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ADMINISTRATIVE ORDER NO. 44-22-03 <br />of the <br />City Manager <br /> <br /> <br />AMENDING THE CITY OF EUGENE INVESTMENT POLICY AND <br />SUPERSEDING THE INVESTMENT POLICY ADOPTED BY <br />ADMINISTRATIVE ORDER NO. 44-14-06. <br /> <br /> <br />The City Manager of the City of Eugene finds that: <br /> <br />A. Under provisions of the Eugene Charter of 2002 the City Manager is authorized to <br />make all purchases, appoint and remove all employees, act as business agent for the Council, and to <br />perform such other duties as the Council directs. <br /> <br />B. The City of Eugene’s current Investment Policy was adopted on July 31, 2014, by <br />Administrative Order No. 44-14-06. <br /> <br />C. The Government Finance Officers Association (GFOA) issued an advisory in March <br />2022, that “advises governments to abstain from accepting cryptocurrency for receivables, using <br />cryptocurrency for payables, and investing in these products.” <br /> <br />D. It is necessary to update the City of Eugene Investment Policy so that it aligns with <br />the GFOA investment policy advisory. <br /> <br /> <br />NOW, THEREFORE, the City Manager of the City of Eugene Orders and Directs that: <br /> <br />1. The City of Eugene Investment Policy attached as Exhibit A is amended by adding <br />subsection 2.b. to Section G prohibiting direct investment in cryptocurrencies, or bonds backed by <br />cryptocurrency revenues or interest earnings. <br /> <br />2. The Investment Policy attached to Administrative Order No. 44-14-06 is superseded <br />by the Investment Policy attached as Exhibit A to this Order. <br /> <br />Dated and effective this 6th day of July 2022. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Administrative Order - Page 1 of 1 <br />Sarah Medary <br />City Manager <br /> <br /> <br /> <br /> <br /> <br /> <br />Vicki Silvers <br />Twylla Miller <br />MC Mia Cariaga