§ 36.02 SCOPE.

   This policy includes all funds by the Board of Trustees.

(2007 Code, § 1-6-2)

§ 36.03 PRUDENCE.

   (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)

§ 36.04 OBJECTIVE.

   (A)   The primary objective, in order of priority, shall be:

      (1)   Legality: conformance with federal, state and other legal requirements;

      (2)   Safety: preservation of capital and protection of investment principal;

      (3)   Liquidity: maintenance of sufficient liquidity to meet operating requirements; and

      (4)   Yield: attainment of market rates of return.

   (B)   The portfolio should be reviewed periodically as to its effectiveness in meeting the village’s needs for safety, liquidity, rate of return, diversification and its general performance.

(2007 Code, § 1-6-4)

§ 36.05 DELEGATION OF AUTHORITY.

   Management and administrative responsibility for the investment program is hereby delegated to the Treasurer who, under the delegation of the Board of Trustees, shall establish written procedures for the operation of the investment program.

(2007 Code, § 1-6-5)

§ 36.06 ETHICS AND CONFLICTS OF INTEREST.

   Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions.

(2007 Code, § 1-6-6)

§ 36.07 AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS.

   (A)   The Treasurer will maintain a list of financial institutions authorized to provide investment services.

   (B)   In addition, a list will also be maintained of approved security brokers/dealers selected by creditworthiness.

(2007 Code, § 1-6-7)

§ 36.08 AUTHORIZED AND SUITABLE INVESTMENTS.

   (A)   Investments may be made in any type of security allowed for in state statutes regarding the investment of public funds.

   (B)   Investments shall be made that reflect the cash flow needs of the fund type being invested.

(2007 Code, § 1-6-8)

§ 36.09 COLLATERALIZATION.

   Funds on deposit (checking accounts, certificates of deposit and the like) in excess of FDIC limits must be secured by some for of collateral, witnessed by a written agreement and held at an independent third party institution in the many of the village.

(2007 Code, § 1-6-9)