§ 37.41 INVESTMENT TRANSACTIONS.
   (A)   A copy of this policy will be provided to all securities dealers, investment bankers and other entities doing investment business with the village. Each securities dealer, investment banker or other entity doing investment business with the village shall acknowledge their adherence to this policy by signing a statement as provided by the village as to their agreement to abide by this policy. Each transaction will require written permission of the Clerk-Treasurer of the village to execute each transaction. Such authorization correspondence may be in the form of a fax or electronic medic providing a record of each transaction for the village. All authorizations for permission to execute securities transactions will include the expected trade date, CUSIP number, par value, maturity, interest rate, price, yield, settlement date, description of securities purchased, investment firm, amount due and third party custodial information.
   (B)   While every effort will be made to obtain appropriate discounts, all securities dealers, investment bankers and other entities providing investment services shall be selected to achieve the best possible transaction execution The fact that a particular firm provides statistical and market information and services will be considered in the selection process. All investments, except for no-load money market mutual funds invested exclusively in divisions (A) and (B) above or in debt issues of a municipal corporation, shall be made only through a member of the national association of securities dealers, through a bank, savings bank or savings and loan association regulated by the superintendent of financial institutions, or through an institution regulated by the comptroller of the currency, federal deposit insurance corporation, or Committee of governors of the Federal Reserve System.
   (C)   All securities dealers, investment bankers and other entities providing investment services selected shall be qualified to do business in the state and have appropriate licenses, and be in good standing with their appropriate regulating body as listed above. The Clerk-Treasurer or authorized staff shall maintain a list of approved investment firms. Review of investment firm’s total capitalization and disciplinary standing should be conducted on an annual basis by the Clerk-Treasurer and/or Finance Committee, and necessary changes in the list of approved investment firms will be approved by the Clerk-Treasurer and/or Finance Committee.
   (D)   All securities orders shall be placed according to the securities industry’s generally accepted investment practices. All receipts confirming securities transactions will include the trade date, CUSIP number, par value, maturity, interest rate, price, yield, settlement date, description of securities purchased, investment firm, amount due, and third party custodial information. Confirmation receipts shall be received within three business days after the trade, and payment for investments shall only be made upon receipt of the securities.
   (E)   All securities dealers, investment bankers and other entities providing investment services to the village are prohibited from having any direct or indirect interests in any of the investments made by the Clerk-Treasurer or authorized staff and from receiving payment, bonuses or other compensation aside from regular compensation. As used in this policy, REGULAR COMPENSATION includes the reasonable and agreed-upon fees, commissions, and other compensation customarily associated with securities transactions earned by outside securities dealers, investment bankers and other entities providing services to the village.
(Ord. 01-2013, passed 1-7-2013)