6.6.10.030 Findings

The Council hereby finds and declares that:

(a) The Pueblo maintains investment accounts with investment advisors containing significant funds for the future needs of the Pueblo and to provide security for unforeseen circumstances; and

(b) The investment advisors make important decisions regarding the management of the Pueblo's investment accounts and involving complicated securities transactions in a highly regulated environment; and

(c) The Council has identified the need to continue to provide additional protections and monitoring of the Pueblo's investment accounts through regular, professional monitoring of the transactions involving the Pueblo's funds; and

(d) The Council and Executive Branch officials have identified a highly qualified portfolio monitoring company, Portfolio Monitoring, LLC, that provides specialized and cost-effective services to protect the Pueblo's sizeable accounts maintained at the investment firms; and

(e) The Council has determined that the use of a fraction of the investment funds to provide additional protection to the Pueblo's sizeable investment fund is cost-effective and fulfills its fiduciary duty owed to the members of the Pueblo.

(f) The Pueblo has utilized the services of Dr. Hugh Cohen of Portfolio Monitoring, for at least four years, to oversee and monitor the sizeable investment funds and portfolio of the Pueblo; and

(g) The services provided by Portfolio Monitoring, LLC helped lower the Pueblo's financial risks and protect the Pueblo's portfolio from significant losses during the recent volatility in the markets caused by the uncertainty surrounding the COVID-19 pandemic; and

(h) The services provided by Portfolio Monitoring, LLC have also helped the Pueblo earn significant additional revenue while reducing risks; and

(i) The Council finds it in the best interest of the Pueblo to authorize the continuation of services provided by Portfolio Monitoring, LLC to the Pueblo.