Page 378 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 11 Municipal Policies
Municipal Investment Policy

Authorized collateral will include only:
Obligations of the US Government, its agencies and instrumentalities to include
mortgage backed securities which pass the bank test,
Municipal obligations rated at least A by two nationally recognized rating
agencies.
The custodian shall be required to provide original safekeeping receipts clearly
marked that the security is pledged to the Town.

XII. REPORTING
The Investment Officer shall submit quarterly reports to the Council containing
sufficient information to permit an informed outside reader to evaluate the
performance of the investment program and in full compliance with the Act. At a
minimum, the report shall contain:
Beginning and ending market value of the portfolio by market sector and total
portfolio
Beginning and ending book value of the portfolio by market sector and total
portfolio
Change in market value during the period
Detail on each asset ( book, market, description, par ad maturity date)
Earnings for the period
Overall weighted average maturity of the portfolio

The report will be prepared jointly by all involved in the investment activity and be
signed by the Investment Officer. It will contain all elements as required by the Act
and be signed by the Investment Officers as in compliance with the Act and this
Policy. Market prices for assignment of market values will be obtained from an
independent source. The three- month Treasury Bill average yield for the reporting
period will be reported as a gauge of performance and risk.

XIII. DEPOSITORIES
The Town will designate one banking institution through a competitive process as its
central banking services provider at least every five years. This institution will be used
for normal banking services including disbursements, deposits, and safekeeping of
Town owned securities. Other banking institutions from which the Town may purchase
only certificates of deposit will also be designated as a depository.

All banking arrangements will be in written form in accordance with FIRREA which
requires a resolution of approval of the agreement by the Bank Council or Bank Loan
Committee.
XIV. INVESTMENT POLICY ADOPTION BY COUNCIL
The Town's Investment Policy and its incorporated strategies shall be adopted by
ordinance annually by the Council.

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