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Mayor proposes investing up to 25% of city reserves in equities; council raises no objection
Summary
Mayor Neil Ramsey proposed placing up to 25% of the City's cash reserves into legal equities that meet Kentucky statutory standards; Councilmember Patrick McMahon will assist and council stated no objection at the meeting.
Mayor Neil Ramsey told council he would like to invest up to 25% of the City's cash reserves in equities permitted under Kentucky Revised Statutes (KRS). Patrick McMahon offered to assist with determining eligible investments. The minutes record that council members had no objection to the proposal during the meeting; no formal motion or vote was recorded.
Officials did not provide details in the minutes about asset classes, custodial arrangements, risk parameters, or timing; the item was recorded as a council-level direction to explore eligible investments.
