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Arapahoe County officials agree in principle to allow longer bond maturities with limits
Summary
County Treasurer Michael Westerberg briefed the Board on a proposed update to the annual investment policy that would allow purchases of securities with maturities longer than five years; commissioners agreed in principle to set a seven-year maximum and a 10% portfolio cap and asked staff to draft the resolution for formal adoption.
Arapahoe County Treasurer Michael Westerberg asked the Board of County Commissioners to update the county's annual investment policy to allow the treasurer to purchase debt securities with maturities longer than five years, and the board agreed in principle to a seven-year maximum maturity and a limit of 10% of the county's portfolio in investments that exceed five years.
Westerberg told commissioners the change would follow the state's investment statute and be subject to credit-quality and safety tests. "I put in 10 years as the first parameter," he said, adding later that "10 years is the absolute max I would ever, under any conditions, be comfortable with." He recommended a lower practical ceiling if commissioners preferred.
The request comes during the board's annual review of the county's financial institution and investment policy. Westerberg explained staff had…
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