(A) The city's investment policy shall be adopted by order of the Board of Commissioners and shall become effective on the date set forth in the order. The policy shall be reviewed annually and revised, as appropriate. Any amendments to this policy must be made by order of the Board of Commissioners.
(B) Any investment held on the date of initial adoption of this policy which does not meet the guidelines of this policy shall be exempted from its provisions. At maturity or liquidation, the monies so invested, if reinvested, shall be reinvested only in accordance with this policy. The City Manager or designee may take a reasonable period of time to adjust the existing portfolio to the provisions of this policy in order to avoid the premature liquidations of any current investment.
(Ord. 169-1994, passed 12-15-94)