[Code 1961 §5-2; CC 1976 §10-1]
The assessment of all real estate and tangible personal property
in the City subject to taxation made by the County Assessor of St.
Louis County after the same has been passed on by the Board of Equalization
shall be taken and used as a basis for the levy and collection of
the annual taxes for City purposes.
[Code 1961 §5-3; CC 1976 §10-2]
The City Council, after the adoption of the budget, shall annually
by special ordinance fix the rate of levy for general revenue purposes
for such year. The City Council shall also by ordinance fix the rate
and levy of an annual tax for the payment of interest on and retirement
at their maturity of each issue of outstanding municipal bonds. The
rates fixed shall be extended in the tax books and the taxes for such
year collected on the basis of such rates of levy.
[Code 1961 §5-5; CC 1976 §10-3]
A.
The
Mayor shall procure from the County Clerk of St. Louis County on or
before the first (1st) day of October of each year a certified abstract
from his/her assessment books of all property made taxable by law,
the taxes on which are by law or ordinance to be paid by the taxpayer
to the City Clerk.
B.
Such
certified abstract may consist of the general description of the real
estate, the name of the person in whose name real or personal property
is assessed and the assessed value as fixed by the County Assessor
or Board of Equalization.
[Ord. No. 2023-46, 11-27-2023]
A.
Purpose. The purpose of this Investment Policy is to set forth the
City of Overland, Missouri, (the "City") investment policies and objectives.
Recognizing that economic conditions and securities markets are in
a constant state of flux, this statement will outline the overall
goals and objectives that will guide the City's investments.
With the understanding that investments in virtually all securities
entail some degree of credit risk, interest rate risk, market risk,
and/or timing risk, this policy will provide realistic risk parameters
to guide the City toward long-term rate of return objectives, which
will serve as standards for evaluating investment performance. The
policy also will establish certain investment restrictions and will
outline procedures for policy and performance review. A system for
investment management oversight and controls will be implemented.
1.
Authority. This policy is intended to meet the requirements
of a "written investment policy" as described in Section 30.950.4,
RSMo., which provides, "Notwithstanding any other law to the contrary,
any political subdivision of the state which manages and invests public
funds, but does not promulgate, formally adopt and comply with a written
investment policy as described herein shall have its investment authority
limited to those investments authorized by law as of January 1, 1997.
Except for those political subdivisions authorized by law to place
public funds in the investments authorized by Section 15, Article
IV of the Constitution of Missouri, and only then if the political
subdivision complies with the requirements of this Section, nothing
in this Section shall be deemed to expand the investment authority
of a political subdivision beyond that currently permitted by law."
Nothing in the City's Investment Policy herein is intended to
authorize investments or investment strategies that would be prohibited
by Missouri or Federal law, regulations, or requirements.
2.
Investment Committee. The City hereby establishes an Investment
Committee consisting of the Mayor, Mayor Pro-Tem, City Administrator,
City Clerk and City Treasurer. The City also hereby delegates the
authority to operate an investment program in accordance with the
Investment Policy herein. The Committee shall meet regularly and shall
be responsible for the development and review of the City's investment
process, the establishment and monitoring of investment policies,
setting of general strategies, and implementation of necessary monitoring
mechanisms.
3.
Investment Advisors. Upon approval by the City Council, the
Investment Committee is hereby authorized to retain and engage outside
financial and investment advisors to assist the Committee in fulfilling
its duties and responsibilities. The Committee shall utilize current
purchasing rules and regulations when seeking outside advisors.
B.
Scope. This policy applies to the investment of all operating funds
of the City. Longer-term funds, including investments of employees'
retirement funds and proceeds from certain bond issues, are covered
by a separate policy.
1.
Pooling Of Funds. Except for cash in certain restricted and
special funds, the City will consolidate cash balances from all funds
to maximize investment earnings. Investment income will be allocated
to the various funds based on their respective participation and in
accordance with generally accepted accounting principles.
2.
