1989 - 08-21-89 Regular Meeting - Laserfiche WebLink

Home Browse Search

ECOK 12 ft;. 882® COUNTY OF LEE CASH MANAGEMENT AND INVESTMENT POLICY SCOPE This investment policy applies to activities of the County with regard to investing the financial assets of all funds. OBJECTIVES I Funds of the County will be invested in accordance with North Carolina General Statues 159-30, these policies and written administrative procedures. The County's investment portfolio shall be managed in a manner to attain a market rate of return while preserving and protecting capital in the overall portfolio. RESPONSIBILITY The Finance Director or her designee shall have the responsibility for the administration of the investment policy of the County. of Lee. The Finance Director will routinely monitor the contents of the portfolio, the available markets, and the relative values of competing instruments, and will adjust the portfolio accordingly. PORTFOLIO DIVERSIFICATION The County will diversify use of investment instruments to avoid incurring unreasonable risks inherent in overinvesting in specific instruments, individual financial institutions or maturities. Diversification of Instruments: Percent of Portfolio U. S. Treasury Obligations (bills, notes, bonds) 100% U. S. Governemnt Agencies (fully guaranteed) 100% Bankers Acceptances (BAs) Commercial Paper 40% Repurchase Agreements 25% Certificates of Deposit (CDs) Commercial Bank 100% Certificates of Deposit (CDs) Savings and Loans 30% North Carolina Cash Management Trust 75% Diversification by Financial Institution: Bankers' Acceptances (BAs): No more than 25% of the total portfolio with any one institution. Commercial Paper: No more than 25% of the total portfolio with any one institution. Repurchase Agreements: No more than 15% of the total portfolio with any one institution.