(a) Investment Authority. Council authorizes the Fiscal Officer to deposit and invest in active and inactive funds. The Fiscal Officer is responsible for maintaining all documents evidencing a deposit, investment or trade.
(b) Objectives. The primary objects of investment activities shall be to provide adequate liquidity, to assure the safety of principal, and to maximize investment income without undue exposure to risk.
(c) Authorized Financial Institutions and Brokers/Dealers. Investments and/or deposits may only be held by institutions prescribed as eligible depositories by Ohio R.C. 135.03. The investing authority may retain the services of an investment advisor, provided the advisor is licensed by the division of securities under Ohio R.C. 1707.111, or is registered with the Securities and Exchange Commission and possesses experience in public funds investment, or the advisor is an eligible institution.
(d) Authorized Investments.
(1) Ohio R.C. 135.14, 135.142 and 135.45 and others as amended, specifies the eligible investment securities in which a local governmental entity may invest.
Eligible Securities include, but are not limited to the following:
- Bankers Acceptance
- Certificates of Deposit
- CDARS
- Commercial Paper
- Federal Agency Instrumentalities
- No-Load Money Market Mutual Funds
-Repurchase Agreements
- STAROhio
- Treasury Bills & Notes
(2) Except as provided in Ohio R.C. 135.14(7)(E), any investment of interim monies must mature within five years from the date of settlement, unless the investment is matched to a specific obligation or debt of the Village.
(e) Investment Training. No investment of interim funds shall be made unless the Investment Authority has successfully completed the on-going training approved by the Ohio Treasurer of State.
(f) Investment Reporting. The Fiscal Officer shall submit an investment report to Council at their regularly scheduled meetings.
(g) Required Signatures. All brokers, dealers, financial institutions initiating transactions with the Village by giving advice or making investment recommendations shall sign the Village’s Investment Policy, thereby acknowledging their agreement to abide by the policy’s contents as well as their comprehension and receipt.
(h) Filing Requirements. The Investment Policy and all subsequent amended versions shall be filed with the Auditor of State within fifteen (15) days of the effective date of the amendment, thereby allowing the Village to invest public monies in instruments not limited to interim deposits, no-load money market mutual funds or the Ohio subdivision fund.
(Ord. 917. Passed 12-17-12.)