§ 35.106 SALE OF SECURITIES PRIOR TO MATURITY.
   (A)   Portfolio assets may be liquidated or sold prior to maturity under the following conditions:
      (1)   To meet additional liquidity needs;
      (2)   To purchase another security to increase yield or current income;
      (3)   To lengthen or shorten the portfolio’s maturity;
      (4)   To realize any capital gains and/or income; or
      (5)   To adjust the portfolio’s asset allocation.
   (B)   Such transactions may be referred to as a "sale and purchase" or a "bond swap". For purposes of this section, redeemed shall also mean "called" in the case of a callable security.
(Ord. 85-94, passed 10-3-94; Am. Ord. 89-96, passed 10-7-96; Am. Ord. 10-99, passed 2-16-99; Am. Ord. 82-13, passed 11-4-13)