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HomeMy WebLinkAbout2017-R-3 BEFORE THE BOARD OF PUBLIC WORKS AND SAFETY FOR THE CITY OF JEFFERSONVILLE, INDIANA RESOLUTION NO. 2017-R- I A RESOLUTION APPROVING THE CITY OF JEFFERSONVILLE INVESTMENT POLICY AND COMPREHENSIVE FINANCIAL MANAGEMENT POLICY WHEREAS, the Jeffersonville Board of Public Works and Safety ("BPW") is responsible for approving administrative policies for executive departments of the City of Jeffersonville ("City") WHEREAS, the City believes an Investment policy and a comprehensive financial management policy should be implemented to ensure accurate and appropriate accounting of public funds; NOW THEREFORE BE IT RESOLVED by the Board of Public Works and Safety for the City of Jeffersonville that the City shall adhere to the policies set forth in the SO RESOLVED THIS—W' DAY OF MAY, 2017. P I i- Mike Moore, residing Officer Board of Public Works and Safety ATTEST: J � - Vicki Conlin, Clerk COMPREHENSIVE FINANCIAL MANAGEMENT POLICY Purpose The purpose of this comprehensive financial management policy("Policy")is to provide written guidelines for the City of Jeffersonville, Indiana ("City"), the Mayor as its executive, the Controller ("Controller") as its fiscal officer, and the Common Council ("Council") as its fiscal and legislative body (collectively, "Management Team"), as it considers: • Budgeting and Long-Term Financial Planning; • Transparency of the City's Financial Information; • Debt Policy; and • Reserve Policy The Policy will assemble various City financial policies into one document. These policies are the tools used to ensure that the City is able to meet its immediate and long-term service financial objectives. The individual policies contained herein serve as guidelines for both the financial planning and internal financial management of the City. Objectives In order to achieve its purpose, the Policy has the following objectives for the City's fiscal performance: • To guide the City's management team and its Council in policy decisions; • To set forth operating principles minimizing the cost of government and financial risk; • To maintain appropriate financial capacity for present and future needs; • To promote sound financial management by providing accurate and timely information on the City's financial condition; • To protect the City's credit rating and provide for adequate resources to meet the provisions of the City's debt obligations on municipal debt; I. BUDGETING AND LONG-TERM FINANCIAL PLANNING Purpose The purpose of this budgeting and long-term financial planning policy is to show the financial stability of the City and to signal to the market, local constituents, investors and rating agencies that the City: • Will develop budgets based on realistic expectations for revenues and expenditures; • Is able to adapt its budget to meet changes to its financial position resulting from revenue changes or unforeseen expenditures; and • Has a solid fiscal plan in place which considers historic financial reports and forecasts three years into the municipality's future; To achieve this goal, the City adopts this budgeting and long—term financial planning policy ("Budget Policy") which is further explained in Subsections I (a)-(c) herein. 1 a) Revenue and Expenditures Forecasting and Budgeting Annually, a formal historic trend analysis will be performed for both revenues and expenditures of the City. The Management Team will use the last fiscal year and year to date recorded totals as the base period from which the revenue and expenditure projections for the current and following year will be developed while considering an additional two years of historical annual reports. When developing forecasts for revenues, the Management Team will consider: • Any forecasted changes in net assessed valuation of the real and personal property within the City's municipal boundaries that would have a material impact on the tax base in a positive or negative manner; • Any projected changes in the collection of property tax revenue, including circuit breaker impacts, tax appeals and other legislative changes; • Any forecasted changes in income tax revenues and all other revenues of the City, which are projected to have a material positive or negative impact on the City; • Any new sources of revenue for the City, including additional fees and charges; • Whether revenues are a one-time occurrence or forecasted to be reoccurring revenue streams; and • Any new or proposed state or federal legislation which may have an impact on the revenues of the municipality. When developing forecasts for expenditures, the Management Team will consider: • Whether current expenditures are anticipated to increase, decrease or remain constant on a line- by-line item basis; • On a line-by-line item basis, whether additional increased expenditures are anticipated; • Whether there are state or federal legislative changes or mandates that will result in changes to overall expenditures; • The current status of any contractual agreements that the City has in place and whether the City may see an increase or decrease in expenses under any new contracts; • Any projects that have been identified for completion for the upcoming year and whether there will be any one time expenses which will need to be incorporated; and • Any significant changes to personnel or benefits. All revenue and expense estimates will be estimated conservatively based on what the Management Team reasonably foresees at the time the budget is being developed. During the budgeting process, the Management Team shall consult with each department head for the department head's forecasts for expenditure needs during the upcoming year and for an additional two years. The Mayor and/or Controller shall meet with a representative of the Council at least twice during the budget process. 