(a) The City hereby adopts an investment policy authorizing the investment of the public funds of the City for more than two (2) years and not more than five (5) years.
(b) The investment of public funds pursuant to this policy shall be with the approval of the City’s investing officer.
(c) All funds invested pursuant to this policy shall have a stated final maturity that is more than two (2) years but not more than five (5) years from date of purchase.
(d) The total investments outstanding under and pursuant to this policy may not exceed twenty- five percent (25%) of the total portfolio of public funds invested by the City, including balances in transaction accounts.
(e) This policy shall take effect on the date on which the ordinance establishing the same is passed by the Common Council and signed by the Mayor.
(f) This policy shall expire on the date which is four (4) years from the date on which it takes effect.
(g) Any investment that complies with this policy on the date on which the investment is made remains legal even if this policy has subsequently expired and/or a subsequent decrease in the total portfolio of public funds invested by the City, including balances in transaction accounts, causes the percentage of investments outstanding under and pursuant to this policy to exceed twenty-five percent (25%) of the total portfolio funds invested by the City.
(h) Should any portion of this policy contradict any provision of I.C., 13-9-5.7, as amended, the provisions of I.C., 13-9-5.7, as amended, shall prevail to the extent necessary to bring this policy in conformance therewith, and to ensure that all investments made under and pursuant to this policy comply with that statutory section.
(i) The City’s investing officer may contract with a federally regulated investment advisor or other institutional money manager to make investments under and pursuant to this policy.
(j) The City’s investing officer is hereby authorized to invest the City’s public funds under and pursuant to this policy.
(Ord. D-2526-20, 5-18-20)