Gladwin Council adopts updated investment policy, authorizes banks and account signers

The Gladwin City Council on Nov. 17 adopted an updated City of Gladwin Investment Policy and approved a series of related resolutions authorizing banks, investment pools and account signatories.

City Treasurer Angela Bigham presented the revised policy, which replaces the city's 1998 policy and outlines objectives of safety, liquidity and return, delegation of authority to the treasurer, authorized investment types under Michigan Public Act 20 of 1943, internal controls, diversification limits and reporting requirements. "It is the policy of the City of Gladwin to invest public funds in a manner that provides the highest return with maximum security," the policy states, and Treasurer Bigham walked the council through the policy sections during the meeting.

City Administrator Kimberly Hines told the council the city had not been diversified in its…