2016-070 Ordinance - Laserfiche WebLink

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K,e Maximum Maturities To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. No investment shall be made unless the Director of Finance, at the time of making the investment, reasonably expects it can be held to its maturity. Unless matched to a specific obligation or debt of the City, the City will not directly invest in securities listed in paragraphs 1 through 5 above under Authorized Investments maturing more than five years from the date of settlement if such securities bear interest at a fixed rate, and it will not directly invest in such securities maturing more than two years from the date of settlement if they bear interest at a variable rate. I Safekeeping and Custody All securities transactions, including securities acquired subject to repurchase agreements, entered into by the City will be conducted on a delivery -versus -payment basis. Purchased securities will be held on behalf of the City by a custodian, designated by the Director of Finance, that is a Federal Reserve Bank or other "qualified trustee" within the meaning of Section 135.18(I) of the Revised Code, and the holding and safekeeping of those securities for the benefit of the City shall be evidenced by safekeeping receipts. Purchased securities shall be released by the City only upon verification that their principal and interest, or proceeds of their sale, shall have been credited to the City's account. Prohibited Investment Practices In addition to any other prohibitions in the Revised Code, the City will not: Contract to sell securities that have not yet been acquired on the speculation that prices will decline. 2. Make any investment in "derivatives" as defined in Section 135.14(C) of the Revised Code. 3. Invest in a fund established by another public body for the purpose of investing public money of other subdivisions except those permitted by the Ohio Revised Code. 4. Enter into reverse repurchase agreements. 5. Leverage current investments as collateral to purchase other assets. 6. Invest in stripped principal or interest obligations of otherwise eligible obligations. 7. Issue taxable notes for arbitrage. ' Within certain limits the maximum maturity period of the securities in which the city can invest is up to the City. The maximum maturity period of such securities bearing interest at a fixed rate must, however, be no greater than 5 years from the date of settlement, and the maximum maturity period for eligible securities bearing interest at a variable rate should be no greater than 2 years from such date.