Council investment policy set
At last Friday's meeting of the Ruapehu District Council in Taumarunui a resolution to formulate guidelines for the investment of council's surplus funds was passed but with an amendment. The original resolution read: 1. Surplus funds be invested to encase the best return on the funds available while minimising the cost of bank overdraft fees and associated charges and 2. Surplus funds be invested with any of the
following groups of financial institutions provided that on any one day the total invested in any one institution does not exceed the limits specified below: A. council approved banker (BNZ) $2,000,000. B. local trading, trust banks (per bank) $1,500,000. C. other trading, trust banks, National Provident Fund (per institution) $1,000,000. D. building societies, finance houses being sub-
sidiaries of trading banks (per institution) $500,000. E. local government stock issues (per authority) $500,000. F. government stock - no limit. I he amendment related to the limits set in the above schedule. Because of recent experience with 'bad' investments by local authorities and others elsewhere it was deemed prudent to set a limit of $1,000,000 for any one bank or institution.
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Bibliographic details
Ruapehu Bulletin, Volume 7, Issue 353, 11 September 1990, Page 6
Word Count
190Council investment policy set Ruapehu Bulletin, Volume 7, Issue 353, 11 September 1990, Page 6
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