HomeMy WebLinkAbout107-2013RESOLUTION NO. 107-2013
APPROVING THE TOWN OF DANVILLE INVESTMENT POLICY
WHEREAS, the primary objective of the Investment Policy of the Town of Danville is
safety; and
WHEREAS, investments can only be made in legal securities as described by the
Investment Policy and invested in a manner that assures adequate liquidity to meet
forecasted disbursement requirements; and
WHEREAS, maximizing interest earned is a secondary objective once safety, liquidity and
legality have been assured; and
WHEREAS, the Town of Danville Investment Policy has been reviewed by the Town's
Treasurer, independent investment advisor and Town Council; and
WHEREAS, the Investment Policy continues to meet all known regulations and serve the
best interest of the Town; and
WHEREAS, it is prudent to change the requirement that investment ratings be done by a
nationally recognized statistical rating organization rather than specific rating agencies;
and
WHEREAS, it is prudent to allow investment in highly rated state municipal bonds; and
WHEREAS, it is prudent to include language to document the practice of quarterly
reviews and the establishment of a bench mark yield; and
WHEREAS, it is prudent to add a section listing specific prohibited investments; now
therefore be it
RESOLVED, by the Danville Town Council, that these changes be made to the Investment
Policy and that all investment control and reporting procedures outlined in the policy
continue to be implemented by the Town Treasurer.
APPROVED by the Danville Town Council at a regular meeting on December 17, 2013, by
the following vote:
AYES: Storer, Doyle, Arnerich, Morgan, Stepper
NOES: None
ABSTAINED: None
ABSENT: None
APPROVED AS TO FORM:
CITY ATTORNEY
AYOR
ATTEST:
CITY CL R
PAGE 2 OF RESOLUTION NO. 107 -2013