(A) Funds will be invested in accordance with 30 ILCS 235/1-7 et al.; the Public Funds Investment Act (30 ILCS 235/0.01 et seq.), as supplemented by this Policy; and written administrative procedures.
(B) If any part of this Policy is inconsistent with or violates the Act, this Policy shall:
(1) Be deemed amended in order to comply with the Act; or
(2) The inconsistent or violating part will be deemed eliminated with the rest of the Policy remaining in full force and effect, at the Board of Directors’ and Executive Director’s choice.
(C) Metra staff will manage the investment portfolio to attain a market rate of return while preserving and protecting capital.
(D) Metra’s investment objectives include the following.
(1) Safety of principal. The security of monies and the investment of funds will be made with safety as a primary and overriding concern. Each investment transaction shall ensure that loss of capital, whether from credit or market risk, is minimized.
(2) Liquidity. Maturity and marketability aspects of investments should be coordinated with the anticipated cash flow needs of Metra. The investment portfolio shall remain sufficiently liquid to meet all operating requirements which might be reasonably anticipated.
(3) Rate of return. The Chief Financial Officer (CFO), or his or her designate, the Director, Treasury shall seek to attain a market average or better rate of return throughout budgetary and economic cycles, taking into account risk, constraints, cash flow and legal restriction on investment.
(4) Public trust. Metra and its officers should avoid any investment transaction or practice which in appearance or fact might impair public confidence in its stewardship of public funds.
(Ord. NIRC 99-2, passed 12-17-1999)