Section
Investment Policy
36.01 Policy
36.02 Scope
36.03 Prudence
36.04 Objective
36.05 Delegation of authority
36.06 Ethics and conflicts of interest
36.07 Authorized financial dealers and institutions
36.08 Authorized and suitable investments
36.09 Collateralization
36.10 Safekeeping and custody
36.11 Diversification
36.12 Maximum maturities
36.13 Internal control
36.14 Performance standards
36.15 Reporting
36.16 Marking to market
Bidding and Contracting
36.30 Competitive bidding required
36.31 Formal contracting procedure
36.32 Notice inviting bids
36.33 Scope of notice
36.34 Bid deposits
36.35 Bid opening procedure
36.36 Rejection of bids
36.37 Bidders in default to village
36.38 Award of contract
36.39 Open market procedure
36.40 Professional services exempt from bidding requirements
36.41 Emergency purchases
36.42 Cooperative purchasing
36.43 Construction projects exceeding $25,000
36.44 Enforceable provisions
INVESTMENT POLICY
It is the policy of the village to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the village and conforming to all state and local statutes governing the investment of public funds.
(2007 Code, § 1-6-1)
(A) Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital, as well as the probable income to be derived.
(B) The standard of prudence to be used by investment officials shall be the “prudent person” standard and shall be applied in the context of managing an overall portfolio.
(2007 Code, § 1-6-3)
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