(A) Maximum maturities: the city’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 forecasting cash flow requirements, a portion of the investment portfolio should be continuously invested in readily available funds such as local government pools, money market funds or overnight repurchase agreements to ensure that appropriate liquidity is maintained in order to meet ongoing obligations.
(B) The city may adopt an ordinance, pursuant to I.C. 5-13-9-5.7, appointing and authorizing the investment officer to 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 city 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 and transaction accounts. Such ordinance expires on the date on which this policy expires which may not exceed four years.
(Ord. 23-11, passed 6-26-2023)