(A) Maximum maturity. To the extent possible, investments will be matched with anticipated cash flow requirements. Subject to the limitations of § 5.7 of the Municipal Investment Act, the city shall not invest in securities maturing on a date which is more than two years from the date of purchase, provided, however:
(1) Not more than 25% of the city’s investment of its total portfolio of public funds may be invested for more than two years but not more than five years from the date of purchase; and
(2) That funds which are not public funds such as, but not limited to, indentured reserve funds are not subject to the foregoing maturity limitations and may exceed five years if the maturities of such investments precede the expected use of such funds.
(B) Average maturity. The average weighted maturity of the portfolio should not typically exceed three years.
(C) Diversification. Investments shall be diversified by type of security and issuer. Except for cash equivalents and U.S. Treasury securities, the total portfolio shall consist of no more than 40% of any single type of security or single name (e.g., City of Indianapolis).
(Prior Code, § 2-536) (Ord. 13-33, passed 12-9-2013)