(A)   Maximum maturities. Except as provided in division (B) of this section, the town’s investments must have a stated final maturity of not more than two years pursuant to I.C. 5-13-9-5.6. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds such as local government investment pools, money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing obligations.
   (B)   Pursuant to I.C. 5-13-9-5.7 and subject to the prior approval of the Town Council and the conditions of this division, the Investment Officer may make investments having a stated final maturity that is more than two years but not more than five years after the date of purchase. The total investments of the town with maturities of two to five years outstanding at the time of purchase may not exceed 25% of its total portfolio of public funds invested, including balances in transaction accounts. Pursuant to I.C. 5-13-9-5.7, this division shall expire on the date that is four years after the date this subchapter is adopted.
   (C)   Competitive bids. The Investment Officer or its designee shall obtain competitive bids for investment with financial institutions in accordance with I.C. 5-13-9-4. The Investment Officer or its designee shall obtain bids from at least two brokers or financial institutions on all purchases of investment instruments on the secondary market. Overnight sweep investment instruments shall not be subject to this section.
(Ord. 2014-012, passed - - )