Applicability. The City of Overland has established this Investment Policy to apply to all financial assets of the City that are not required for the immediate, day-to-day needs of the City. This pertains to all City funds currently existing or anticipated, unless excluded by legal or contractual restrictions such as moneys established under bond indentures or funds received from other governmental entities as a fiduciary. Specifically excluded from this Investment Policy are the funds of the City of Overland, City of Overland Non-Uniformed Pension Fund whose investments are covered by Chapter 125, Pension, of the Overland Municipal Code and the Police Retirement Fund whose investments are covered by Chapter 200, Article V, Retirement and Pensions, of the Overland Municipal Code.
3.
External Management Of Funds. Investment through external programs,
facilities and professionals operating in a manner consistent with
this policy will constitute compliance.
C.
General Objectives. The primary objectives, in priority order, of
investment activities shall be safety, liquidity, and yield:
1.
Safety. Safety of principal is the foremost objective of the
investment program. Investments shall be undertaken in a manner that
seeks to ensure the preservation of capital in the overall portfolio.
The objective will be to mitigate credit risk and interest rate risk.
2.
Liquidity. The investment portfolio shall remain sufficiently
liquid to meet all operating requirements that may be reasonably anticipated.
This is accomplished by structuring the portfolio so that securities
mature concurrent with cash needs to meet anticipated demands (static
liquidity). Furthermore, since all possible cash demands cannot be
anticipated, the portfolio should consist largely of securities with
active secondary or resale markets (dynamic liquidity). A portion
of the portfolio also may be placed in bank deposits or repurchase
agreements that offer same-day liquidity for short-term funds.
3.
Yield. The investment portfolio shall be designed with the objective
of attaining a market rate of return throughout budgetary and economic
cycles, taking into account the investment risk constraints and liquidity
needs. Return on investment is of secondary importance compared to
the safety and liquidity objectives described above. The core of investments
are limited to relatively low-risk securities in anticipation of earning
a fair return relative to the risk being assumed. Securities shall
not be sold prior to maturity with the following exceptions:
D.
Standards Of Care.
1.
Prudence.
a.
The standard of care to be used by investment officials shall
be the "prudent person" standard and shall be applied in the context
of managing an overall portfolio. Investment Officers acting in accordance
with written procedures and this Investment Policy and exercising
due diligence shall be relieved of personal liability for an individual
security's credit risk or market price changes, provided deviations
from expectations are reported in a timely fashion to the Governing
Body and the liquidity and the sale of securities are carried out
in accordance with the terms of this policy.
b.
Investments shall be made with judgement and care, under circumstances
then prevailing, which persons of prudence, discretion and intelligence
exercise in the management of their own affairs, not for speculation,
but for investment, considering the probable safety of their capital
as well as the probable income to be derived.
2.
Ethics And Conflicts Of Interest. Officers and employees involved
in the investment process shall refrain from personal business activity
that could conflict with the proper execution and management of the
investment program, or that could impair their ability to make impartial
decisions. Employees and investment officials shall disclose any material
interests in financial institutions with which they conduct business.
They shall further disclose any personal financial/investment positions
that could be related to the performance of the investment portfolio.
Employees and officers shall refrain from undertaking personal investment
transactions with the same individual with which business is conducted
on behalf of the City.
3.
Delegation Of Authority. Authority to manage the investment
program is granted to the City Administrator. Responsibility for the
operation of the investment program is hereby delegated to the Investment
Officer, who shall act in accordance with the established written
procedures and internal controls for the operation of the investment
program consistent with this Investment Policy. Procedures should
include references to safekeeping, delivery vs. payment, investment
accounting, repurchase agreements, wire transfer agreements, and collateral/depository
agreements. No person may engage in an investment transaction except
as provided under the terms of this policy and the procedures established
by the Investment Officer. The Investment Officer shall be responsible
for all transactions undertaken and shall establish a system of controls
to regulate the activities of subordinate officials.
E.
Investment Transactions.
1.
Authorized Financial Dealers And Institutions.
a.
