§ 32.12 MAXIMUM MATURITIES.

   (A)   To the extent possible, the village shall attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the village will not directly invest in securities maturing more than three years from the date of purchase.

   (B)   Reserve funds may be invested in securities not to exceed five years. The maturity of such investments are made to coincide as nearly as practicable with the expected use of the funds.

(Ord. passed - -1999)

§ 32.13 INTERNAL CONTROLS.

   (A)   The Village Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft, or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

   (B)   The internal controls shall address the following points:

      (1)   Control or collusion;

      (2)   Separation of transaction authority from accounting;

      (3)   Custodial safekeeping; and

      (4)   Written confirmation of telephone transactions for investments and wire transfers.

(Ord. passed - -1999)

§ 32.14 PERFORMANCE STANDARDS.

   (A)   This investment portfolio will be managed in accordance with the parameters specified within this policy. The portfolio should obtain a comparable rate of return during a market/economic environment of stable interest rates. Portfolio performance should be compared to benchmarks with similar maturity, liquidity, and credit quality of the portfolio.

   (B)   MARKET YIELD (BENCHMARK).  Current 90-day treasury bill rate.

(Ord. passed - -1999)

§ 32.15 REPORTING.

   The Treasurer shall prepare quarterly written reports of investment activities for submission to the Board. The reports shall include information regarding securities in the portfolio by class, book value, income earned, and market value, as of the report date.

(Ord. passed - -1999)

§ 32.16 SAVINGS CLAUSE.

   (A)   In the event any state or federal legislation or regulation should further restrict instruments or institutions authorized by this policy, such restrictions shall be deemed to be immediately incorporated in this policy.

   (B)   If new legislation or regulation should liberalize the permitted instruments or institutions, such changes shall be available and included in this policy only after written notification to the Village Board and its subsequent approval of said changes.

(Ord. passed - -1999)