Page 186 - PowerPoint Presentation

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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