HomeMy WebLinkAbout4. C2 Depository
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 December 31, 2014.
MEETING DATE: February 9, 2015
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Appoint Commissioner Pomeroy and Commissioner Mehl to review
the depository bonds and pledged securities as of December 31, 2014.
SUGGESTED MOTION: Motion to approve the appointment of Commissioner Pomeroy and
Commissioner Mehl to review the depository bonds and pledged securities as of December 31,
2014.
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 December 31, 2014
Report Compiled on: January 21, 2015
25
DEPOSITORY BONDS AND SECURITIES
December 31, 2014
MATURITY CUSIP NO/LOC NO. TOTAL AMOUNT
FIRST SECURITY BANK
All Accounts
Federal Deposit Insurance Corporation $ 250,000.00
Federal Home Loan Bank 12/09/2016 313371PV2 $ 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 02/02/2015 517072 $ 2,000,000.00
LOC-FHLB Cincinnati 04/01/2015 516470 $ 14,000,000.00
TOTAL – US Bank $ 16,500,000.00
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 December 31, 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
26
PLEDGED SECURITIES AND CASH IN BANK
As of
December 31, 2014
___ First Security Bank _______
Total
Cash & CD’s on Deposit
As of December 31, 2014 $ 5,347,410.92
FDIC Coverage $ 250,000.00
Amount Remaining $ 5,097,410.92
Pledges required 50% $ 2,548,705.46
Actual Amount of Pledges
As of December 31, 2014 $ 3,000,000.00
Over (Under) Pledged
As of December 31, 2014 $ 451,294,54
_____ US Bank ______ _______
Total
Cash on Deposit
As of December 31, 2014 $ 5,614,914.93
FDIC Coverage $ 500,000.00
Amount Remaining $ 5,114,914.93
Pledges required104% $ 5,319,511.53
Actual Amount of Pledges
As of December 31, 2014 $ 16,000,000.00
Over (Under) Pledged
As of December 31, 2014 $ 10,680,488.47
REFERENCE: Section 7-6-207, M.C.A.
27