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File #: 2007-0502    Version:
Type: Motion Status: Passed
File created: 10/1/2007 In control: Committee of the Whole
On agenda: Final action: 10/8/2007
Enactment date: Enactment #: 12595
Title: A MOTION creating the King County investment pool advisory panel.
Sponsors: Bob Ferguson, Jane Hague, Dow Constantine, Kathy Lambert
Attachments: 1. 12595.pdf, 2. 2007-0502 Attach 1 Striking Amendment S1 10_08_07.doc, 3. 2007-0502 Investment Pool Advisory Panel 10-08-2007 staff report mm.doc
Title
A MOTION creating the King County investment pool advisory panel.
Body
WHEREAS, the King County investment pool was established in 1989 to preserve and protect capital and provide a market rate of return on public funds through budgetary and economic cycles, and
WHEREAS, today, the pool is one of the largest public investment pools in the state of Washington, holding over four billion dollars in public funds, and
WHEREAS, the pool is available to all districts, agencies and public authorities in King County, except incorporated cities, to invest their cash reserves, and nearly one hundred of these entities have chosen to become members of the pool, and
WHEREAS, the executive finance committee oversees the investment of funds in the pool and seeks to maximize the rate of return on its portfolio subject to the safety and liquidity of the instruments authorized under state law, and
WHEREAS, the investment pool is currently assigned the highest credit quality rating by Standard and Poor's Rating Services, and
WHEREAS, recent financial market conditions have generated investment situations not previously encountered by the pool, and
WHEREAS, the metropolitan King County council has a long history of responsible stewardship and oversight of the public's money;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. The King County investment pool advisory panel is hereby created.
1. The metropolitan King County council shall appoint a three-member advisory panel to conduct a comprehensive review of the King County investment pool. This review shall include comparisons to similar investment pools. Members shall be experts in the financial industry and shall be selected based upon their knowledge of financial markets and instruments, public investment pools and macroeconomics.
2. The advisory panel will review the King County investment pool in the following areas:
a. the investment goals of the pool, including risk t...

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