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HomeMy WebLinkAboutApprove Depository Bonds & Pledged Securities as of Dec. 2010.pdf Commission Memorandum REPORT TO: Honorable Mayor and City Commission FROM: Laurae Clark, Treasurer Anna Rosenberry, Finance Director Chris Kukulski, City Manager SUBJECT: Approval of Pledged Securities MEETING DATE: February 14, 2011 AGENDA ITEM TYPE: Consent RECOMMENDATION: Approve the depository bonds and pledged securities as of December 31, 2010. BACKGROUND: Section 7-6-207 (2), MCA, requires the City Commission to approve pledged securities at least quarterly. UNRESOLVED ISSUES: None ALTERNATIVES: As suggested by the City Commission FISCAL EFFECTS: None Attachments: Depository Bonds & Pledges Securities Report as of December 31, 2010 Report compiled on: January 27, 2011 151 DEPOSITORY BONDS AND SECURITIES December 31, 2010 RATE MATURITY RECEIPT NO. TOTAL AMOUNT FIRST SECURITY BANK Repurchase Agreement Account Federal Home Loan Bank 2.100% 01/26/2012 392094131 $ 1,680,000.00 Federal Home Loan Bank 5.000% 11/05/2014 392069550 $ 2,000,000.00 Federal Home Loan Bank 1.050% 03/15/2012 392097523 $ 1,800,000.00 Sub-Total $ 5,480,000.00 All Other Accounts Federal Deposit Insurance Corporation $ 250,000.00 Federal Home Loan Bank 3.250% 10/17/2011 392076550 1,000,000.00 Sub-Total $ 1,250,000.00 TOTAL - First Security Bank $ 6,730,000.00 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, 2010, by the banks of Bozeman and approve and accept the same. _____________________________________________ JEFFREY K. KRAUSS, Mayor _______________________________________ _______________________________________ SEAN BECKER, Deputy Mayor CHRIS MEHL, Commissioner _______________________________________ _______________________________________ CARSON TAYLOR, Commissioner CYNTHIA L. ANDRUS, Commissioner 152 PLEDGED SECURITIES AND CASH IN BANK All Accounts, including Repurchase Agreement Account as of December 31, 2010 ___ First Security Bank _______ Repurchase All other Agreement Accounts Total Cash on Deposit as of December 31, 2010 $ 4,167,278.98 $ 422,817.19 $ 4,590,096.17 FDIC Coverage $ 250,000.00 $ 250,000.00 Amount Remaining $ 4,167,278.98 $ 172,817.19 $ 4,340,096.17 Pledges required 104% for Repo 50% for all other accts $ 4,333,970.14 $ 86,408.60 $ 4,420,378.74 Actual Amount of Pledges as of December 31, 2010 $ 5,480,000.00 $ 1,000,000.00 $ 6,480,000.00 Over (Under) Pledged as of December 31, 2010 $ 1,146,029.86 $ 913,591.40 $ 2,059,621.26 REFERENCE: Section 7-6-207, M.C.A. 153