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<br />(b) The investment policies must: <br /> <br />(I) be written; <br /> <br />(2) primarily emphasize safety of principal and liquidity; <br /> <br />(3) address investment diversification, yield, and maturity and the quality and capability of investment <br />management; and <br /> <br />(4) include: <br /> <br />(A) a list of the types of authorized investments in which the investing entity's funds may be invested; <br /> <br />(B) the maximum allowable stated maturity of any individual investment owned by the entity; <br /> <br />(C) for pooled fund groups, the maximum dollar-weighted average maturity allowed based on the stated maturity <br />date for the portfolio; <br /> <br />(D) methods to monitor the market price of investments acquired with public funds; and <br /> <br />(E) a requirement for settlement of all transactions, except investment pool funds and mutual funds, on a delivery <br />versus payment basis. <br /> <br />(c) The investment policies may provide that bids for certificates of deposit be solicited: <br /> <br />(I) orally; <br /> <br />(2) in writing; <br /> <br />(3) electronically; or <br /> <br />(4) in any combination of those methods. <br /> <br />(d) As an integral pan of an investment policy, the governing body shall adopt a separate written investment <br />strategy for each of the funds or group of funds under its control. Each investment strategy must describe the <br />investment objectives for the particular fund using the following priorities in order of importance: <br /> <br />(1) understanding of the suitability of the investment to the financial requirements of the entity; <br /> <br />(2) preservation and safety of principal; <br /> <br />(3) liquidity; <br /> <br />(4) marketability of the investment if the need arises to liquidate the investment before maturity; <br /> <br />(5) diversification of the investment portfolio; and <br /> <br />(6) yield. <br /> <br />(e) The governing body of an investing entity shall review its investment policy and investment strategies not less <br />than annually. The governing body shall adopt a written instrument by rule, order, ordinance, or resolution stating <br />that it has reviewed the investment policy and investment strategies and that the written instrument so adopted shall <br />record any changes made to either the investment policy or investment strategies. <br /> <br />(f) Each investing entity shall designate. by rule, order, ordinance, or resolution, as appropriate. one or more <br /> <br />Copr. @ West 2001 No Claim to Orig. U.S. Govt. Works <br />