Resolutions-2023-002

CITY OF TIFFIN INVESTMENT POLICY SECTION 1.SCOPE OF INVESTMENT POLICY The Investment Policy, ( hereinafter " Policy"), of the City of Tiffin, Iowa ( City)shall apply to all operating funds, bond proceeds and other funds and all investment transactions involving operating funds, bond proceeds and other funds accounted for in the financial statements of the City. Each investment made pursuant to this Investment Policy must be authorized by applicable law and this written Policy. The investment of bond funds or sinking funds shall comply not only with this investment policy, but also be consistent with any applicable bond resolution. This Investment Policy is intended to comply with Iowa Code Chapter 12B and 12C. Upon passage and upon future amendment, if any, copies of this Investment Policy shall be delivered to all of the following: 1. The governing body or officer of the City to which the Investment Policy applies. 2. All depository institutions for public funds of the City. 3. The auditor engaged to audit any fund of the City. SECTION 2. DELEGATION OF AUTHORITY In accordance with Iowa Code section 12B. 10( I), the responsibility for conducting investment transactions resides with the Investment Committee, which consists of three members: the Mayor, the City Clerk of the City and one designated City Council member so named by the majority of the sitting City Council members. The Investment Committee are authorized to invest public funds as necessary to obtain the maximum investment allowable per Iowa Code 126. 1) 10( and in permitted investment funds and if necessary of expanding investments to additional depositories. Only the Investment Committee as authorized by resolution may invest public funds and a copy of any empowering resolution ( Resolution 002) 2023- shall be attached to this Investment Policy. Said Resolution will be reviewed every two years or as soon as deemed necessary by Investment Committee. The Investment Committee at such time deems necessary may solicit the use of an outside Investment Advisor for Investments. Before committing to a contract with an outside source, approval will be necessary in formal action from the majority of the sitting City Council members. The records of investment transactions made by or on behalf of the City are public records and are the property of the City. The Investment Committee shall establish a written system of internal controls and investment practices.