[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.