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HHC introduces ordinance to authorize 2–5 year investments; adoption set for July
Summary
General Ordinance No. 2-2025 was introduced for first reading. It would authorize the director and treasurer to make investments with stated final maturities greater than two years but not more than five, consistent with the existing investment policy and Indiana statute.
The Health and Hospital Corporation Board of Trustees received General Ordinance No. 2-2025 for introduction and first reading. The ordinance would grant the director and the treasurer authority to make investments with stated final maturities greater than two years but not more than five years, in accordance with HHC’s existing investment policy.
General counsel Hannah Connor read a letter from Board Chair Robert W. Lazard formally posting the ordinance. Interim CFO James Simpson explained the ordinance aligns board authority with Resolution 5-2023 (HHC’s investment policy) and Indiana Code provisions cited during the presentation (referenced as Indiana Code 5-13-9-5.17 in the discussion). Simpson said the policy’s section 9 already permits the treasurer to make investments with maturities greater than two and up to five years provided that any such investment comprises no more than 25% of the total portfolio available for investment; the ordinance would provide the board-level authorization required by state law.
No adoption vote was taken; the ordinance was ordered read by title and will be presented for adoption at the HHC board meeting on July 29, 2025. Simpson told trustees the ordinance, if adopted, would expire concurrently with the referenced investment policy (resolution 5-2023) and that the board would revisit the authority in 2027 when the policy expires.
Speakers recorded on this item include Hannah Connor (general counsel), Robert W. Lazard (chairperson) and James Simpson (interim CFO and assistant treasurer).
