Page 335 - CityofHasletFY25AnnualBudget

3. Obligations, the principal and interest on which, are unconditionally guaranteed
or insured by the State of Texas.

4. A bond of the State of Texas or of a county, city or other political subdivision of
the State of Texas having been rated as investment grade (investment rating no
less than A or its equivalent) by a nationally recognized rating agency with a
remaining maturity of 10 years or less.

D. Subject to Audit

All collateral shall be subject to inspection and audit by the Investment Officer or the
City’s independent auditors.

E. Delivery vs. Payment

Treasury Bills, Notes, Bonds and Government Agencies’ securities and all investments
except investment pool funds and mutual funds shall be purchased using the delivery
vs. payment method. That is, funds shall not be wired or paid until verification has been
made that the correct security was received by the Trustee. The security shall be held
in the name of the City or held on behalf of the City. The Trustee’s records shall assure
the notation of the City’s ownership of or explicit claim on the securities. The original
copy of all safekeeping receipts shall be delivered to the City listing each specific
security, rate, description, maturity, cusip number, and other pertinent information.

X. INVESTMENT POLICY ADOPTION AND REVIEW

A. Adoption of Policy

The City’s investment policy shall be adopted by resolution of the City Council. The
Policy shall be reviewed for effectiveness on an annual basis by the Investment Officer
and any modifications will be recommended for approval to the City Council.

B. Review of Policy

The City’s independent auditor annually will review the City’s compliance with this policy
and the internal investment controls. The City Council shall review the investment
policy and strategies listed in this policy at least annually

City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 333