2 b) Long Term Financial Planning The Management Team shall utilize the revenue and expense forecasts which are developed through the budgeting process to forecast the City's budget for an additional two years. In addition to the budgeting process,the Management Team shall evaluate the revenue and expenditure projections for the extended period quarterly, incorporating any additional information that would make the revenue and expenditure projections more accurate. The Management Team will consult with its financial advisors to address any budgetary issues that are foreseeable for the City. The City will adjust its budget to maintain a funded budget and the reserve targets set forth in the Reserve Policy (as defined in the Reserve Policy below). The Management Team will consult with its financial advisors to keep abreast of other trends or legislative changes that may impact the City. c) Budget Amendments and Updates When the Management Team conducts the quarterly revenue and expenditure projections for the extended period, the Management Team shall determine whether any budgetary adjustments are necessary for the current fiscal year. The Management Team may also be made aware of additional expenses, reductions in revenues, or delays in receipts of revenues. If the Management Team becomes aware of a budget deviation, the Mayor and/or Controller shall develop a recommendation to address necessary intra-year revenue and expenditure needs and will seek any necessary approvals from the Council and the Department of Local Government Finance to make the necessary budgetary adjustments. II. Transparency On a monthly basis, the Controller will provide to the Council and the Mayor a financial report which shows the most current end of month budget to actual revenue and expenditure comparison. An investment report will also be provided on a monthly basis for any City funds (non-utility) which are invested. Annual financial statements of the City are available via the Indiana Department of Local Government's Gateway system ("Gateway"). The Indiana State Board of Accounts completes an annual Financial Statement and Single Audit Report and Supplemental Compliance Report, both of which are posted online in the State Board of Accounts Audit Database. All decisions of the Council shall be made at public meetings in accordance with Indiana Code 5-14-1.5. All ordinances and resolutions, when in final form, are public documents available to any member of the public under Indiana law. All debt of the City is posted on Gateway and affirmed by the City. The City will provide any necessary documentation onto Gateway. 3 The City shall provide its annual financial report and outstanding debt obligations for public review through the state of Indiana's Gateway system. III. DEBT MANAGEMENT POLICY a) Purpose The purpose of this debt policy("Debt Policy") is to provide written guidelines for the Management Team, as the City evaluates the issuance of and management of current and future debt. The Debt Policy will help demonstrate to rating agencies and capital markets that the City plans to evaluate most cost- effective means to finance its capital needs while limiting exposure to risks for the City. The City has considered criteria for debt policies by reviewing guidance from the Government Financial Officers Association (GFOA) and recommendations from rating agencies when preparing this Debt Policy. The City recognizes that while the issuance of debt is often an appropriate method to finance capital projects and major equipment acquisitions, that such issuance must be monitored to preserve the City's credit strength and provide flexibility and liquidity for the City's future capital needs. b) Overview The Mayor, Controller, and its financial advisors will provide future recommendations to the Council for debt financings that consider the guidelines set forth in this Debt Policy. This Policy is inclusive of only debt which will be supported by ad valorem property taxes, local income taxes, tax increment, lease rentals which are payable from these funds, or other funds of the City which are not inclusive of enterprise revenues from local utilities (collectively, "Included Debt"). The Management Team has and will continue to work with its financial advisors to identify ways to issue debt in a manner that will minimize the impact on local taxpayers. c) General Guidelines Long-term borrowing will not be used to finance current operating expenditures, as required by Indiana law. Capital lease obligations,or other debt instruments may be used as a method of borrowing to finance vehicles, computers, other specialized types of equipment or other capital improvements. The City shall observe state constitutional and statutory