(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)