§ 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)

§ 36.12 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 one year from the date of purchase.

   (B)   Reserve funds may be invested in securities exceeding one year if the maturity of such investments are made to coincide as nearly as practicable with the expected use of the funds.

(2007 Code, § 1-6-12)

§ 36.13 INTERNAL CONTROL.

   (A)   The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the village 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 of collusion;

      (2)   Separation of transaction authority from accounting;

      (3)   Custodial safekeeping; and

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

(2007 Code, § 1-6-13)

§ 36.14 PERFORMANCE STANDARDS.

   The investment portfolio will be managed in accordance with the parameters specified within this subchapter. 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 as the portfolio.

(2007 Code, § 1-6-14)

§ 36.15 REPORTING.

   The Treasurer shall prepare an investment report at least monthly. The report should be provided to the Board of Trustees and available to the general public on request. The report should be in a format suitable for review by the general public. An annual report should also be provided to the Board.

(2007 Code, § 1-6-15)

§ 36.16 MARKING TO MARKET.

   A statement of the market value of the portfolio shall be issued to the Board of Trustees quarterly.

(2007 Code, § 1-6-16)

BIDDING AND CONTRACTING

§ 36.30 COMPETITIVE BIDDING REQUIRED.

   Any work or other public improvement which is not to be paid for in whole or in part by special assessment or special taxation, and all purchases of and contracts for supplies, materials and services shall, except as specifically provided herein, be based whenever possible on competitive bids.

(2007 Code, § 1-2-26)