(A) Investment policy. It is the policy of the city to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the city and conforming to all state and local statutes governing the investment of public funds.
(Prior Code, § 22-5-1)
(B) Scope. This policy includes all public funds of the city.
(Prior Code, § 22-5-2)
(C) Prudence.
(1) Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital, as well as the probable income to be derived.
(2) The standard of prudence to be used by investment officials shall be the “prudent person standard” and shall be applied in the context of managing an overall portfolio.
(Prior Code, § 22-5-3)
(D) Objective.
(1) The primary objective, in order of priority, shall be:
(a) Legality. Conformance with federal, state, and other legal requirements;
(b) Safety. Preservation of capital and protection of investment principal;
(c) Liquidity. Maintenance of sufficient liquidity to meet operating requirements; and
(d) Yield. Attainment of market rates of return.
(2) The portfolio should be reviewed periodically as to its effectiveness in meeting the city’s needs for safety, liquidity, rate of return, diversification, and its general performance.
(Prior Code, § 22-5-4)
(E) Investment policy adoption and modification. The investment policy has been adopted by ordinance. The policy shall be reviewed on an annual basis by the Treasurer, and any modifications made thereto shall be made by ordinance.
(Prior Code, § 22-5-16)