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HomeMy WebLinkAboutApprove Depository Bonds and Pledged Securities as of December 31, 2011 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 6, 2012 AGENDA ITEM TYPE: Consent RECOMMENDATION: Approve the depository bonds and pledged securities as of December 31, 2011. 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, 2011 Report compiled on: January 12, 2012 27 DEPOSITORY BONDS AND SECURITIES December 31, 2011 MATURITY CUSIP NO. TOTAL AMOUNT FIRST SECURITY BANK All Accounts Federal Deposit Insurance Corporation $ 250,000.00 Federal Home Loan Bank 04/30/2013 313374CR9 $ 2,000,000.00 Federal Home Loan Bank 01/27/2012 3133XVGW5 $ 1,000,000.00 TOTAL - First Security Bank $ 3,250,000.00 US BANK All Accounts Federal Deposit Insurance Corporation $ 250,000.00 FHLMC Pool J13238 10/01/25 3128PSS32 $12,573,804.31 FNMA Pool 874997 11/01/14 31409MDA8 $ 7,696,569.25 TOTAL – US Bank $20,520,373.56 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 and US 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, 2011, by the banks of Bozeman and approve and accept the same. _____________________________________________ 28 SEAN A. BECKER, Mayor _______________________________________ _______________________________________ JEFFREY K. KRAUSS, Deputy Mayor CHRIS MEHL, Commissioner _______________________________________ _______________________________________ CARSON TAYLOR, Commissioner CYNTHIA L. ANDRUS, Commissioner 29 PLEDGED SECURITIES AND CASH IN BANK As of December 31, 2011 ___ First Security Bank _______ Total Cash & CD’s on Deposit As of December 31, 2011 $ 5,222,307.49 FDIC Coverage $ 250,000.00 Amount Remaining $ 4,972,307.49 Pledges required 50% $ 2,486,153.75 Actual Amount of Pledges As of December 31, 2011 $ 3,000,000.00 Over (Under) Pledged As of December 31, 2011 $ 513,846.25 _____ US Bank ______ _______ Total Cash on Deposit 30 As of December 31, 2011 $11,305,117.46 FDIC Coverage $ 250,000.00 Amount Remaining $11,055,117.46 Pledges required104% $11,497,322.16 Actual Amount of Pledges As of December 31, 2011 $20,270,373.56 Over (Under) Pledged As of December 31, 2011 $ 8,773,051.40 REFERENCE: Section 7-6-207, M.C.A. 31