January 9, 2023
The Council for the City of Wilton, Iowa met in regular session in the Council Chambers at City Hall on Monday January 9th, 2023 Mayor Keith Stanley called the meeting to order at 6:00 PM and then led the group in the Pledge of Allegiance. Council Members present: Bill Voss, Steve Owens, Wayne Budding & Ted Marolf
The agenda was presented for approval. It was moved by Member Budding seconded by Member Owens that the agenda be approved as presented. The vote recorded as follows: Ayes: All Nays: None Motion Carried
The consent agenda was presented for approval. Items included were: Minutes from 12-12-2022 and 12-28-2022 meeting, and Yearly Resolution 2023. It was moved by Member Owens seconded by Member Marolf that the consent agenda be approved as presented. The vote recorded as follows: Ayes: All Nays: None Motion Carried
Jim Voss was present to compliment the Council and City of Wilton employees on a job well done. He felt that the town was looking great with the new sidewalks, dead tree removal and overall running of the city while staying within the budget. Mayor Stanley thanked Jim for his praise and he said that it was nice hearing such a positive report from a citizen.
Mayor Stanley reminded everyone about the Wilton Chamber and Development Alliance Membership Luncheon. The luncheon takes place on January 18th at Noon at the Wilton Community Center.
Jeff Horne reported that the ad for the office assistant has been posted on the City’s web site and on Facebook. It will run in the Advocate for the next two weeks. Applications are due January 27th. We will be interviewing the week of February 6th.
The new well is on line. It is producing roughly 700 gallons per minute. The well it is replacing was perhaps giving us 70 gallons per minute.
People have been moving into Chandler Pointe. We have had residents signing up for garbage and utilities. We expect a steady stream now over the next few months.
Robert Kreimeyer has been contacted by a Verizon representative to schedule a meeting for final plans on adding the antenna to the water tower.
ORDINANCE NO 558
AN ORDINANCE AMENDING TITLE 14 OF THE
WILTON MUNICIPAL CODE ENTITLED “VIOLATIONS-SHUT
OFF-RECONNECT AND PENALTIES “
Be It Enacted by the City Council of the City of Wilton, Iowa as follows:
SECTION 1. PURPOSE The purpose of this Ordinance is to amend the Wilton Municipal Code to enact new procedures and change fees to the violations-shut off- reconnect and penalties section.
SECTION 2. AMENDMENT The Wilton Municipal Code is hereby amended by changing the following sections:
14.08.060 - Title Violations-Shut off-Reconnect and penalties.
(3) For each bill not paid in full by the twentieth day of each calendar month, the city clerk shall mail to the party responsible for each delinquent service connection, on the first business day following the twentieth day of each calendar month, a written notice notifying the party that the city will disconnect the pertinent water service on or after twelve calendar days after the disconnect notice date of the calendar month. A penalty of forty-dollars per utility service connection shall be added to the bill of each party so notified who fails to pay in full their water bill by four p.m. on the twelfth calendar day after the disconnect notice date of each calendar month or by four p.m. of the next regular city business day in the event that the twelfth calendar day after the disconnect notice date of the month falls on a weekend or holiday. To avoid a disconnect or to obtain a reconnect, of any such delinquent service, the penalty must be paid in full, together with all other billings, penalties or other obligations shown on the delinquent statement.
(4) City water/electric department personnel shall post a twenty-four-hour notice of utilities shut off at the premises served by each delinquent service connection on or about the first business day following the twelfth calendar day after the disconnect notice date of the calendar month, and after expiration of twenty-four hours from the time of posting, the city may disconnect the water to any such delinquent service connection.
SECTION 3. REPEALER All Ordinances or parts of Ordinances in conflict with the provisions of this Ordinance are hereby repealed.
SECTION 4. SEVERABILITY If any Section, Subsection, Provision or part of this Ordinance shall be adjudged invalid or unconstitutional such adjudication shall not affect the validity of this Ordinance as a whole or any Section, Subsection, Provision or part thereof nor adjudged invalid or unconstitutional.
SECTION 5. EFFECTIVE DATE This Ordinance shall be in effect after its final passage, approval and publication as provided by law.