A list will be maintained of financial institutions authorized
to provide investment transactions. In addition, a list also will
be maintained of approved security broker/dealers selected by creditworthiness
as determined by the Investment Officer and approved by the Governing
Body. These may include "primary" dealers or regional dealers that
qualify under Securities and Exchange Commission (SEC) Rule 15C3-1
(uniform net capital rule).
b.
All financial institutions and broker/dealers who desire to
become qualified for investment transactions must supply the following
as appropriate:
c.
An annual review of the financial condition and registration
of qualified financial institutions and broker/dealers will be conducted
by the Investment Officer.
d.
From time to time, the Investment Officer may choose to invest in instruments offered by emerging or minority firms and community financial institutions. In such situations, a waiver to the criteria under Subsection (E)(1) may be granted by the Governing Body. All terms and relationships will be fully disclosed prior to purchase and will be reported to the Governing Body of the City on a consistent basis. The Governing Body of the City should approve these types of investment purchases in advance.
2.
Internal Controls. The Investment Officer is responsible for
establishing and maintaining an internal control structure that will
be reviewed annually with the City's independent auditor. The
internal control structure shall be designed to ensure that the assets
of the City are protected from loss, theft or misuse and to provide
reasonable assurance that these objectives are met. The concept of
reasonable assurance recognizes that: (1) the cost of control should
not exceed the benefits likely to be derived; and (2) the valuation
of costs and benefits require estimates and judgements by management.
The internal controls shall address the following points:
a.
Control of collusion.
b.
Separation of transaction authority from accounting and record
keeping.
c.
Custodial safekeeping.
d.
Avoidance of physical delivery securities.
e.
Clear delegation of authority to subordinate staff members.
f.
Written confirmation of transactions for investments and wire
transfers.
g.
Development of a wire transfer agreement with the lead bank
and third-party custodian.
3.
Delivery vs. Payment. All trades where applicable will be executed
by delivery vs. payment (DVP) to ensure that securities are deposited
in eligible financial institutions prior to the release of funds.
All securities shall be perfected in the name or for the account of
the City and shall be held by a third-party custodian as evidenced
by safekeeping receipts.
F.
Suitable And Authorized Investments.
1.
Investment Types. In accordance with and subject to restrictions
imposed by current statutes, the following list represents the entire
range of investments that City will consider, and which shall be authorized
for the investments of funds by the City.
a.
United States Treasury Securities. The City may invest in obligations
of the United States Government for which the full faith and credit
of the United States are pledged for the payment of principal and
interest.
b.
United States Agency Securities. The City may invest in obligations issued or guaranteed by any agency of the United States Government as described in Subsection (F)(2).
c.
Repurchase Agreements. The City may invest in contractual agreements
between the City and commercial banks or primary government securities
dealers. The purchaser in a repurchase agreement (repo) enters into
a contractual agreement to purchase U.S. Treasury and government agency
securities while simultaneously agreeing to resell the securities
at predetermined dates and prices.
d.
Collateralized Public Deposits (Certificates Of Deposit). Instruments
issued by financial institutions which state that specified sums have
been deposited for specified periods of time and at specified rates
of interest. The certificates of deposit are required to be backed
by acceptable collateral securities as dictated by State Statute.
e.
Bankers' Acceptances. Time drafts drawn on and accepted
by a commercial bank, otherwise known as "bankers' acceptances."
The City may invest in bankers' acceptances issued by domestic
commercial banks possessing the highest rating issued by Moody's
Investor Services, Inc., or Standard and Poor's Corporation.
f.
Commercial Paper. The City may invest in commercial paper issued
by domestic corporations, which has received the highest rating issued
by Moody's Investor Services, Inc., or Standard and Poor's
Corporation. Eligible paper is further limited to issuing corporations
that have total commercial paper program size in excess of five hundred
million dollars ($500,000,000.00).
2.
Security Selection. The following list represents the entire
range of United States Agency Securities that the City will consider,
and which shall be authorized for the investment of funds by the City.
Additionally, the following definitions and guidelines should be used
in purchasing the instruments:
a.
