Drafter
Clerk 06/16/2008
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A MOTION acknowledging receipt of the King County investment pool advisory panel's report on the King County investment pool, accepting its recommendations, and creating an investment pool work group to examine these recommendations and develop options for their implementation.
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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 today, holds over four billion dollars in public funds, and
WHEREAS, the investment 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 participants in the investment pool, and
WHEREAS, between August 2007 and January 2008, four of the investments held by the investment pool became impaired, where impairment is defined by section 210.9 of the King County investment policies as occurring when the investment's credit quality is rated below investment grade, a default has occurred on payment at maturity, or an enforcement event, as defined by the investment's program documents, has occurred, and
WHEREAS, in light of these impairments, the council acting in its oversight role determined a need to conduct a full scale review of the investment pool, including an examination of investment goals, policies, practices, governing structure and relationship with participants, and
WHEREAS, in the past, the council successfully relied on the aid of citizens with expertise in specific fields to conduct reviews of county operations, and
WHEREAS, through Motion 12595, the council created the King County investment pool advisory panel to review the King County investment pool, and
WHEREAS, Motion 12631 appointed three experts from the financial industry to the advisory panel who were selected for their knowledge ...
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