HomeMy WebLinkAbout7. Depository Bonds
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission FROM: Laurae Clark, Treasurer
Anna Rosenberry, Finance Director
SUBJECT: Approval of depository bonds and pledged securities as of September 30, 2014.
MEETING DATE: November 10, 2014
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Approve the depository bonds and pledged securities as of September
30, 2014.
SUGGESTED MOTION: Motion to approve the depository bonds and pledged securities as of
September 30, 2014.
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 September 30, 2014 Report compiled on: October 13, 2014
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DEPOSITORY BONDS AND SECURITIES
September 30, 2014
MATURITY CUSIP NO/LOC NO. TOTAL AMOUNT
FIRST SECURITY BANK
All Accounts
Federal Deposit Insurance Corporation $ 250,000.00
Federal Home Loan Bank 12/12/2014 313371PC4 $ 2,000,000.00 Federal Home Loan Bank 05/15/2016 61212LJR1 $ 1,000,000.00
TOTAL - First Security Bank $ 3,250,000.00
US BANK
All Accounts
Federal Deposit Insurance Corporation-Operating Accts $ 250,000.00
Federal Deposit Insurance Corporation-CD $ 250,000.00
LOC-FHLB Cincinnati 10/01/2014 515950 $ 14,000,000.00
TOTAL – US Bank $ 14,500,000.00
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 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 September 30, 2014,
by the banks of Bozeman and approve and accept the same.
_____________________________________________
JEFFREY K. KRAUSS, Mayor
_______________________________________ _______________________________________
CARSON TAYLOR, Deputy Mayor CHRIS MEHL, Commissioner
_______________________________________ _______________________________________
CYNTHIA L. ANDRUS, Commissioner I-HO POMEROY, Commissioner
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PLEDGED SECURITIES AND CASH IN BANK
As of
September 30, 2014
___ First Security Bank _______
Total
Cash & CD’s on Deposit
As of September 30, 2014 $ 5,339,353.84
FDIC Coverage $ 250,000.00
Amount Remaining $ 5,089,353.84
Pledges required 50% $ 2,544,676.92
Actual Amount of Pledges
As of September 30, 2014 $ 3,000,000.00
Over (Under) Pledged
As of September 30, 2014 $ 455,323.08
_____ US Bank ______ _______
Total
Cash on Deposit
As of September 30, 2014 $ 6,824,985.49
FDIC Coverage $ 500,000.00
Amount Remaining $ 6,324,985.49
Pledges required104% $ 6,577,984.91
Actual Amount of Pledges
As of September 30, 2014 $ 14,000,000.00
Over (Under) Pledged
As of September 30, 2014 $ 7,422,015.09
REFERENCE: Section 7-6-207, M.C.A.
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