U.S. Govt. Agency Coupon And Zero Coupon Securities. Bullet
coupon bonds with no embedded options.
b.
U.S. Govt. Agency Discount Notes. Purchased at a discount with
maximum maturities of one (1) year.
c.
U.S. Govt. Agency Callable Securities. Restricted to securities
callable at par only with final maturities of five (5) years.
d.
U.S. Govt. Agency Step-Up Securities. The coupon rate is fixed
for an initial term. At coupon date, the coupon rate rises to a new,
higher fixed term. Restricted to securities with final maturities
of five (5) years.
e.
U.S. Govt. Agency Floating Rate Securities. The coupon rate
floats off one (1) index. Restricted to coupons with no interim caps
that reset at least quarterly.
f.
U.S. Govt. Mortgage Backed Securities. Restricted to securities
with final maturities of five (5) years.
3.
Investment Restrictions And Prohibited Transactions. To provide
for the safety and liquidity of the City's funds, the investment
portfolio will be subject to the following restrictions:
a.
Borrowing for investment purposes ("leverage") is prohibited.
b.
Instruments known as "structured notes" (e.g., inverse floaters,
leveraged floaters, and equity-linked securities) are not permitted.
Investment in any instrument, which is commonly considered a "derivative"
instrument (e.g., options, futures, swaps, caps, floors, and collars),
is prohibited.
c.
Contracting to sell securities not yet acquired in order to
purchase other securities for purposes of speculating on developments
or trends in the market is prohibited.
d.
No more than five percent (5%) of the total market value of
the portfolio may be invested in bankers' acceptances issued
by any one (1) commercial bank and no more than five percent (5%)
of the total market value of the portfolio may be invested in commercial
paper of any one (1) issuer.
4.
Collateralization.
a.
Collateralization will be required on two types of investments:
certificates of deposit and repurchase agreements. The market value
(including accrued interest) of the collateral should be at least
one hundred percent (100%).
b.
For certificates of deposit, the market value of collateral
must be at least one hundred percent (100%) or greater of the amount
of certificates of deposits plus demand deposits with the depository,
less the amount, if any, which is insured by the Federal Deposit Insurance
Corporation, or the National Credit Unions Share Insurance Fund.
c.
All securities, which serve as collateral against the deposits
of a depository institution, must be safekept at a non-affiliated
custodial facility. Depository institutions pledging collateral against
deposits must, in conjunction with the custodial agent, furnish the
necessary custodial receipts within five (5) business days from the
settlement date.
d.
The City shall have a depositary contract and pledge agreement
with each safekeeping bank that will comply with the Financial Institutions,
Reform, Recovery, and Enforcement Act of 1989 (FIRREA).[2] This will ensure that the City's security interest
in collateral pledged to secure deposits is enforceable against the
receiver of a failed financial institution.
[2]
Editor's Note: See 12 U.S.C.A. § 1811 et seq.
5.
Repurchase Agreements. The securities for which repurchase agreements
will be transacted will be limited to U.S. Treasury and government
agency securities that are eligible to be delivered via the Federal
Reserve's Fedwire book entry system. Securities will be delivered
to the City's designated Custodial Agent. Funds and securities
will be transferred on a delivery vs. payment basis.
G.
Investment Parameters.
1.
Diversification. The investments shall be diversified to minimize
the risk of loss resulting from over concentration of assets in specific
maturity, specific issuer, or specific class of securities. Diversification
strategies shall be established and periodically reviewed. At a minimum,
diversification standards by security type and issuer shall be:
a.
U.S. treasuries and securities having principal and/or interest
guaranteed by the U.S. Government: one hundred percent (100%).
b.
Collateralized time and demand deposit: one hundred percent
(100%).
c.
U.S. Government agencies, and governmment-sponsored enterprises:
no more than sixty percent (60%).
d.
Collateralized time and demand deposits: one hundred percent
(100%).
e.
Collateralized repurchase agreements: fifty percent (50%).
f.
U.S. Government Agency Callable Securities: no more than thirty
percent (30%).
g.
