Pursuant to I.C. 5-13-9-5.7, the Town Council hereby authorizes the investing officer to make investments having a stated final maturity that is more than two years, but not more than five years after the date of purchase under the following circumstances.
(A) The fiscal body of the town shall first adopt an investment policy authorizing the investment of public funds of the town for more than two years and not more than five years in accordance with I.C. 5-13-9-5.7(a) and (b).
(B) This section and the power to make an investment having a stated final maturity that is more than two years, but not more than five years after the date of purchase, expire on the date on which the investment policy expires, which may not exceed four years.
(C) At the time an investment of public funds of the town is made, having a stated final maturity that is more than two years, but not more than five years, the total of such investments of the town may not exceed 25% of the total portfolio of public funds invested by the town, including balances in transaction accounts.
(D) An investing officer may contract with a federally regulated investment advisor or other institutional money manager to make such investments.
(E) The Town Council hereby authorizes the investing officer of the town to invest in certificates of deposit of depositories that have not been designated by the local Board of Finance but have been designated by the State Board of Finance as a depository for state deposits under I.C. 5-13-9-5.
(Ord. 2015-7, passed 7-1-2015; Res. 2017-8, passed 6-7-2017)