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Aob~ 12 'r,. 883 <br />Certificates of Deposit (CDs): <br />No more tha 507 of the total portfolio with one institution. <br />Certificates of Deposit (CDs) S & L's <br />No more than 307 of the total portfolio with one institution. <br />North Carolina Cash Management Trust: <br />No more than 757 of the total portfolio. <br />Maturity Scheduling: <br />Investment maturities shall be scheduled to coincide with projected <br />cash flow needs, taking into account large routine expenditures, <br />as well as considering sizeable blocks of anticipated revenue (tax <br />receipts, etc.). Maturities shall be timed to comply with following <br />guidelines: <br />Under <br />Under <br />Under <br />POLICY PROCEDURES <br />A. Strategy <br />270 days 507 <br />1 year 757 <br />3 years 1007 <br />The County invests funds by using a specific, but flexible, investment <br />strategy. The County formulates its investment stategy by monitoring <br />the performance of current economic indicators and current economic <br />projections. The criteria for selecting investments are ranked as <br />to: legality, safety, liquidity, yield, and ease and cost of handling. <br />Obvious profit opportunities are taken when market conditions shift. <br />Long-term investments (over one year) are limited to maturities of <br />three years or less. Maturities are selected to coincide with the <br />periods when funds will be needed to meet expenditures. <br />B. Market Trading Procedures <br />The County monitors the investment market daily. It is the County's <br />policy to contact the banks in Lee County for bids and offerings <br />to receive the best pricing/yield possible. All purchases, sales <br />swaps, and commitments are verified and documented as to the settlement <br />date, interst rate, maturity date, and price. All transactions are <br />recorded in complete detail. Investments are frequently settled <br />by a bank wire transfer. <br />C.. Collateralization of Deposits <br />North Carolina General Statute 159-31 (b) requires that sufficient <br />collateral be pledged for all public funds. For demand deposits <br />and time deposits, FDIC and FSLIC protection is available for $100,000. <br />However, once the County's demand or time deposits exceed $100,000, <br />specific eligible securities must be pledged as collateral for the <br />County's funds. The Finance Director or her designee will ensure <br />that sufficient and proper collateral exists for all demand and time <br />deposits in excess of $100,000. <br />