§ 11.5-41. Other provisions.


Latest version.
  • (a)

    Maturity restrictions. The law does not provide any maturity restrictions; however, an analysis of the municipality's cash flow needs should be undertaken and maturity restrictions adopted accordingly.

    (b)

    Performance. If an investment manager(s) is utilized, his performance should be measured by an index, e.g. Lehman Brothers Intermediate Government index.

    (c)

    Custodian. If an investment manager(s) is utilized, the funds should be held by a custodian bank. The custodian's duties and obligations should be addressed in the policy.

    (d)

    Manager selection. The criteria for selection of an investment manager (i.e. three-year track record of management and peer review) should be included in the policy.

    (e)

    Investment consultant. The performance of investment manager(s) should be measured periodically by an investment consultant.

(Ord. No. 1996-4, 6-11-96)