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WHEREAS, the City is permitted under State of Oregon law to invest its funds in various classes of securities including but not limited to: United States Government or United States Agency securities; time deposits and bankers' acceptances of financial institutions located within Oregon; commercial paper of financial institutions and corporations; corporate bonds; repurchase agreements; municipal bonds of governments and agencies located in the States of Oregon, California, Idaho and Washington; and the Local Government Investment Pool; and

WHEREAS, there is a need to clearly define the criteria for management of the City's investment portfolio; and

WHEREAS, the primary objective of the Investment Policy is to establish a conservative set of investment criteria that will prudently protect the City's assets, provide liquidity to meet the City's cash needs, and enable the City to generate a market rate of return from its investment activities; and

WHEREAS, the Investment Policy contains prohibitions on corporate investments based on select industry classifications, demonstrating the City's commitment to values-aligned investments; and

WHEREAS, the Treasury Division of the Office of the Chief Financial Officer is charged with responsibility for managing the City's investments; and

WHEREAS, the Treasury Division of the Office of the Chief Financial Officer has developed a formal Investment Policy after seeking the advice of the City's Investment Advisory Committee; and

WHEREAS, ORS 294.135 requires the City's governing body to adopt an Investment Policy; and

WHEREAS, when material changes are made to the Investment Policy, the City is required pursuant to ORS 294.135 to submit the Investment Policy to the State of Oregon Short-Term Fund Board for review; and

WHEREAS, the Investment Policy, attached as Exhibit A, fulfills all State of Oregon, City Charter, and City Code-mandated requirements.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portland, Oregon that the Investment Policy, attached as Exhibit A, is hereby adopted as the City of Portland's Investment Policy; and

BE IT FURTHER RESOLVED that the City Treasurer shall be responsible for the implementation of the Investment Policy; and

BE IT FURTHER RESOLVED that this resolution shall remain in effect from the date of adoption unless a change is directed by Council; and

BE IT FURTHER RESOLVED that the Council urges the Administration to work with and provide feedback to interested Council offices as they develop options for an Ethical Investment Policy and present them to the full City Council in a public meeting by August 31, 2026, so that feedback received in this meeting can inform the 2026 City of Portland Investment Policy; and

BE IT FURTHER RESOLVED that the Council is committed to seeking options to include methods for screening potential investments based on human rights including those listed in the Universal Declaration of Human Rights, with the intention of ensuring the City does not invest in companies that enable or facilitate war, armed conflict, or human rights abuses including but not limited to genocide, slavery, torture, indefinite or arbitrary detention, war crimes, and crimes against humanity; as well as labor, environmental, and consumer policies and impact; and to evaluate other jurisdictions' policies as part of this process; and

BE IT FURTHER RESOLVED that the Council encourages the Administration to conduct community outreach in advance of the 2026 City of Portland Investment Policy, including through relevant boards and commissions, and to include interested Council offices in this process; and

BE IT FURTHER RESOLVED that the Investment Policy is binding City Policy.