Bill: Draft Aventura Town Bank Establishment Act

[Budgiebud]

A
BILL
TO
Grow the Aventura treasury
​

BE IT ENACTED by the Mayor and Council of Aventura:

1 - Short Title and Enactment​

(1) This Act may be cited as the 'Aventura Town Bank Establishment Act'

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Mayor Budgiebud.

2 - Reasons​

(1) The Aventura budget currently holds stored, unused, and unmoved funds. These funds could be put to work increasing revenue.

(2) The creation of a town-owned financial institution will allow Aventura to trade at its personal risk tolerance in investments and financial services.

(3) Oakridge has a fun toy and we want it.

3 - Creation of the Aventura Town Bank​

(1) The Office of Administration is authorized to create a town-owned commercial bank which is to take deposits and serve as the primary investment vehicle for the town's economic growth.

(2) The Head of Administration is authorized to draft and submit incorporation filings for a corporation to fulfill this purpose. The corporation will be a governmental entity following the initial approval of all corporation filings by the Office of Administration.

(3) At inception, this bank will be owned by the Town of Aventura in its entirety.

(4) The Office of Administration is authorized to hold, acquire, and sell assets to support the bank's asset portfolio.

(5) The Aventura Town Bank is required to follow all requirements listed in the following subsections, as well as current financial regulations:

(a) The bank may invest its growth proceeds into whatever legal asset it so chooses.

(b) The bank may not at any time allocate more than 90% of the funds appropriated from the council toward Real Estate investments.

(c) The bank will minimize operating costs wherever it is reasonable to do so.

(d) In case of a short-term cash shortage, the town council may divert additional money into the Aventura Town Bank if no immediate alternative solution is available.

(6) Initial permanent allocated funds are to be $1,000,000, with any further allocations requiring the approval of the Mayor.

(7) No further allocations may leave the Town of Aventura treasury with less than $800,000 in its balance at any time.

(8) Should the Aventura Town Bank require legal assistance of any kind—including compliance, regulations, or lawsuits—the town's legal department is required to assist.

(9) Distribution of profits, as well as operational details not explicitly mentioned in this bill, shall be determined by the bank's Certificate of Incorporation.

(10) The Office of Administration shall gather monthly financial overviews of the Aventura Town Bank to be presented to the Mayor, Deputy Mayor, and Town Council every month. The deadline may be extended by a motion as far as 10 days upon request from the Head of Administration

4 - Mayoral Oversight and Investment Approval​

(1) The Head of Administration and the Aventura Town Bank executive board must submit all proposed financial investments, asset acquisitions, and portfolio allocations to the Mayor for review.

(2) No investment of town funds may be executed by the bank without an explicit, written sign-off or executive authorization from the Mayor.

(3) Any investment executed without the prior written approval of the Mayor shall be considered unauthorized, void and subject to immediate reversal.

(4) The Mayor reserves the right to establish specific monetary thresholds via Mayoral Decree for routine banking operations to prevent operational delays.