(a) This section, in conjunction with the Ohio Revised Code, and any applicable ordinances, as amended, will govern the investment activities of the Village of Elmore. It will be reviewed periodically for compliance and to assure the flexibility necessary to effectively manage the Village’s investment of public funds.
(b) The purpose of the investment account is to allow for the maximum return on the Village’s excess cash balances consistent with complete safety of the principal value and desirable liquidity.
(c) All investment activities will be undertaken by the Fiscal Officer with approval from the Village Investment Board and applies to all interim funds of the Village of Elmore. These funds are accounted for in the Village of Elmore’s Annual Financial Report and include:
General Fund
Special Revenue Funds
Capital Project Funds
Enterprise Funds
Trust and Agency Funds
Special Assessment Funds
(d) The Village will be permitted to invest in any security specifically authorized by the Ohio R.C. 135.24 and 135.45, as amended. A copy of the appropriate ORC sections will be attached to this policy.
(e) Investments in the U.S. Treasury Securities and those instruments completely guaranteed by the U.S. Treasury as payment of the principal and interest may be made in any dollar amount.
(f) The Village should normally seek to diversify its holdings of other investments by avoiding concentrations of specific issuers.
(g) Under the guidelines of this policy, no security will be purchased that has a remaining term to final maturity of more than five years.
(h) The simultaneous sale of one security and purchase of another (swapping) will be permitted.
(i) All portfolio transactions will be performed on a competitive basis when practical. Each bid or offer will be simultaneously received from three providers. Each price will be recorded and the best price selected for execution. (Ord. 19-96. Passed 9-9-96.)