Oklahoma City Council OKs Change in Investment Policy

By Brus, Brian | THE JOURNAL RECORD, March 22, 2011 | Go to article overview

Oklahoma City Council OKs Change in Investment Policy


Brus, Brian, THE JOURNAL RECORD


City Council members approved a revision in the city's municipal funds investment policy Tuesday to allow for options such as commercial paper and call-option agency securities.

The change was intended to improve the rate of return on the city's $975 million portfolio, City Treasurer Bob Ponkilla said.

"Our focus continues to remain on the safety of our investments," Ponkilla said. "Our overall policy ... continues to be more conservative than what state statutes provide."

The city charter and state statutes allow for municipal funds to be invested by the city treasurer with direction from the council in accordance with a written policy. In February city officials decided to hire an investment adviser, who provided direction in revising the policy.

The updates approved Tuesday authorize investment in securities that include money market funds regulated by the Securities and Exchange Commission that now must either have the highest letter or numerical rating provided by a recognized organization such as Moody's, or have an investment adviser with at least five years of managing experience with assets of at least $500 million. …

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Oklahoma City Council OKs Change in Investment Policy
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