It was moved by Member Voss seconded by Member Owens that the Ordinance be passed as presented for the first reading. The vote recorded as follows: Ayes: All Nays: None Motion Carried
It was then moved by Member Owens seconded by Member Marolf that the requirement that said Ordinance be considered and voted on for passage at two Council meetings prior to the third meeting at which time it is finally passed be suspended and that said Ordinance be fully adopted. Upon the question of suspending said requirement, the roll was called and vote recorded as follows.
Ayes: Owens, Voss, Budding and Marolf
Nays: None Motion Carried.
Upon the question of fully adopting said Ordinance the roll was called and the vote recorded as follows:
Ayes: Owens, Voss, Budding and Marolf
Nays: None Motion Carried
Thereupon the Mayor approved said Ordinance, declared said Ordinance fully adopted assigned the number 558 to said ordinance and ordered that said Ordinance be added to the City Ordinance book.
RESOLUTION NO. 01092023C
INVESTMENT POLICY FOR THE CITY OF WILTON
SECTION 1. SCOPE OF INVESTMENT POLICY
The Investment Policy of the City of Wilton (“City”) shall apply to all operating funds, bond proceeds and other funds and all investment transactions involving operating funds, bond proceeds and other funds accounted for in the financial statements of City. Each investment made pursuant to this Investment Policy must be authorized by applicable law and this written
The investment of bond funds or sinking funds shall comply not only with this investment policy, but also be consistent with any applicable bond resolution. This Investment Policy is intended to comply with Iowa Code Chapter 12B. Upon passage and upon future amendment, if any, copies of this Investment Policy shall be delivered to all of the following:
1. The governing body or officer of the City to which the Investment Policy applies.
2. All depository institutions or fiduciaries for public funds of the City.
3. The auditor engaged to audit any fund of the City.
4. The State Auditor.
In addition, a copy of this Investment Policy shall be delivered to every fiduciary or third party
assisting with or facilitating investment of the funds of the City.
SECTION 2. DELEGATION OF AUTHORITY
In accordance with Iowa Code section 12B.10(l), the responsibility for conducting investment transactions resides with the Treasurer of the City. Only the Treasurer and those authorized by resolution may invest public funds and a copy of any empowering resolution shall be attached to this Investment Policy.
All contracts or agreements with outside persons investing public funds, advising on the investment of public funds, directing the deposit or investment of public funds or acting in a fiduciary capacity for the City, shall require the outside person to notify the City in writing, within thirty days of receipt of all communication from the Auditor of the outside person or any regulatory authority, of the existence of a material weakness in internal control structure of the outside person or regulatory orders or sanctions regarding the type of services being provided to
the City by the outside person. The records of investment transactions made by or on behalf of the City are public records and are the property of the City whether in the custody of the City or in the custody of a fiduciary or
other third party. The authorized investors of the City shall be bonded in the amount of $250,000.
SECTION 3. OBJECTIVES OF INVESTMENT POLICY
The primary objectives, in order of priority, of all investment activities involving the financial assets of the City shall be the following:
1. Safety: Safety and preservation of principal in the overall portfolio is the foremost investment objective.
2. Liquidity: Maintaining the necessary liquidity to match expected liabilities is the second investment objective.
3. Return: Obtaining a reasonable return is the third investment objective.
SECTION 4. PRUDENCE
The Authorized Investors of the City when investing or depositing public funds, shall exercise the care, prudence and diligence under the circumstances then prevailing that a person acting in a like capacity and familiar with such matters would use to attain the Section 3 investment objectives. This standard requires that when making investment decisions, the Authorized Investors shall consider the role that the investment or deposit plays within the portfolio of the City and the investment objectives stated in Section 3.
When investing assets of the City the Authorized Investors shall request competitive investment proposals for comparable credit and term investments from a minimum of three investment providers.
