Resolution No. SI-R20-015: Contract Authorization with Portfolio Monitoring, LLC
WHEREAS, the Pueblo has utilized the services of Dr. Hugh Cohen of Portfolio Monitoring, LLC, for at least four (4) years, to oversee and monitor the sizeable investment funds and Portfolio of the Pueblo; and,
WHEREAS, 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,
WHEREAS, the services provided by Portfolio Monitoring, LLC have also helped the Pueblo earn significant additional revenue while reducing risks; and,
WHEREAS, Portfolio Monitoring, LLC has proposed a contract extension with reduced fees, and the Council finds it in the best interest of the Pueblo to authorize the continuation of Portfolio Monitoring, LLC services.
NOW THEREFORE BE IT RESOLVED, that the Council hereby enacts the attached amendment to the law entitled, "AUTHORIZING A CONTRACT EXTENSION WITH PORTFOLIO MONITORING, LLC, FOR INVESTMENT FUND PROTECTION."
CERTIFICATION
The foregoing resolution was duly voted upon by the Council on July 28, 2020, at a meeting with a vote of 10 in favor, 0 opposed, 0 abstaining and 0 absent (Governor presiding and not voting) pursuant to the authority vested in the Council by the Agreement of the Pueblo de San Ildefonso.
William S. Christian, Council Secretary
COUNCIL REPRESENTATIVE SPONSOR(S): Council Representatives
| COUNCIL REPRESENTATIVE | YES | NO | ABSTAIN | ABSENT |
|---|---|---|---|---|
| William S. Christian | X | |||
| Terrence K. Garcia | X | |||
| Thelma Gonzales | X | |||
| Thomas Gonzales | X | |||
| M. Wayne Martinez, Jr. | X | |||
| Raymond J. Martinez | X | |||
| Christopher Moquino | X | |||
| James L. Naranjo | X | |||
| Leon T. Roybal | X | |||
| Irene Tse-Pe | X |
DELIVERY OF THE RESOLUTION TO THE GOVERNOR:
Resolution No. SI-R20-015 was presented to the Governor of the Pueblo de San Ildefonso on the 29th day of July , 2020, pursuant to the Governing document of the Pueblo de San Ildefonso ("Agreement"), GOVERNOR, Sec. 4 (c), and will become effective after signature by the Governor or veto override by the Council.
William S. Christian, Council Secretary
{ X } APPROVED
{ } VETO - RETURNED TO COUNCIL WITH EXPLANATION:
On this __________ day of ________________________, 2020.
Perry M. Martinez, Governor
Presented by the Governor to the Council on the ____ day of ____________, 2020.
Override of Governor's veto:
{ } YES
{ } NO
| COUNCIL REPRESENTATIVE | YES | NO | ABSTAIN | ABSENT |
|---|---|---|---|---|
| William S. Christian | ||||
| Terrence K. Garcia | ||||
| Thelma Gonzales | ||||
| Thomas Gonzales | ||||
| M. Wayne Martinez, Jr. | ||||
| Raymond J. Martinez | ||||
| Christopher Moquino | ||||
| James L. Naranjo | ||||
| Leon T. Roybal | ||||
| Irene Tse-Pe |
CERTIFICATION
The foregoing resolution was duly voted upon by the Council on _________________, 2020, at a meeting with a vote of ______ in favor, _____ opposed, _____ abstaining and _____ absent (Governor presiding and not voting) pursuant to the authority vested in the Council by the Agreement of the Pueblo de San Ildefonso.
William S. Christian, Council Secretary
CONTRACT AUTHORIZATION WITH PORTFOLIO MONITORING, LLC
Section 1.1. Short Title
This enactment shall be known as the amendment to the law entitled "AUTHORIZING A CONTRACT EXTENSION WITH PORTFOLIO MONITORING, LLC, FOR INVESTMENT FUND PROTECTION ("Amendment")."
Section 1.2. Purpose
The purpose of this Amendment is to authorize the continuation of services provided by Portfolio Monitoring, LLC to the Pueblo.
Section 1.3. Findings
Title 6, Chapter 6.6.10, Section 6.6.10.030 of the Code is hereby amended to add the following subsections (f), (g), (h), and (i) as follows:
(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.
Section 1.4. Amendment
Title 6, Chapter 6.6.10, Section 6.6.10.040 of the Code is hereby amended to replace the existing subsections (a) and (b) with the following new subsections:
(a) The Council hereby authorizes the Governor to negotiate and execute a contract for the continuation of services provided by Portfolio Monitoring, LLC, to provide professional monitoring services of the Pueblo's investment accounts and to report their written findings to the Council, Governor, and Investment Committee; and
(b) The Council hereby authorizes the Governor to negotiate and execute a contract with Portfolio Monitoring, LLC on a sole-source basis due to their highly specialized securities monitoring services and extensive experience.
