The following investment and deposit objectives will be applied in the management of city funds:
(A) The cash management and investment activities of the city shall be conducted in compliance with the Charter of the city, the Codified Ordinances of the city, and the applicable provisions of the Ohio Revised Code (hereafter ORC).
(B) The cash management and investment activities of the city shall be conducted in a manner which is consistent with prevailing prudent business practices which may be applied by other public organizations of similar size and financial resources.
(C) The city's investment portfolio will be managed to accomplish the following fundamental goals:
(1) The primary objective of the city's investment activities is the preservation of capital and the protection of investment principal.
(2) The city will strive to maximize the return on the portfolio, but will avoid assuming unreasonable investment risks.
(3) The city's investment portfolio will remain sufficiently liquid to enable the city to meet daily and seasonal operating requirements which might be reasonably anticipated.
(4) The city will diversify its investments to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
(5) The city will use the buy and hold strategy in order to minimize market price risk.
(1974 Code, § 39.22) (Ord. 9-94, passed 5-2-1994; Am. Ord. 11-19, passed 5-6-2019)