§ 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)

§ 36.10 SAFEKEEPING AND CUSTODY.

   All security transactions, including collateral for repurchase agreements, entered into by the village, shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by an independent third-party custodian designated by the Treasurer and evidenced by safekeeping receipts and a written custodial agreement.

(2007 Code, § 1-6-10)

§ 36.11 DIVERSIFICATION.

   The village shall diversify its investments to the best of its ability based on the type of funds invested and the cash flow needs of those funds. Diversification can be by type of investment, number of institutions invested in and length of maturity.

(2007 Code, § 1-6-11)