restrictions applicable to any debt the City issues. The City shall not be subject to any additional local debt limitation, but as a policy goal, the City will maintain its Included Debt at a level not to exceed fifteen percent (15%) of the net assessed valuation of the City unless approved by this Council. d) Procedures for Issuance of Debt All debt must be formally authorized by the Council in accordance with applicable local and state laws. 4 Prior to the issuance of the bonds, the Council will evaluate, with assistance from the Mayor, Controller and its financial advisors, the various financing options available, at that time to issue debt. When evaluating financing options, the Council shall consider current interest rates available, the necessary timing to obtain the funding in relationship to when the project(s)to be financed need(s) to be complete and estimated costs of issuance. No swaps or variable rate debt financing will be considered by the Management Team. e) Refunding Bonds At least annually,a periodic review of the City's outstanding debt will be undertaken by the Controller and Mayor, with advice from the City's financial advisors, to determine potential refunding opportunities. When evaluating whether to refund outstanding debt, the Management Team shall determine when it is in its financial or economic interest to do so. Refundings may be negotiated or competitive sales with underwriters or sophisticated investors. Such a refunding will be limited to restructuring to meet unanticipated revenue expectations, achieve cost savings if such costs savings are targeted to be a minimum savings of three percent, release reserve funds, remove unduly restrictive bond covenants or any other reason that is deemed in the best interest of the City. f) Ratings In connection with a bond financing, the Management Team shall evaluate whether there is a benefit to have one or more ratings assigned to the bond issue. When making this assessment, the Management Team shall consult its financial advisors to determine whether the estimated cost of securing the rating or ratings is likely to result in an estimated reduction in the total interest cost. The estimated reduction is interest cost should exceed the estimated costs to secure the rating. Additionally, the Management Team, with the assistance of its financial advisors, shall respond to any inquiries from the rating agencies after the debt has been issued to provide the rating agencies with accurate and timely information that is relevant to the financial position of the City. g) Credit Enhancement The City will consider the use of credit enhancements on a case-by-case basis, evaluating the anticipated economic benefit to the ability to market the bonds with a credit enhancement versus policy cost for each case. Only when clearly demonstrable savings can be shown will an enhancement, such as insurance, be considered. Surety policies, which meet the requirements of an authorizing instrument for the debt service reserve requirement, may be acquired to meet any debt service reserve requirement. The Controller and Mayor, with the advice of its financial advisor, will undertake a competitive selection process when soliciting pricing for bond insurance, evaluating various proposals based on the overall monetary savings offered under the submitted proposal in both insurance premiums and total borrowing costs of the City in connection with the financing. Consideration may also be given to the fiscal strength S and credit ratings of the insurance provider as well as the need to diversify the City's credit enhancement providers. h) Debt Structure The City will establish all terms and conditions relating to the issuance of debt and will invest all debt proceeds pursuant to the terms of its investment policy and in compliance with all applicable city, state and federal laws. All capital improvements financed through the issuance of debt will be financed for a period, in general, not to exceed the useful economic life of the improvements and in consideration of the ability of the City to absorb such additional debt service expense. Other considerations when determining the term of debt shall include but not be limited to conditions in the capital markets and the availability of adequate revenue streams to finance the debt in accordance with all applicable law. in general, debt should include a call feature no later than ten (10)years from the date of delivery of the bonds, and the City may include a shorter call feature if the Management Team, with the advice of its financial advisor, determines that it is in the City's best interest. i) Investment of Bond Proceeds The City shall comply with all applicable federal, state, and restrictions under its authorizing instrument, regarding the use and investment of bond proceeds. This compliance includes following any restrictions on the types of investment securities allowed, restrictions on the allowable yield of invested funds as well as restrictions on the time period over which some bond proceeds may be invested. The Controller,with advice from the City's financial advisor or investment advisor,will direct the investment of bond proceeds in accordance with the permitted investments for each particular bond issue. j) Continuing Disclosure The City, either