Bay Village City School District
Bylaws & Policies
 

6144 - INVESTMENTS

The Board of Education authorizes the Treasurer to make investments of available monies from the funds of the District in securities authorized by State law. These shall include:

 A.bonds, notes, or other obligations of or guaranteed by the United States, or those for which the faith of the United States is pledged for payment of principal and interest thereon;
 B.bonds, notes, debentures, or any other obligations or securities issued by a Federal government agency or instrumentality;
 C.interim deposits in Board-approved depositories;
 D.bonds and other obligations of the State;
 E.no-load money market mutual funds consisting exclusively of obligations described in A. and B. above or repurchase agreements secured by such obligations, provided such investments are made only through banks and savings and loan institutions authorized by R.C. 135.03;
 F.the Ohio Subdivision Fund (STAR Ohio);
G. Bankers acceptances and commercial paper notes, each with a maturity not exceeding 180 days and meeting all of the requirements of Section 135.142 of the Revised Code, but only upon specific authorization of the Board required by law and completion of the required training by the Treasurer.
Under no circumstances may the Treasurer invest in a derivative as defined by the Revised Code, reverse repurchase agreements, or other funds prohibited by law. The Treasurer shall also not make investments which s/he does not reasonably believe can be held until the maturity date or leverage any investment. All portfolio transactions will be performed on a competitive basis when practical.

Investments made by the Treasurer must mature within five (5) years, unless it is matched to a specific obligation or debt of the District.

The Treasurer is also authorized to enter into repurchase agreements in accordance with 135.14(E) of the Revised Code. Such agreements may be either overnight or within a time not to exceed thirty (30) days and may only involve securities listed in A-D above.

The purpose of the investments is to maximize the returns on the District's excess cash balances consistent with safety of those monies and with the desired liquidity of the investments.

Earnings on an investment may become a part of the fund from which the investment was made, unless otherwise specified by law.

The Treasurer shall establish and maintain an inventory of all obligations and securities acquired. The Treasurer will produce a quarterly report for all securities held reflecting par value, maturity date, and settlement date.

The Treasurer, acting in accord with the law, may withdraw funds from approved public depositories or sell negotiable instruments prior to maturity.

All financial institutions, broker/dealers and advisors which desire to conduct investment business with the District must sign this investment policy, certifying they have read it, understand it and agree to abide by its contents.

R.C. 133.23, 135.01-.21, 135.22, 45, 135.142, 3317.06, 3315.01, 3315.40, 5705.10

Revised 9/9/96
Revised 10/22/01