Any security of a general improvement district created by the City or any certificate of participation or other security evidencing rights in payments to be made by such district under a lease, lease-purchase agreement, or similar arrangement.
(2) Any certificate of deposit issued by a bank or savings and loan association designated as an eligible public depository under the laws of this state.
(3) Any security that is a general obligation or revenue obligation of a foreign government, or a political subdivision or agency thereof, provided that:
a. The security is denominated in United States dollars and registered with the securities and exchange commission for sale in the United States;
b. No less than two nationally recognized statistical rating organizations have rated the security A1/A+ or higher; and
c. The maximum period from the date of settlement to the maturity date of the security shall be five years.
(4) Any corporate or bank security issued by a foreign corporation or bank, provided that:
a. The security is denominated in United States dollars and registered with the securities and exchange commission for sale in the United States;
b. No less than two nationally recognized statistical rating organizations have rated the security A1/A+ or higher; and
c. The maximum period from the date of settlement to the maturity date of the security shall be five years.
(5) Any security of a government entity providing facilities or services for public projects undertaken by the City or the Aurora Urban Renewal Authority or any certificate of participation or other security evidencing rights in payments to be made by such entity under a lease, lease-purchase agreement, or similar arrangement.
(d) Notwithstanding any provision of state law to the contrary, the maximum period from the date of settlement to the maturity date of the following securities shall be seven years:
(1) Any security issued by, fully guaranteed by, or for which the full credit of the United States Treasury is pledged for payment;
(2) Any security issued by, fully guaranteed by, or for which the full credit of the following is pledged for payment: the Federal Farm Credit Bank, the Federal Land Bank, a Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Export-Import Bank, the Tennessee Valley Authority, the Government National Mortgage Association, or the World Bank; or
(3) Any entity or organization that is not listed in subparagraph (d)(2) but that is created by, or the creation of which is authorized by, legislation enacted by the United States Congress and that is subject to control by the federal government that is at least as extensive as that which governs an entity or organization listed therein.
(e) Notwithstanding any provision of state law to the contrary, the maximum period from the date of settlement to the maturity date of the following securities shall be five years:
(1) Any security that is a general obligation of any state of the United States, the District of Columbia, or any territorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any of such governmental entities.
(2) Any security that is a revenue obligation of any state of the United States, the District of Columbia, or any territorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any of such governmental entities.
(3) Any corporate or bank security issued by a corporation or bank that is organized and operated within the United States.
(f) Notwithstanding any provision of state law to the contrary, the following securities shall have been rated A1/A+ or higher by no less than two nationally recognized statistical rating organizations:
(1) Any security that is a general obligation of any state of the United States, the District of Columbia, or any territorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any of such governmental entities.
(2) Any security that is a revenue obligation of any state of the United States, the District of Columbia, or any territorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any of such governmental entities.
(3) Any corporate or bank security issued by a corporation or bank that is organized and operated within the United States.
(4) Any security issued by, fully guaranteed by, or for which the full credit of the following is pledged for payment: the Federal Farm Credit Bank, the Federal Land Bank, a Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Export-Import Bank, the Tennessee Valley Authority, the Government National Mortgage Association, or the World Bank; or
(5) Any entity or organization that is not listed in subparagraph (f)(4) but that is created by, or the creation of which is authorized by, legislation enacted by the United States Congress and that is subject to control by the federal government that is at least as extensive as that which governs an entity or organization listed therein.
(g) Notwithstanding any provision of state law to the contrary, it shall be lawful to invest a maximum of $100,000,000.00 of public funds in any reverse repurchase agreement for the purpose of providing interim funding for the acquisition of capital, provided that:
(1) The period from the date of settlement of the reverse repurchase agreement to the maturity date does not exceed 18 months;
(2) The counterparty to the reverse repurchase agreement has been rated BAA3/BBB- or higher by no less than two nationally recognized statistical rating organizations; and
(3) The reverse repurchase agreement meets all other conditions set forth in section 24-75-601.1(1)(j.5), C.R.S.
(h) Notwithstanding any provision of state law to the contrary, it shall be lawful to invest the proceeds of any bonds or other financial obligations issued by the City or evidencing rights in payments to be made by the City in any repurchase agreement where the period from the date of settlement to the maturity date exceeds five years; provided that:
(1) The period from the date of settlement of the repurchase agreement to the maturity date does not exceed the maturity date of the security; and
(2) The repurchase agreement meets all other conditions set forth in section 24-75-601.1(1)(J), C.R.S. (Ord. No. 2015-32, § 1, 9-14-2015; Ord. No. 2012-01, §§ 1—3, 2-13-2012; Ord. No. 2011-32, § 1, 10-10-2011; Ord. No. 2010-45, § 1, 11-22-2010; Ord. No. 2006-79, § 1, 1-8-2007; Ord. No. 2005-23, § 1, 5-16-2005; Ord. No. 99-01, § 1, 1-25-1999)