through its Controller's office or a dissemination agent, will comply when applicable with Rule 15c2-12 of the Securities and Exchange Commission ("Rule") by filing an annual report and annual financial information with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System. The City will also provide timely notice within ten business days of the occurrence of any material events as required by the Rule and any continuing undertaking requirements for outstanding debt. The Controller may enter into agreements with continuing disclosure service providers to assist the City with complying with the requirements of the Rule. k) Arbitrage Compliance The City shall comply with all arbitrage rebate requirements as established by the Internal Revenue Service, and the Controller, with the assistance of its financial advisor, shall establish a system of record keeping and reporting to meet the arbitrage rebate compliance requirements of the federal tax code.This effort shall include tracking project expenditures financed with bond proceeds, tracking investment 6 earnings on bond proceeds, calculating rebate payments in compliance with tax law, and remitting any rebatable earnings to the federal government in a timely manner in order to preserve the tax-exempt status of the City's outstanding tax-exempt debt issues. The Controller may enter into agreements with arbitrage service providers to assist the City with complying with arbitrage regulations. IV. Reserve Policy a) Purpose This Reserve Policy ("Reserve Policy") is to set forth the objectives and parameters for the management of public funds of the City. The purpose of this Reserve Policy is to improve the budget performance and liquidity of the City, to provide an adequate cushion against unexpected temporary revenue shortfalls or unpredicted one-time expenditures. It is also the intent that this Reserve Policy will signal to credit rating agencies, investors and the capital markets that the City is well-managed and has budgetary flexibility. The Reserve Policy is designed to provide strategic guidance to the City and those responsible for its current and future health. The Management Team, with advice from its financial advisors, will manage funds of the City in accordance with this Reserve Policy. b) Reserve Levels A key attribute to a financially stable government is establishing adequate reserves. The City will maintain a minimum unrestricted budgetary fund combined balance for the General Fund, the Public Safety Local Option Income Tax (LOIT), Rainy Day Fund, Economic Development Income Tax (EDIT) Fund, Cumulative Capital Development, Cumulative Capital Improvement and Gaming Funds (collectively, "Pooled Funds") equivalent to 30% of Pooled Fund operating expenditures for the most recent full fiscal year ("Pooled Funds Target Level"). The City will maintain a minimum budgetary fund balance for the General Fund equivalent to 15% of General Fund operating expenditures for the most recent full fiscal year ("General Fund Target Level"). The Pooled Funds Target Level and the General Fund Target Level shall collectively be referred to as "Reserve Target Level". The City will measure its compliance with this Reserve Policy as of December 31st each year, or as soon as practical after final year-end account balances become available. For the purposes of this Reserve Policy, current year's actual operating expenses will exclude significant capital outlays and non-recurring items. If the Reserve Target Level is not met or is likely to not be met at some point within a five-year time horizon, then during the annual budget process, account balances and reserve levels will be provided to the Mayor and Council members. If the reserve level is below the minimum Reserve Target Level established by this Reserve Policy as of December 31 of any year, a plan to replenish the reserve would be established based on the requirements outlined in this Reserve Policy. c) Establishing and Maintaining Reserve Level Target In order to provide liquidity adequate to meet the needs and demands of providing government services, Reserve Target Levels will be maintained and managed through a pooled cash method in such a way as to 7 minimize the need to borrow in the event of unforeseen financial challenges,including changes in revenue streams and expenses and weathering significant economic downturns. The pooled cash method consolidates all th6 unrestricted cash from several funds into a single fund for cash management purposes. The City will utilize multiple funds including, the General Fund, the Public Safety LOIT, the Rainy Day Fund, EDIT Fund, Cumulative Capital Development, Cumulative Capital Improvement and Gaming Funds for the pooled cash method. The Reserve Target Level will generally be funded by excess revenues over expenses or one-time revenues. It is the intent of the Council to limit use of reserves to address unanticipated, non-recurring needs. Reserves shall not normally be applied to recurring annual operating expenses. Reserves may, however, be used to allow time for the City to restructure its operations in a deliberate manner (as might be required in an economic downturn), but such use will only take place in the context of an adopted long- term plan. In the event that reserves are used resulting in a balance