6.6.8.040 Authorization of Transfer of Funds and the Adoption of New Investment Policies

(a) The Council hereby authorizes the Governor to negotiate and execute contracts with new investment companies for the purpose of opening new accounts for the investment of the Pueblo's funds ("New Investment Accounts").

(b) The Council hereby authorizes the Governor to grant a limited waiver of the Pueblo's sovereign immunity to the new investment companies for sole purpose of enforcing the contract to allow the company or companies to be paid any amount due for their services under the contract, but for no other purposes.

(c) The Council hereby authorizes and directs the Governor to transfer all funds currently maintained by San Francisco Sentry to the New Investment Accounts.

(d) The Council hereby authorizes and directs the Governor to transfer all uninsured funds maintained at the Los Alamos National Bank to the New Investment Accounts.

(e) The Council hereby repeals Section 6.3 (Long-term Investment Policy) and Section 6.4 (Short-term Investment Policy) of Title VI, Chapter 1 of the Code.

(f) The Council hereby authorizes and directs the Governor to develop and adopt new investment policies, based on the recommendations of the Controller and other experts provided, that the Governor shall provide the Council with a copy of the new policies within thirty days of adoption.