Commercial paper: no more than thirty percent (30%).
h.
Bankers' acceptance: no more than thirty percent (30%).
2.
Maximum Maturities.
a.
To the extent possible, the City shall attempt to match its
investments with anticipated cash flow requirements. Investments in
bankers' acceptances and commercial paper shall mature and become
payable not more than one hundred eighty (180) days from the date
of purchase. All other investments shall mature and become payable
not more than five (5) years from the date of purchase. The City shall
adopt weighted average maturity limitations that should not exceed
three (3) years and is consistent with the investment objectives.
b.
Because of inherent difficulties in accurately forecasting cash
flow requirements, a portion of the portfolio should be continuously
invested in readily available funds such as in bank deposits or overnight
repurchase agreements to ensure that appropriate liquidity is maintained
to meet ongoing obligations.
H.
Reporting.
1.
Methods. The Investment Officer shall prepare an investment
report at least quarterly, including a management summary that provides
an analysis of the status of the current investment portfolio and
transactions made over the last quarter. This management summary will
be prepared in a manner that will allow the City to ascertain whether
investment activities during the reporting period have conformed to
the Investment Policy. The report should be provided to the Governing
Body of the City. The report will include the following:
a.
Listing of individual securities held at the end of the reporting
period.
b.
Realized and unrealized gains or losses resulting from appreciation
or depreciation by listing the cost and market value of securities
over one (1) year duration [in accordance with Government Accounting
Standards Board (GASB) 31 requirements]. [Note: This is only required
annually.]
c.
Average weighted yield to maturity of portfolio on investments
as compared to applicable benchmarks.
d.
Listing of investment by maturity date.
e.
Percentage of the total portfolio which each type of investment
represents.
2.
Performance Standards.
a.
The investment portfolio will be managed in accordance with
the parameters specified within this policy. The portfolio should
obtain a market average rate of return during a market/economic environment
of stable interest rates. A series of appropriate benchmarks may be
established against which portfolio performance shall be compared
on a regular basis.
b.
Commercial paper and bankers' acceptances must be reviewed
monthly to determine if the rating level has changed. The commercial
paper and bankers' acceptances should be reviewed for possible
sale if the securities are downgraded below the minimum acceptable
rating levels.
3.
Marking To Market. The market value of the portfolio shall be
calculated at least quarterly and a statement of the market value
of the portfolio shall be issued at least annually to the Governing
Body of the City. This will ensure that review of the investment portfolio,
in terms of value and price volatility, has been performed.
I.
Policy Considerations.
1.
Exemption. Any investment currently held that does not meet
the guidelines of this policy shall be exempt from the requirements
of this policy. At maturity or liquidation, such monies shall be reinvested
only as provided by this policy.
2.
Adoption. This policy shall be adopted by ordinance of the City's
Governing Body. The policy shall be reviewed annually by the Investment
Officer and recommended changes will be presented to the Investment
Committee and the City Council for consideration.
J.
List Of Attachments. The Investment Officer, with the approval of
the Investment Committee, shall have the authority to generate certain
sample or model documents to carry out the purposes of this Investment
Policy. Those potential documents, as applicable, are attached to
this policy, or shall become a part of this policy upon their generation
and approval by the Investment Committee. Such documents include,
but are not limited to, the following:
1.
Securities acceptable as collateral to secure deposits.
2.
Listing of authorized personnel.
3.
Relevant investment statutes and ordinances.
4.
Repurchase agreements and tri-party agreements.
5.
Listing of authorized broker/dealers and financial institutions.
6.
Safekeeping agreements.
7.
Wire transfer agreements.
8.
Sample investment reports.
9.
Glossary.
[1]
Editor's Note — As part of the editorial/legal review
and conference of September, 2001, former section 135.040 has been
removed and left reserved for the future use of the city. Former section
135.040 derived from Code 1961 §5-7; CC 1976 §10-5.
[Code 1961 §5-8; CC 1976 §10-6]
The Mayor is hereby authorized to enter into a contract with
the appropriate officers of St. Louis County providing for the collection
of City taxes by the County.
