HomeMy WebLinkAbout1968-11-13 15-W ORDINANCEIntroduced by Councilor linaky, NOV. 13, 1968
Iv " CITY OF BANGOR
(TITLE.) 4tlA'�[1tUlttPy Ame.�dipg Cnaeter x`rt 6 3, if c„ and
Be it a wd by tae City Connell oft City of Bangor. w fouowo:
That Chapter 1, Article 3, of the laws and Ordinances be exceeded bf adding the
—following:
Sec. 6.1 Investment Advisory Committee Created. In Servileness with Article 5,
Section 2(a) of the City Charter,
there is hereby authorised and established An Investment Advisory Can-
mittee to the Finance Committed of the City Council, to consist of six
(6) persons whoshall be appointed by the C_ty Council.
6.1.1 Method of Appointment and Term of Office. Of those first
appointed to the core
victor two (2) shall be appointed to s until January 1, 1970,
two (2) members to s until Janusrye1e1971 and two (2) membara
to serve until January 1, 1972. Thereafter membeia Shall be
appointed annually to serve terms of three (3) years on until a
successor e duly appointed. Any vacancy created on the committee
shall befilled by appointment by the City Council for the remain-
der of the term.
6.1.2 puerterly Meanings and BeCommeandatiouS. The committee may obtain
recommendations from a
n
financial investment Service and/or a backinvestment estment department
selected by the committed. The Treasurer cry place the trust funds
with a local bank, which baxic shall be Moan as a custodian bank.
The remission bank will Furnish quarrerly appraisals of the City
of Bangor portfolio; the appraisals =o be furnished during the
months of March, Same, September and December of each year. Tne
City Treasurer will call quarterly meetings of the Investment
Advisory Committee and provide a copy of the appraisal to the
committee. The committee will review the appraisals Seel make
final recommendations to the Finance Committee of the City Council
within 30 days after the quarterly meeting. A quorum of three
(3) members of the Investment Adviso0.y, Committee most be i
attendance at all meetings at which any recommendations azo passed.
ORDINANCE
RECEIVED
1960 409 -8 AM 9:31 (mlz.) Ananding Chao. I, Article 1
CITY CLERK'S OFFICE
,TY BF CAN@^q. Mi%F
IN C= COUNCIL
Nov. 13, 1968
Passed 1st reading by the following
yes and no vote: Councilors voting
yes: Baldacci, Bellow, Cox, MC%ay,
Minsky, Nealley, Porter. Councilors
absent: HoustOn, Barry. Tabled.
IN CITY COUNCIL
Nov. 25, 1968
Taken from table, passed 2M reading
by the fallowing yes and u vote:
Councilors voting yes: Baldarcl,
Ballou, Barry, Cox, Houston, Minsky,
Headley, Porter. Councilor md(ay
absent.
lntr mmei and fite3 Ey
Mts orfit is ttwgNretly entrossaL
C
mrmittee On
khgmseai Odimmes.
IN CITY. ,COUNCIL
Nov. 25,'1968
'Phis ordinance having received 2 readings
on separate dates, being properly certified
as correctly engrossed, PASSED a 3rd and
final reading by the following yes and no
vete: Councilors voting. yes: Baldavoi,
Hellas, Barry, Cox, Houston, Mind , Nealley,
Porter. Councilor Mc%ay absent.