(A) All investment securities purchased by the village or held as collateral on deposits or investments shall be held in third-party safekeeping at a secured and insured depository.
(B) All securities shall be held in the name of the appropriate legal entity. Further, all investment transactions will be conducted on a delivery versus payment basis. The depository shall issue a safekeeping receipt to the village listing the specific instrument, rate, maturity and other pertinent information. On a monthly basis, the depository will also provide reports which list all securities held, the book value of holdings and the market value as of month-end.
(C) The investments shall be designed and managed with the objective of obtaining a market rate of return throughout budgetary and economic cycles, commensurate with the investment risk constraints and cash flow needs of the village.
(Ord. 01-2013, passed 1-7-2013)