[Code 1961 §5-9; CC 1976 §10-7]
The City Clerk shall prepare and issue all licenses required
to be issued by him/her by ordinance and shall collect the prescribed
fees or taxes therefor, and shall deliver such licenses upon payment
thereof to the persons entitled thereto.
[Code 1961 §5-16; CC 1976 §10-13]
The City Clerk shall perform all the duties in respect to the
collection of current and delinquent taxes and other monies due the
City that may be provided by ordinance or the law of the State of
Missouri now in effect or which may hereafter be enacted.
[Code 1961 §5-17; CC 1976 §10-14]
The City Clerk on each business day shall deposit to the credit
and account of the City in a special separate account in a depository
selected by the City all monies collected by him/her belonging to
the City not previously deposited.
[Code 1961 §§5-19 — 5-20; CC 1976 §§10-17
— 10-18]
The separate funds of the City shall be separately listed as
the City Council shall from time to time designate, create and establish.
The City Clerk shall keep each fund above mentioned and such other
special funds as may be created in separate accounts.
[Code 1961 §5-22; CC 1976 §10-21]
No ordinance appropriating money shall be passed, unless there
is an unexpended balance to the credit of the City in the fund in
the Treasury upon which such warrant is drawn, to meet such warrant,
or a sufficient sum of unappropriated money in the fund in the Treasury
upon which such warrant is drawn, to meet such ordinance.
[Code 1961 §5-23; CC 1976 §10-22]
In all cases where the City is indebted to any person on any
account whatever, warrants shall be drawn on the Director of Finance
for the amount due out of the proper fund in favor of the person to
whom the amount shall be allowed. All claims for indebtedness before
warrants are drawn in payment shall be approved by the City Council.
[Code 1961 §5-37; CC 1976 §10-23]
All licenses and permits authorized to be issued under the provisions
of this Code, or any amendment thereof, shall be issued by the officer
therein authorized to issue the same, but all fees collected for the
issuance of any license or permit shall be paid to the Director of
Finance.
[Code 1961 §§5-38 — 5-40; CC 1976 §10-24]
A.
No
license or permit provided for or required under the provisions of
this Code, or any amendment thereof, shall be issued by an officer
of this City authorized to issue the same to any person, nor accepted
by such person, until all personal property taxes, occupation or merchants'
taxes, license fees, permit fees and inspection fees which are delinquent
and due and owing to the City have first been paid by the applicant
for such license or permit, and receipts for all taxes and fees are
exhibited to the officer or department authorized to issue such license
or permit.
B.
Dog
licenses are hereby excepted from the provisions of this Section.
[Code 1961 §5-41; CC 1976 §10-25]
It shall be the duty of the City Clerk to establish and promulgate
rules and regulations relative to an orderly method of checking unpaid
occupation or merchants' taxes, unpaid permit fees and unpaid inspection
fees in order to determine the amounts due and owing to the City by
any applicant. All officers and departments of the City shall cooperate
with the City Clerk to carry out the purpose of this Article.
[Ord. No. 2010-02 §1, 1-25-2010]
A.
General Provisions And Purpose.
1.
The new policy will be referred to as the Capital Asset Policy. This
policy is being issued to document the minimum value of capital assets
to be reported on our financial reports and to include infrastructure
assets. The Capital Asset Policy shall be effective upon adoption
by the Overland City Council.
2.
Further, this policy is related to the implementation of a reporting
model, Governmental Accounting Standards Board Statement 34 (GASB
34) which requires the City to depreciate capital assets. The capital
asset threshold will be five thousand dollars ($5,000.00) for all
assets except land which shall always be capitalized. An asset with
a value under five thousand dollars ($5,000.00) will be expensed in
the year of purchase.
3.
The City of Overland has established a Capital Asset Policy, which
is on file in the City offices, in order to safeguard its considerable
investment in capital assets, and to be able to demonstrate accountability
to its various constituencies: citizens, rate-payers, oversight bodies,
creditors and regulators.
