City investing company liquidating trust

17-May-2020 14:28

The City of Lawrence recognizes that effective cash management is an integral component of good financial management.Therefore, it is the policy of the City that funds deemed idle, based on projected cash flow, be invested in a manner that seeks to maximize their productivity until such time as they are needed for the operations of the City.The quality and capability of the investment staff will be demonstrated by having prior experience in investing funds in accordance with K. A.12-1677b, prior employment with a broker-dealer that involved investing funds in United States Government Agencies or Sponsored Corporations, or participating in training sponsored by an agency such as the Government Finance Officers Association that is familiar with governmental investing.All participants in the investment process shall seek to act responsibly as custodians of the public trust.Investment officers acting in accordance with written procedures and exercising due diligence shall be relieved of personal responsibility for a specific security’s credit risk or market price changes, providing deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. Below is a summary of acceptable investments under the current law: Instruments issued by banks or savings and loans that state specified sums have been deposited for specified periods of time and at specified rates of interest.All investments purchased under this policy shall be governed by K. Certificates of deposit are required to be backed by acceptable collateral securities as dictated by Kansas Statutes.It is the policy of the City of Lawrence to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the City of Lawrence and conforming to all state, county, and local statutes governing the investment of public funds.The policy will be reviewed and approved at least annually by the City Commission or sooner when there are either changes to this policy or in Kansas State Statutes that relate to the City’s investments.

Cash investments of the City of Lawrence shall be undertaken in a manner that seeks to maximize investment income while ensuring the preservation of capital in the portfolio.

The maximum maturity is two years unless the City’s investment policy is approved by the State of Kansas Pooled Money Investment Board (PMIB), in which case the maturity may be up to four years.

Repurchase agreements are contractual agreements between the City and commercial banks, trust companies, state or federally chartered savings and loan associations or federally chartered savings banks.

The investment portfolio shall be designed to attain, at a minimum, a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s investment risk constraints, Kansas State Statutes and the cash flow needs of the City’s operations.

Investments will be made at the highest rates obtainable at the time of investment, within the limitations of the law and the City’s prudent investment policy.

Cash investments of the City of Lawrence shall be undertaken in a manner that seeks to maximize investment income while ensuring the preservation of capital in the portfolio.The maximum maturity is two years unless the City’s investment policy is approved by the State of Kansas Pooled Money Investment Board (PMIB), in which case the maturity may be up to four years.Repurchase agreements are contractual agreements between the City and commercial banks, trust companies, state or federally chartered savings and loan associations or federally chartered savings banks.The investment portfolio shall be designed to attain, at a minimum, a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s investment risk constraints, Kansas State Statutes and the cash flow needs of the City’s operations.Investments will be made at the highest rates obtainable at the time of investment, within the limitations of the law and the City’s prudent investment policy.Investment officials shall avoid any transaction that might impair public confidence in the effectiveness of the government of the City of Lawrence. and all revisions thereto, as may be made by the Kansas Legislature.