(A) All investments shall be made in accordance with the Indiana Code as follows: I.C. 5-13-9, Deposit and Investment Powers; I.C. 5-13-10.5, State Investments; I.C. 5-13-9.5, Designation of State Depositories; I.C. 5-13-10, Funds Invested by Treasurer of State and I.C. 36-1-7, Interlocal Cooperation. Any revisions or extensions of these chapters of the statutes shall be assumed to be part of this policy immediately upon being enacted.
(B) This investment policy further restricts the investment of county funds to the following types of securities and transactions:
(1) U.S. Treasury securities. Treasury Bills, Treasury Notes, Treasury Bonds, and Treasury Strips with maturities not exceeding five years from the date of trade settlement.
(2) Federal instrumentality securities. Debentures, medium-term notes, discount notes, callable and step-up securities, and stripped principal or coupons with maturities not exceeding five years from the date of trade settlement issued by the following only: Federal National Mortgage Association (FNMA), Federal Farm Credit Bank (FFCB), Federal Home Loan Bank (FHLB) and Federal Home Loan Mortgage Corporation (FHLMC).
(3) Time certificates of deposit. Issued by depositories designated by the State Board of Finance as depositories for state deposits with maturities not exceeding five years from the date of purchase.
(4) Repurchase agreements. With depositories designated by the State Board of Finance as depositories for state deposits, that are fully collateralized at not less than 100% by interest-bearing U.S. Treasury securities or Federal Instrumentality securities listed in divisions (B)(1) and (2) above as described in I.C. 5-13-9-3.
(5) Money market mutual funds that are registered under the Investment Company Act of 1940, as amended; that are open end; “no-load” (no commission or fee charged on purchases or sales of shares); have a constant net asset value of $1 per share; limit assets of the fund to U.S. Treasury securities, Federal Instrumentality securities, and repurchase agreements collateralized by the same; and have a rating of AAAm or the equivalent by one or more Nationally Recognized Statistical Ratings Organizations. Investments in money market mutual funds shall be made through depositories designated by the State Board of Finance as depositories for state deposits and shall not exceed 50% of the funds available for investment. The Treasurer may exceed this limit during property tax collections, as described in I.C. 5-13-9-2.5.
(6) Local government investment pools established within the office and custody of the Treasurer of the State that invest in funds in accordance with I.C. 5-13-9-11.
(7) CDARS - Certificate of Deposit Registry Service established by I.C. 5-13-9-5.3.
(8) Negotiable certificates of deposit - established by I.C. 5-13-9.5 and I.C. 5-13-9-2.
(9) Municipal securities issued by an Indiana local government entity, a quasi-governmental entity related to the state, or a unit of government, municipal corporation, or special taxing district in Indiana, if the issuer has not defaulted on any of the issuer’s obligations within the 20 years preceding the date of the purchase.
(C) It is the intent of the county that the foregoing list of authorized securities be strictly interpreted. Any deviation from this list must be pre-approved by the Board of Finance.
(Ord. 2019-01, passed 1-28-2019; Ord. 2020-01, passed 1-27-2020; Ord. 2021-01, passed 1-25-2021; Ord. 2022-01, passed 1-24-2022)