7.16.020 Investment policy and objectives.
A. This chapter applies to the investment of all Borough moneys, unless otherwise provided expressly by ordinance. Borough moneys accounted for in the following funds shall be invested only in accordance with this chapter:
1. General Fund;
2. All special revenue funds;
3. All capital projects funds;
4. All enterprise funds;
5. All trust and agency funds;
6. All internal service funds;
7. Debt Service Fund;
8. Any other Borough funds.
B. All persons having responsibility for making decisions regarding the investment of Borough moneys shall utilize the same judgment and care, under the circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of capital as well as the probable income to be derived in accordance with the objectives established in subsection (C) of this section.
C. The Borough investment portfolio shall be managed so that the portfolio, as a whole, meets the objectives set forth in this subsection. All persons selecting investments for Borough moneys shall adhere to these objectives, which are listed in order of relative importance.
1. Safety of principal is the most important objective of the Borough investment program;
2. Maintaining sufficient liquidity to meet the Borough’s cash flow requirements is the second most important objective of the Borough investment program;
3. Achieving a reasonable market rate of return is the final objective of the Borough investment program.
D. Notwithstanding the above objectives, no person shall invest Borough moneys in a manner which violates any provision of this chapter or the administrative procedures established under this chapter. (Ord. 99-007 § 2, 1999; Ord. 87-069 § 4, 1988. 2004 Code § 3.04.010.)