HomeMy WebLinkAboutappointment of subcommittee for pledged securities Commission Memorandum
REPORT TO: Honorable Mayor and City Commission FROM: Laurae Clark, Treasurer
Anna Rosenberry, Finance Director
SUBJECT: Appoint a sub-committee of two commissioners to review pledged securities as of March 31, 2013.
MEETING DATE: April 15, 2013
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Appoint Mayor Becker and Commissioner Mehl to review the
depository bonds and pledged securities as of March 31, 2013.
SUGGESTED MOTION: Motion to approve the appointment of Mayor Becker and
Commissioner Mehl to review the depository bonds and pledged securities as of March 31, 2013.
BACKGROUND: Section 7-6-207 (2), MCA requires the City Commission to approve pledged securities at least quarterly. The Commission appoints two commissioners quarterly on
a rotating basis.
UNRESOLVED ISSUES: None
ALTERNATIVES: As suggested by the City Commission.
FISCAL EFFECTS: None
Attachments: Depository Bonds and Securities Report as of March 31, 2013
Report Compiled on: April 5, 2013
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DEPOSITORY BONDS AND SECURITIES
March 31, 2013
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 09/11/2015 313370JB5 $ 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 $ 10,195,492.35
FNMA Pool 890193 08/01/25 31410K7E8 $ 4,089,917.87
FNMA Pool AD6918 06/01/25 31418UVL5 $ 6,337,067.55
TOTAL – US Bank $ 20,872,477.76
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 March 31, 2013, by
the banks of Bozeman and approve and accept the same.
_____________________________________________
SEAN A. BECKER, Mayor
_______________________________________ _______________________________________
JEFFREY K. KRAUSS, Deputy Mayor CHRIS MEHL, Commissioner
_______________________________________ _______________________________________
CARSON TAYLOR, Commissioner CYNTHIA L. ANDRUS, Commissioner
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PLEDGED SECURITIES AND CASH IN BANK
As of
March 31, 2013
___ First Security Bank _______
Total
Cash & CD’s on Deposit
As of March 31, 2013 $ 5,279,260.44
FDIC Coverage $ 250,000.00
Amount Remaining $ 5,029,260,44
Pledges required 50% $ 2,514,630.22
Actual Amount of Pledges
As of March 31, 2013 $ 3,000,000.00
Over (Under) Pledged
As of March 31, 2013 $ 485,369.78
_____ US Bank ______ _______
Total
Cash on Deposit
As of March 31, 2013 $ 13,131,186.67
FDIC Coverage $ 250,000.00
Amount Remaining $ 12,881,186.67
Pledges required104% $ 13,396,434.14
Actual Amount of Pledges
As of March 31, 2013 $ 20,622,477.76
Over (Under) Pledged
As of March 31, 2013 $ 7,226,043.62
REFERENCE: Section 7-6-207, M.C.A.
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