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Council adopts investment policy; OKs $15M advisory agreement with Meter Public Funds (4–1)
Summary
Council adopted a new investment policy (5–0) requiring quarterly reporting and then approved an agreement with Meter Public Funds to manage a $15 million portfolio (4–1), opening a U.S. Bank custodial account and approving signers; some council members asked staff to explore local custodial options.
The Highland City Council on Sept. 2 adopted a formal investment policy and authorized a $15 million advisory agreement with Meter Public Funds to manage a portion of the city’s portfolio.
Finance Director David Mortensen presented the drafted investment policy, which follows the Utah Money Management Act and the “prudent person” standard; it prioritizes safety first, liquidity second and yield third. Council adopted the policy 5–0 and added a stipulation that the council receive periodic reporting on investment…
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