HomeMy WebLinkAbout11-19-07_Approve Depository Bonds and Pledged Securiti65432_10
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: November 19, 2007
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
September 30, 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 September 30, 2007
80
DEPOSITORY BONDS AND SECURITIES
September 30, 2007
RATE MATURITY RECEIPT NO. TOTAL AMOUNT
FIRST SECURITY BANK
Repurchase Agreement Account
Federal Home Loan Bank 3.000% 03/28/2008 392013772 $ 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 $ 3,800,000.00
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 $ 4,900,000.00
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
September 30, 2007, by the banks of Bozeman and approve and accept the same.
_____________________________________________
JEFFREY K. KRAUSS, Mayor
_______________________________________ _______________________________________
SEAN BECKER, Commissioner STEVEN R. KIRCHHOFF, Commissioner
_______________________________________ _______________________________________
KAAREN JACOBSON, Commissioner JEFFREY K. RUPP, Commissioner
81
PLEDGED SECURITIES AND CASH IN BANK
All Accounts, including Repurchase Agreement Account
as of
September 30, 2007
___ First Security Bank _______
Repurchase All other
Agreement Accounts Total
Cash on Deposit
at September 30, 2007 $ 1,771,923.76 $ 422,423.20 $ 2,194,346.96
FDIC Coverage $ 100,000.00 $ 100,000.00
Amount Remaining $ 1,771,923.76 $ 322,423.20 $ 2,094,346.96
Pledges required
104% for Repo
50% for all other accts $ 1,842,800.71 $ 161,211.60 $ 2,004,012.31
Actual Amount of Pledges
at September 30, 2007 $ 3,800,000.00 $ 1,000,000.00 $ 4,800,000.00
Over (Under) Pledged
at September 30, 2007 $ 1,957,199.29 $ 838,788.40 $ 2,795,987.69
REFERENCE: Section 7-6-207, M.C.A. 82