SECTION 5. INSTRUMENTS ELIGIBLE FOR INVESTMENT
Assets of the City may be invested in the following:
• Interest bearing savings accounts, interest bearing money market accounts, and interest-bearing checking accounts at any bank, savings and loan association, or credit union in the State of Iowa. Each bank must be on the most recent Approved Bank List as distributed by the Treasurer of the State of Iowa or as amended as necessary by notice inserted in the monthly mailing by the Rate Setting Committee. Each financial institution shall be properly declared as a depository by the governing body of the City. Deposits in any financial institution shall not exceed the amount
approved by the governing body of the City.
• Obligations of the United States government, its agencies and instrumentalities.
• Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions approved and secured pursuant to Iowa Code chapter 12C.
• Iowa Public Agency Investment Trust (“IPAIT”).
• Prime bankers' acceptances that mature within 270 days of purchase and that are eligible for purchase by a federal reserve bank.
• Commercial paper or other short-term corporate debt that matures within 270 days of purchase and is rated within the two highest classifications, as established by at least one of the standard rating services approved by the Superintendent of Banking.
• Repurchase agreements, provided that the underlying collateral consists of obligations of the United States government, its agencies and instrumentalities and takes delivery of the collateral either directly or through an authorized custodian.
• An open-end management investment company registered with the Securities & Exchange Commission under the federal Investment Company Act of 1940, 15 U.S.C. Section 80(a) and operated in accordance with 17 C.F.R. Section 270.2a-7, whose portfolio investments are limited to those instruments individually authorized in this Section 5 of this Investment Policy.
• Warrants or improvement certificates of a levee or drainage district.
All instruments eligible for investment are further governed by all other provisions of this Investment Policy, including Section 7 Investment Maturity Limitations and Section Diversification Requirements.
SECTION 6. PROHIBITED INVESTMENTS AND INVESTMENT PRACTICES
Assets of the City shall not be invested in the following:
Reverse repurchases agreements.
1. Futures and options contracts.
Assets of the City shall not be invested pursuant to the following investment practices:
Trading of securities for speculation or the realization of short-term trading gains.
2. Pursuant to a contract providing for the compensation of an agent or fiduciary based upon the performance of the invested assets.
If a fiduciary or other third party with custody of public investment transaction records of the City fails to produce requested records when requested by the City within a reasonable time, the City shall make no new investment with or through the fiduciary or third party and shall not renew maturing investments with or through the fiduciary or third party.
SECTION 7. INVESTMENT MATURITY LIMITATIONS
Operating Funds must be identified and distinguished from all other funds available for investment. Operating Funds are defined as those funds which are reasonably expected to be expended during a current budget year or within fifteen months of receipt. All investments authorized in Section 5 are further subject to the following investment maturity limitations:
1. Operating Funds may only be invested in instruments authorized in Section 5 of this Investment Policy that mature within three hundred ninety-seven (397) days.
2. The Authorized Investors may invest funds of the City that are not identified as Operating Funds in investments with maturities longer than three hundred ninety-seven days (397) days. However, all investments of the City shall have maturities that are consistent with the needs and use of the City.
SECTION 8. DIVERSIFICATION
Investments of the City are subject to the following diversification requirements:
Prime bankers' acceptances:
1. At the time of purchase, no more than ten percent (10%) of the investment portfolio of the City shall be invested in prime bankers’ acceptances; and
2. At the time of purchase, no more than five percent (5%) of the investment portfolio of the City shall be invested in the securities of a single issuer.
Commercial paper or other short-term corporate debt:
1. At the time of purchase, no more than ten percent (10%) of the investment portfolio of the City shall be in commercial paper or other short term corporate debt; and
2. At the time of purchase, no more than five percent (5%) of the investment portfolio of the City shall be invested in the securities of a single issuer; and
3. At the time of purchase, no more than five percent (5%) of all amounts invested in commercial paper and other short-term corporate debt shall be invested in paper and debt rated in the second highest classification.
Where possible, it is the policy of the City to diversify its investment portfolio. Assets shall be diversified to eliminate the risk of loss resulting from overconcentration of assets in a specific maturity, a specific issuer, or a specific class of securities. In establishing specific diversification strategies, the following general policies and constraints shall apply:
1. Portfolio maturities shall be staggered in a way that avoids undue concentration of assets in a specific maturity sector. Maturities shall be selected which provide stability of income and reasonable liquidity.
