The following guidelines should be used to meet the general investment objectives.
(A) Legality and safety.
(1) Investments will be made only in securities guaranteed by the U.S. Government or in FDIC-insured institutions including SAIF of the FDIC. Deposit accounts in banks or savings and loan institutions will not exceed the amount insured by FDIC coverage (unless adequately collateralized pursuant to regulations of the Federal Reserve regarding custody and safekeeping of collateral).
(2) Authorized investments include and will primarily consist of: certificates of deposit, treasury bills and other securities guaranteed by the U.S. Government, participation in the state’s Public Treasurer’s Investment Pool and any other investments allowed under state law that satisfy the investment objectives of the city.
(B) Liquidity. In general, investments should be managed to meet liquidity needs for the current month, plus one month (based on forecasted needs), and any reasonably anticipated special needs.
(C) Yield; return on investment.
(1) Within the constraints on state law, considerations of safety and this investment policy, every effort should be made to maximize return on investments made.
(2) All available funds will be placed in investments or kept in interest bearing deposit accounts.
(D) Simplicity of management. The time required by the City Council to manage investments shall be kept to a minimum.
(Prior Code, § 1-5-16)