HomeMy WebLinkAboutApprove Depository Bonds and Pledged Securities
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Laurae Clark, Treasurer and
Chris Kukulski, City Manager
SUBJECT: Approval of Pledged Securities
MEETING DATE: February 4, 2008
BACKGROUND: Section 7-6-207 (2) MCA requires the City Commission to approve
pledged securities on at least a quarterly basis.
RECOMMENDATION: Motion to approve depository bonds and pledged securities as of
December 31, 2007.
FISCAL EFFECTS: None
ALTERNATIVES: As suggested by the City Commission.
Respectfully submitted,
_________________________________ ____________________________
Laurae Clark, Treasurer Chris A. Kukulski, City Manager
Attachments: Depository Bonds & Pledged Securities Report as of December 31, 2007
16
DEPOSITORY BONDS AND SECURITIES
December 31, 2007
RATE MATURITY RECEIPT NO. TOTAL AMOUNT
FIRST SECURITY BANK
Repurchase Agreement Account
Federal Home Loan Bank 5.020% 03/28/2012 462008414 $ 1,680,000.00
Federal Home Loan Bank 5.000% 11/05/2014 393069550 $ 2,000,000.00
Federal Home Loan Bank 6.030% 05/07/2008 341000117 $ 800,000.00
Federal Home Loan Bank 3.320% 03/30/2009 476001526 $ 1,000,000.00
Sub-Total $ 5,480,000.00
All Other Accounts
Federal Deposit Insurance Corporation $ 100,000.00
Federal Home Loan Bank 3.375% 07/21/2008 392017747 1,000,000.00
Sub-Total $ 1,100,000.00
TOTAL - First Security Bank $ 6,580,000.00
This is to certify that we, the Commission of the City of Bozeman, in compliance with the provisions of
Section 7-6-207, M.C.A., have this day certified the receipts of the First Security Bank, for the Depository
Bonds held by the Director of Finance as security, for the deposit for the City of Bozeman funds as of
December 31, 2007, by the banks of Bozeman and approve and accept the same.
_____________________________________________
KAAREN JACOBSON, Mayor
_______________________________________ _______________________________________
SEAN BECKER, Commissioner ERIC BRYSON, Commissioner
_______________________________________ _______________________________________
JEFFREY K. KRAUSS, Commissioner JEFFREY K. RUPP, Commissioner
17
PLEDGED SECURITIES AND CASH IN BANK
All Accounts, including Repurchase Agreement Account
as of
December 31, 2007
___ First Security Bank _______
Repurchase All other
Agreement Accounts Total
Cash on Deposit
at December 31, 2007 $ 4,004,833.66 $ 390,532.48 $ 4,395,366.14
FDIC Coverage $ 100,000.00 $ 100,000.00
Amount Remaining $ 4,004,833.66 $ 290,532.48 $ 4,295,366.14
Pledges required
104% for Repo
50% for all other accts $ 4,165,027.01 $ 145,266.24 $ 4,310,293.25
Actual Amount of Pledges
at December 31, 2007 $ 5,480,000.00 $ 1,000,000.00 $ 6,480,000.00
5,480,000.00
Over (Under) Pledged
at December 31, 2007 $ 1,314,972.99 $ 854,733.76 $ 2,169,706.75
REFERENCE: Section 7-6-207, M.C.A. 18