Page 332 - CityofHasletFY25AnnualBudget

funds exceed one year. The maximum final stated maturity of any investment shall not
exceed five years.

Investments in all funds shall be managed in such a way that the market price losses
resulting from interest rate volatility would be offset by coupon income and current
income received from the volume of the portfolio during a twelve month period.

D. Effect of Loss of Required Rating

An investment that requires a minimum rating under this policy does not qualify as an
authorized investment during the period the investment does not have the minimum
rating. The City shall take all prudent measures that are consistent with this policy to
liquidate an investment that does not have the minimum rating.

E. Competitive Bidding

When practical, securities, including certificates of deposit, will be purchased or sold
after competitive offers or bids have been taken to verify that the City is receiving fair
market value/price for the investment.

VIII. SELECTION OF BANKS AND DEALERS

A Depository

At least every five years, a depository shall be selected through the City’s banking
services procurement process, which shall include a formal request for proposal (RFP).
In selecting a depository, the credit worthiness of institutions shall be considered, and
the Investment

Officer shall conduct a comprehensive review of the credit characteristics and financial
history of the prospective depositories.

B. Certificates of Deposit

Banks seeking to establish eligibility for the City’s competitive certificates of deposit
purchase program shall submit annual financial statements for review, evidence of
federal insurance and other information as required by the Investment Officer.

C Securities Dealers

For brokers and dealers of government securities, the City shall select only those
dealers reporting to the Market Reports Division of the Federal Reserve Board of New
York also known as the Primary Government Security Dealers, unless a comprehensive
credit and capitalization analysis reveals that other firms are adequately financed to
City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 330