[Ord. No. 92-13 §1, 4-7-1992]
The City of Albany hereby establishes the following investment
policy to apply to all financial assets of the City not necessary
for the operating expenses of the City. Any and all funds currently
existing or anticipated are included unless specifically excluded
by the Board of Aldermen or set aside in a special escrow account.
[Ord. No. 92-13 §2, 4-7-1992]
A. Safety
of principal is the foremost objective of the Board of Aldermen. Each
investment transaction shall seek first to insure that capital losses
are avoided, whether from securities defaults or erosion of market
value.
B. Investment
officials shall avoid any transaction that might impair public trust.
As public trust is an important ingredient in the investment policy,
all participants in the investment process shall seek to act responsibly
as custodians of the public trust by eliminating all speculation.
C. All
investments shall be made with judgment and care under circumstances
then prevailing, which persons of prudence, discretion and intelligence
exercise in the management of their own affairs, not for speculation
but for investment, considering the probable income to be derived.
[Ord. No. 92-13 §3, 4-7-1992]
The City Clerk shall submit an annual investment report summarizing
recent market conditions and their effect on the current strategy.
The report shall describe the portfolio in terms of investment securities,
maturities, rates, characteristics and other features.
[Ord. No. 92-13 §4, 4-7-1992]
A. Funds
of the City shall be invested in:
1. U.S. Treasury Bills, Notes, and Bonds.
2. U.S. Government Agency and Instrumentality Securities.
3. Repurchase Agreements Collateralized by Government Securities.
4. Certificates of Deposit secured in the manner required for State
money in Section 30.270, RSMo.
5. Bonds issued by the Industrial Development Authority of the City
of Albany when approved by a vote of the Board of Aldermen.
[Ord. No. 92-13 §5, 4-7-1992]
A. Investments
shall be made to insure the availability of funds on a timely and
adequate basis for payments of general expenditures and capital outlay
projects, both short and long term, in an expeditious manner.
B. At
no time shall the City invest funds with a maturity date of over five
(5) years without the approval of the Board of Aldermen prior to commitment
of such funds.
[Ord. No. 92-13 §6, 4-7-1992]
It shall be the responsibility of the City Clerk to carry out
this policy in cooperation with the City Administrator or in the absence
of an Administrator in cooperation with the Mayor.