below the Reserve Target Level, a plan will be developed and included in the formulation of the three-year forecast presented during the annual budget process.Should the Reserve Target Level exceed the minimum balance requirements at the end of a fiscal year, any excess revenues may be used in the following ways: • Fund accrued liabilities, including but not limited to debt service, pension, and other post- employment benefits as directed and approved within the long-term financial plan and the annual budget resolution. Priority will be given to those items that relieve budget or financial operating pressure in future periods; • Appropriated to lower the amount of bonds or contributions needed to fund capital projects; • One-time expenses that do not increase recurring operating costs that cannot be funded through current revenues. Emphasis will be placed on one-time uses that reduce future operating costs; or • Start-up expenses for new programs, provided that such action is approved by the Council and is considered in the context of multi-year projections of revenue and expenses as prepared by the Controller and/or the City's financial advisors. d) Periodic Review of the Targets At a minimum during the budget process, the Controller, with the advice of City's fiscal advisors, shall review the current and three-year projected reserves to ensure they are appropriate given the economic and financial risk factors of the City at that time. The City maintains the right to modify this Reserve Policy and may make exceptions to any of its guidelines, including the Reserve Level Target, at any time to the extent that the management of the reserves achieves the goals of the City and as long as such exceptions or changes are consistent with the state and local laws. 8 V. Miscellaneous The goals and policies outlined herein are intended to provide general direction and sound financial guidelines concerning the financial management of the City. The City maintains the right to modify this Policy and may make exceptions to any of its guidelines at any time to achieve its goals and as long as such exceptions or changes are consistent with any state and federal law and rules and regulations then in effect, and the City determines it is in its best interest to modify this Policy or make an exception. Signature: Date: 9 INVESTMENT POLICY CITY OF JEFFERSONVILLE I. Purpose The purpose of this investment policy(the"Policy") is to set forth the investment objectives and parameters for the management of public funds of the City of Jeffersonville (the "City"). This investment policy is designed to safeguard funds on behalf of the City, to assure the availability of funds when needed, and provide a competitive investment return. II. Scope This policy applies to the investment of all funds of the City including but not limited to,the general fund, special revenue funds, debt service funds, project funds and trust and agency funds. The City may consolidate fund balances to increase investment earnings and to increase efficiencies with regard to investment pricing, banking fees and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles. III. General Objectives The primary objectives, in priority order, of investment activities shall be safety, liquidity, and return: 1. Safety Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital. The objective will be to minimize credit risk and interest rate risk. a. Credit Risk - The City will minimize credit risk, which is the risk of loss due to the failure of the security issuer or backer, by limiting investments to the types of securities listed in Section VI of this Investment Policy. b. Interest Rate Risk- The City will minimize interest rate risk, which is the risk that the market value of securities in the portfolio will fall due to changes in market interest rates, by structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations,thereby avoiding the need to sell securities prior to maturity. 2.Liquidity The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. Furthermore, since all possible cash demands cannot be anticipated,a portion of the portfolio may be placed in money market mutual funds or government investment pools which offer same day liquidity for short-term funds. 3. Yield The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. IV. Standards of Care 1.Delegation of Authority The Controller,hereinafter referred to as the Investment Officer,shall be responsible to oversee the day-to- day management of the City's investments pursuant to Indiana Code 36-4-10-5. Should the City elect to select an outside investment advisor, such advisor or firm must be registered under the Investment Advisor's Act of 1940. 2. Prudence The standard of prudence to be used by the Investment Officer shall be the "prudent person" standard and shall be applied in the context of managing all funds of the City. The "prudent person" standard states that, "Investments shall be made with judgment and care, under 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 their capital as well as the probable income to be derived." 