Resolutions-2023-002

Deposits in any financial institution shall not exceed the amount approved by the governing body of the City. Current depositories on record approved by the City Council are not to exceed maximum limits of: o Hills Bank and Trust — $ 15, 000 000, o Solon State Bank — $15, 000 000, o GreenState Credit Union — $ 15, 000, 000 o Farmers State Bank - $ 15, 000, 000 Obligations of the United States government, its agencies and instrumentalities. Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions approved and secured pursuant to Iowa Code chapter 12C. Iowa Public Agency Investment Trust (" IPAIT"). All instruments eligible for investment are further qualified by all other provisions of this Policy, including Section 7. SECTION 6. PROHIBITED INVESTMENTS AND INVESTMENT PRACTICES Assets of the City shall not be invested in the following: 1. Reverse repurchase agreements. 2. Futures and options contracts. Assets of the City shall not be invested pursuant to the following investment practices: 1. Trading of securities for speculation or the realization of short- term trading gains. 2. Pursuant to a contract providing for the compensation of an agent or fiduciary based upon the performance of the invested assets. SECTION 7. INVESTMENT MATURITY LIMITATIONS Operating Funds must be identified and distinguished from all other funds available for investment. Operating Funds are defined as those funds which are reasonably expected to be expended during a current budget year or within fifteen months of receipt. All investments authorized in Section 5 are further subject to the following investment maturity limitations: 1. Operating Funds may only be invested in instruments authorized in Section 5 of this Investment Policy that mature within three hundred ninety- seven (397) days. 2. The Investment Committee may invest funds of the City that are not identified as Operating Funds in investments with maturities that may be three months up and including to more than three hundred ninety- seven days ( 397) days. However, all investments of the City shall have maturities that are consistent with the needs and use of the City. SECTION 8. SAFEKEEPING AND CUSTODY All invested assets of the City involving the use of public funds custodial agreement, as defined in Iowa Code section 126. 10C,shall comply with all rules adopted pursuant to Iowa Code section 12B. 10C.All custodial agreements shall be in writing and shall contain a provision that all custodial services be provided in accordance with the laws of the state of Iowa. All invested assets of the City for physical delivery shall be secured by having them held at a third - party