This Policy covers the investment of transactions of Kent County Levy Court governmental and proprietary funds, such as:

Capital Projects Fund

General Fund

Landfill Fund

Sewer Fund

Special Assessments Fund

Street Lighting Fund

Trash Fund

Funds excluded from this Policy include:

Medical Insurance Trust Account

Pension Fund

Other fund balances specifically designated by the Levy Court or restricted by ordinance

Investment strategies of funds excluded from this Policy shall be reviewed by the County Finance Director and the appropriate advisory committee, if any, for recommendation to the Levy Court

The County's first and foremost investment objective is safety. Preservation of principal must be the overriding goal for all investments.

Maximization of income is the second objective of the investments. When there is a conflict between income and safety, safety shall be given full and first consideration.

Investments will made for such periods as to make the funds available for expenditures when needed.

Certificates of deposit from financial institutions which are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or, to the extent not insured, collateralized by U.S. government securities.

U.S. government securities.

Obligations issued or guaranteed by any agency controlled by or acting as an instrumentality of the United States of America.

Repurchase agreements of no more than a seventy-two-hour duration with respect to obligations mentioned in Subsection D(2) or (3) above with banks, provided that the County has possession of and a perfected security interest in the collateral security, which must continuously have a market value equal to 100% of the amount invested.

Other repurchase agreements with respect to obligations mentioned in Subsection D(2) or (3) above with banks, provided that the County has possession of and a perfected security interest in the collateral security, which must continuously have a market value equal to 102% of the amount invested.

U.S. government securities mutual funds. These funds must invest exclusively in a portfolio of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements with any member bank of the federal reserve system or primary dealer in U.S. government securities.

Shares in the State of Delaware Investment Pool.

Examples of investments not permitted:

The above list is not all inclusive but provides examples for guidance.

The term of any investment is to be based upon reasonable projections of County expenses and anticipated future interest rates.

Except for sweep arrangements agreed to in banking services contracts, investments shall be placed on the basis of competitive bidding.

Solicitation shall be on a single blind bid format with the investment going to the highest bidder. No bidder may be informed directly or indirectly of the amount or any other bid.

In the event of a tie bid for a particular investment, each bidder will be recontacted once for purposes of soliciting any further blind bid.

If there is still a tie, the Kent County bidder must be preferred over any out-of-County bidder.

If there is still a tie involving two or more Kent County bidders, the bidder who received an investment the longest time ago must be preferred.

When purchasing government securities, a minimum of three bids will be taken and recorded on the transaction record form. The bid providing the highest yield will be selected. Other factors may be considered and fully recorded if the selection is not made for the highest yield.

All Kent County investments will be completed by the County Comptroller's office transferring the funds, but in the event no one in the Kent County Comptroller's office is available to handle an investment fund transfer, either the Kent County Director of Finance or County Administrator may make the fund transfer.