3.Ethics and Conflicts of Interest The Investment Officer and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. The Investment Officer and employees shall disclose any material interests in financial institutions with which they conduct business.They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. V. Authorized Financial Institutions and Broker/Dealers 1.Authorized Financial Institutions and Broker/Dealers A list will be maintained of local financial institutions that are approved depositories for the receipt of public funds according to the State Board for Depositories. The City may pass a resolution pursuant to IC 5-13-9-5 expanding the list of approved financial institutions to include all Indiana depositories approved for the receipt of public funds according to the Indiana State Board for Depositories. In addition,the City will only use broker/dealers that meet the following requirements: • Primary dealers or regional dealers that qualify under Securities and Exchange Commission(SEC) Rule 15C3-1 (uniform net capital rule); • Capital of no less than $10,000,000; • Registered as a dealer under the Securities Exchange Act of 1934; • A member of the National Association of Securities Dealers(NASD); • Proof of state registration VI. Suitable and Authorized Investments Consistent with Indiana Code 5-13-9, the following investments will be permitted by this Policy: (1) Securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States and issued by any of the following: (A)The United States Treasury. (B)A federal agency. (C)A federal instrumentality. (D)A federal government sponsored enterprise. (2) Securities fully guaranteed and issued by any of the following: (A)A federal agency. (B)A federal instrumentality. (C)A federal government sponsored enterprise. (3) Municipal securities issued by an Indiana local governmental entity, a quasi-governmental entity related to the state, or a unit of government, municipal corporation, or special taxing district in Indiana, if the issuer has not defaulted on any of the issuer's obligations within the twenty(20)years preceding the date of the purchase in accordance with IC 5-13-9.2. (4) Money market mutual funds rated AAAm, or its equivalent, by Standard and Poor's Corporation or Aaa, or its equivalent, by Moody's Investors Service, Inc. in accordance with IC 5-I3-9-2.5. (5) Repurchase agreements in accordance with IC 5-13-9-3 (6) Transaction accounts, certificates of deposit and deposit accounts issued or offered by a designated depository of the City's political subdivision. The investing officer making a deposit in a certificate of deposit shall obtain quotes from each designated depository in accordance with IC 5-13-9-4. (7) Certificates of deposit authorized by a resolution of the City in accordance with IC 5-13-9-5 and 5-13-9-5.3. (8) Local government investment pools in accordance with IC 5-13-9-11. Consistent with Indiana Code 36-1-7, the City may pass a resolution to enter into interlocal cooperation agreements for the joint exercise of powers, including the investment of public funds. VII. Investment Parameters 1. Maximum Maturities The City's investments must have a stated final maturity of not more than two years pursuant to IC 5-13- 9-5.6. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds such as local government investment pools, money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing obligations. The City may adopt an ordinance, pursuant to IC 5-13-9-5.7, authorizing its Investment Officer to make investments having a stated final maturity that is more than two (2)years but not more than five(5)years after the date of purchase. The total investments of the City with maturities of two (2) to five (5) years outstanding at the time of purchase may not exceed twenty-five percent(25%)of its total portfolio of public funds invested, including balances in transaction accounts. Such ordinance expires on the date on which this Policy expires, which may not exceed four(4)years. 2. Competitive Bids The Investment Officer or its designee shall obtain competitive bids for investment with financial institutions in accordance with IC 5-13-9-4. The Investment Officer or its designee shall obtain bids from at least two brokers or financial institutions on all purchases of investment instruments on the secondary market. Overnight sweep investment instruments shall not be subject to this section. VIII.Reporting During the annual meeting required by IC 5-13-7-6 of The Board of Finance of the City of Jeffersonville, the Investment Officer shall make a written report to the board summarizing the City's investments during the previous calendar year. The report must contain the name of each financial institution, government agency or instrumentality, or other person with whom the political subdivision invested money during the previous calendar year. The Board of Finance shall review the report and review the overall investment policy of the City. IX.Policy Considerations 1. Adoption and Expiration This Policy shall be adopted by the City at a public meeting and shall expire four(4)years from the date of adoption in accordance with IC 5-13-9-5.7. 2. Exemption Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirements of this policy. At maturity or liquidation,such monies shall be reinvested only as provided by this policy. 3. Amendments This policy shall be reviewed periodically. Any changes must be approved by the Investment Officer and any other appropriate authority. Signature: Date: �'� /