Item Description:
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Authorize Investment Officer to use additional statutory investment authority relating to repurchase agreements and reverse repurchase agreements through 2027 within statutory and board-authorized limits
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Resolution:
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BE IT RESOLVED, that the Investment Officer of Hennepin County be authorized to utilize the additional investment authority set forth in Minnesota Statute 118A.07, relating to repurchase agreements and reverse repurchase agreements, through December 31, 2027, within statutory limits and in conformance with the written policies and procedures of the Office of Budget and Finance, and that the Investment Officer submit a report to the Board in 2027 on the findings of the oversight process; and
BE IT FURTHER RESOLVED, that the limit on the amount of investments owned, with maturity dates greater than 12 months, is set at 120 percent of the prior year’s average daily invested assets.
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Background:
This Board Action Request asks for the continuation of the additional investment authority described in Minnesota Statute 118A.07 which the Investment Officer uses in the safekeeping, management and investment of county deposits and funds. It requires annual authorization by the local governing body as well as the maintenance of policies and procedures and an oversight process which are documented below and in the attachments.
The county's treasury practices incorporate the use of Treasury bonds, government agency bonds, municipal bonds, collateralized deposits, repurchase agreements and reverse repurchase agreements, and high-quality bank commercial paper, when useful and appropriate, to safely manage county funds.
The request specifically authorizes the Investment Officer to apply the additional statutory authority granted under MN Statute 118A.07 Subd. 5, which permits entering into reverse repurchase agreements for any term through December 31, 2027. This authority supersedes the 90-day restriction outlined in MN ...
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