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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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identified herein and prudent investment principles. (See Section IX on performance standards and <br /> • selecting a benchmark.) <br /> 4. Local Considerations <br /> Where possible, funds maybe invested for the betterment of the local economy or that of local entities <br /> within the State. The[entity]may accept a proposal from an eligible institution which provides for a <br /> reduced rate of interest provided that such institution documents the use of deposited funds for <br /> community development projects. <br /> Alternative sample language: <br /> The[entity] seeks to promote local economic development through various programs and activities. <br /> Included is a program of rewarding local financial institutions that increase their commitments to <br /> private economic growth and local housing investment. The government's governing board <br /> recognizes that our Linked Deposit Program might diminish short-term investment yields by xx basis <br /> points(.xx percent)in exchange for potential expansion of the tax base. <br /> IV. Standards of Care <br /> 1. Prudence <br /> The standard of prudence to be used by investment officials shall be the"prudent person" standard <br /> and shall be applied in the context of managing an overall portfolio. Investment officers acting in <br /> accordance with written procedures and this investment policy and exercising due diligence shall be <br /> • relieved of personal responsibility for an individual security's credit risk or market price changes, <br /> provided deviations from expectations are reported in a timely fashion and the liquidity and the sale of <br /> securities are carried out in accordance with the terms of this policy. <br /> The"prudent person" standard states that, "Investments shall be made with judgment and care,under <br /> circumstances then prevailing,which persons of prudence, discretion and intelligence exercise in the <br /> management of their own affairs,not for speculation,but for investment, considering the probable <br /> safety of their capital as well as the probable income to be derived." <br /> 2. Ethics and Conflicts of Interest <br /> Officers and employees involved in the investment process shall refrain from personal business <br /> activity that could conflict with the proper execution and management of the investment program,or <br /> that could impair their ability to make impartial decisions. Employees and investment officials shall <br /> disclose any material interests in financial institutions with which they conduct business. They shall <br /> further disclose any personal financial/investment positions that could be related to the performance <br /> of the investment portfolio. Employees and officers shall refrain from undertaking personal <br /> investment transactions with the same individual with whom business is conducted on behalf of the <br /> [entity]. <br /> 3. Delegation of Autholity <br /> Authority to manage the investment program is granted to [designated official,hereinafter referred to <br /> as investment officer] and derived from the following: [insert code citation, ordinances,charters or <br /> statutes]. Responsibility for the operation of the investment program is hereby delegated to the <br /> investment officer,who shall act in accordance with established written procedures and internal <br /> • controls for the operation of the investment program consistent with this investment policy. <br /> Procedures should include references to: safekeeping, delivery vs.payment,investment accounting, <br />
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