Laserfiche WebLink
242 Before investing pursuant to this section, the governing body ofthe qualifying government must adopt <br />243 a resolution that includes the following statements: <br />244 The governing body understands that investments have a risk of loss <br />245 The governing body understands the type of funds that are being invested and the <br />246 specific investment itself <br />247 The governing body certifies that all funds designated for investment through the State <br />248 Board of Investment meet the requirements of this section and the policies and <br />249 procedures established by the State Board of Investment. <br />250 Investments shall be done by the finance director. The city manager is to be kept currently informed of <br />251 investment activities. <br />252 Reporting Requirements <br />253 The investment officer shall generate daily and monthly reports for management purposes. The annual <br />254 investment report shall be completed on a time weighted basis and shall be included as part of the <br />255 Comprehensive Annual Financial Report to the City Council. The target portfolio shall be the U.S. <br />256 Government Bond Yield Index for the comparable period. <br />Page 8 of 8 <br /> <br />