2. Liquidity practices to ensure that the next disbursement date and payroll date are covered through maturing investments, marketable U.S. Treasury bills or cash on hand shall be used at all times.
3. Risks of market price volatility shall be controlled through maturity diversification so that aggregate price losses on instruments with maturities approaching one year shall not be greater than coupon interest and investment income received from the balance of the portfolio.
SECTION 9. SAFEKEEPING AND CUSTODY
All invested assets of the City involving the use of a public fund custodial agreement, as defined in Iowa Code section 12B.10C, shall comply with all rules adopted pursuant to Iowa Code section 12B.10C. All custodial agreements shall be in writing and shall contain a provision that all custodial services be provided in accordance with the laws of the state of Iowa. All invested assets of the City eligible for physical delivery shall be secured by having them held at a third-party custodian. All purchased investments shall be held pursuant to a written third
party custodial agreement requiring delivery versus payment and compliance with all rules set out in this Section 9.
SECTION 10. ETHICS AND CONFLICT OF INTEREST
The Authorized Investors of the City shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Any personal investments or loans in excess of $100,000 in or with any entity that the City has declared as a depository or with which the City regularly conducts investment business shall be disclosed in writing to the City Council.
SECTION 11. REPORTING
The Authorized Investors shall submit an investment report that summarizes recent market conditions and investment strategies employed since the last investment report. The investment report shall set out the current portfolio in terms of maturity, rates of return and other features and summarize all investment transactions that have occurred during the reporting period and compare the investment results with the budgetary expectations.
SECTION 12. INVESTMENT POLICY REVIEW AND AMENDMENT
This Investment Policy shall be reviewed every three (3) years or more frequently as appropriate. Notice of amendments to the Investment Policy shall be promptly given to all parties noted in Section 1.
It was moved by Member Budding seconded by Member Marolf that the Resolution be passed as presented.
The vote recorded as follows: Ayes: All Nays: None Motion Carried
Passed and approved the 9th day of January 2023
The Wilton Swimming Pool Board met at the Wilton City Council Chambers on December 13th, 2022. At that meeting Pool Board President, Linda Duncan, announced that the School Board has decided to help bring the new pool to a vote, but will not bond for the new pool. The school board’s bonding options are limited, so they have decided to keep them open to put towards the school instead of the pool. It is now up to the city, on whether they want to take this venture on. Jeff Horne said that perhaps a good place to start would be some more in-depth public survey and a meeting perhaps to get a feel for what the community wants and will support in a referendum. For some perspective, the City of Hubbard, IA recently built a basic L shaped outdoor pool. The cost of the pool and bath house was $3 million. $1 million was raised and a $2 million referendum was passed. For some context; If we passed a referendum on a $2 million dollar bond, payable over 15 years at a 7% interest rate, the annual payment would be $219,589, which using our current tax base would be about $1.51 per $1,000 of taxable value. If your house is assessed at $200,000, with the rollback at 54%, your tax bill for the pool would come to $163. This would go down over time assuming the tax base increases as it has been. It was the general consensus of the Council that they wanted to look at repairing the current pool and that they did not like the idea of having only an outdoor pool. Member Marolf felt that if the City was able to get the funding for the repairs then that would be the time to see if the School would be back on board with sharing the cost of operating the pool. Member Owens suggested that all the entities involved should meet again at the next pool board meeting in February.
Mayor Stanley said that the City crew did a great job with snow removal and salt sanding the roads. He did feel that there was some confusion by the downtown residents since the signs were not out for posting of the snow emergency. Chief Clark assured him that it was an oversite and the signs will be put out for any future snow emergency events.
Member Budding expressed concern over the condition of some of the City streets. He really wanted to have some of them looked at before they became a bigger issue for drivers.
The Financial Statements were accepted and placed on file. It was moved by Member Voss seconded by Member Owens that the total disbursements of $176,938.99 approved by the Finance Committee, be allowed and instruct the City Clerk to pay the same. The vote recorded as follows: Ayes: All Nays: None Motion Carried
No further business, this meeting was adjourned.
City Clerk Kathryn Koele Mayor Keith Stanley