§ 2-29-2. Same—Cash management and investment policy.

(a)

Purchase and sale of investment securities. In accordance with a cash management and investment policy established by the board by resolution, the clerk is hereby authorized to purchase and sell investment securities at prevailing market prices/rates on behalf of and in the name of the board of county commissioners when, in the judgment of the clerk:

(1)

Sufficient surplus funds have accumulated in the board's account; or

(2)

The board has on hand or has accumulated monies by reason of the sale of its own securities.

The clerk, in accordance with the cash management and investment policy adopted by the board, shall allocate the proceeds of such security sales into the proper accounts or funds of the board of county commissioners.

To the extent permitted by law, surplus public funds managed or held by the clerk on behalf of any officer, board, authority or agency of government may be invested or reinvested in accordance with the authority provided in this section and in accordance with a cash management and investment policy established in writing by such officer, board, authority or agency. The clerk, in accordance with law and the cash management and investment policy of such officer, board, authority or agency, shall allocate the proceeds of such security sales into the proper account or fund.

(b)

Establishment of policy and procedures. Upon adoption of this section, the clerk shall prepare and propose to the board a cash management and investment policy which shall address, at a minimum, the issues of general investment objectives, types of instruments to be selected, maturity, risk and diversification of investments, and investment institutions, issuers and dealers to be selected. Upon review of the clerk's proposed policy and such other matters deemed appropriate, the board shall establish a cash management and investment policy by resolution.

In addition, the clerk shall establish appropriate written internal control and investment procedures which shall address, at a minimum, master accounts, separation of functions, investment delivery and payment procedure, custodial arrangements, trust receipts and confirmation, performance evaluations and operations auditing and reporting, both interim and annual. Such procedures shall be reviewed periodically as may be determined by the clerk to assure optimum fiscal control.

(c)

Interpretation of section. This section is not intended to and shall not be interpreted to abrogate any provision contained in any bond resolution, trust indenture, or ordinance of the board relating to the investment of bond proceeds or pledged revenues for such bonds temporarily available in specific funds or accounts.

(d)

Right of board of commissioners to direct clerk. The board of county commissioners can, notwithstanding any provisions of this section or any resolution or cash management policy adopted pursuant to the authority provided in this section, by resolution, direct the clerk to invest in certain specified investments in accordance with applicable provisions of law and the constitution of the state.

(e)

Conflict and severability. In the event this section conflicts with any other ordinance of the county or other applicable law, the more restrictive shall apply. If any phrase or portion of this section is held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion.

(Ord. No. 89-16, §§ 1—5, 2-21-89)

State law reference

Investment of surplus public funds, § 125.31.

Editor's note

Ordinance No. 89-16, adopted Feb. 21, 1989, did not specifically amend this Code; hence, inclusion of §§ 1—5 as § 2-29-2 was at the discretion of the editor.