1992-05-20 Dana City Miscellaneous Documents
Dublin Core
Title
1992-05-20 Dana City Miscellaneous Documents
Description
Scanned from the original minutes; OCR text included for searching.
Creator
City of Dana, Iowa
Publisher
City of Dana, Iowa
Date
1992-05-20
Contributor
City of Dana, Iowa
Format
Printed pages on white paper
Language
American English
Type
Public government records
Coverage
Dana, Greene County, Iowa
Text Item Type Metadata
Text
City of Dana Investment Policy
The investment policy of the City of Dana is adopted to ensure that funds
are are invested for the public's best interest. The highest priority of
the investment policy is the safety of the funds. They are to be invested
only in investment vehicles that provide the maximum level of safety. A
second priority is to invest the funds to earn a resonable interest rate.
The third priority is to invest the funds in local banks to promote
economic activity in Dana.
The investment officer, using the guidelines below, has the discretion
to determine which investment vehicle to use, and the length of the
maturities for each investment. This is done considering the future needs
of the funds and the status of the current interest rate market.
Checking Account
Funds required on a short term basis are to be deposited in the City
checking accounts at Peoples Trust and Savings Bank. The balance is to be
sufficient to cover any short term needs and not excessive as to sacrifice
the opportunity for a higher interest rate return for a longer term
investment.
Non-checking Investments
Funds that are not deposited in the checking account are to be deposited
one of two alternative investment vehicles. They are certificates of
deposits and the Iowa Public Agency Investment Trust.
1. Certificates of Deposit
Investments in certificates of deposit are to be made in one of the
local banks. For CD's of $50,000.00 or less, it is at the discretion
of the investment officer to determine from which banks the CD's are to
be purchased. For CD's over $50,000.00, the investment officer is to
request bids from each of the local banks.
2. Iowa Public Agency Investment Trust
The IPAIT investment vehicle is used to supplement the investment of
CD's in local banks with a more flexible investment alternative. Invest-
ments are made in the IPAIT for the following reasons:
A. A higher level of liquidity than CD's is required and IPAIT interest
rate is higher than the checking interest rate.
B. The short term interest rate is significantly higher than the rate
for CD's.
Cs Funds are received in intervals where it is more efficient to invest
them in the IPAIT than in CD's.
This policy is adopted by the Dana City Council on this 20th day of May,
1992.
George Brabbs
City Clerk/Treasurer
The investment policy of the City of Dana is adopted to ensure that funds
are are invested for the public's best interest. The highest priority of
the investment policy is the safety of the funds. They are to be invested
only in investment vehicles that provide the maximum level of safety. A
second priority is to invest the funds to earn a resonable interest rate.
The third priority is to invest the funds in local banks to promote
economic activity in Dana.
The investment officer, using the guidelines below, has the discretion
to determine which investment vehicle to use, and the length of the
maturities for each investment. This is done considering the future needs
of the funds and the status of the current interest rate market.
Checking Account
Funds required on a short term basis are to be deposited in the City
checking accounts at Peoples Trust and Savings Bank. The balance is to be
sufficient to cover any short term needs and not excessive as to sacrifice
the opportunity for a higher interest rate return for a longer term
investment.
Non-checking Investments
Funds that are not deposited in the checking account are to be deposited
one of two alternative investment vehicles. They are certificates of
deposits and the Iowa Public Agency Investment Trust.
1. Certificates of Deposit
Investments in certificates of deposit are to be made in one of the
local banks. For CD's of $50,000.00 or less, it is at the discretion
of the investment officer to determine from which banks the CD's are to
be purchased. For CD's over $50,000.00, the investment officer is to
request bids from each of the local banks.
2. Iowa Public Agency Investment Trust
The IPAIT investment vehicle is used to supplement the investment of
CD's in local banks with a more flexible investment alternative. Invest-
ments are made in the IPAIT for the following reasons:
A. A higher level of liquidity than CD's is required and IPAIT interest
rate is higher than the checking interest rate.
B. The short term interest rate is significantly higher than the rate
for CD's.
Cs Funds are received in intervals where it is more efficient to invest
them in the IPAIT than in CD's.
This policy is adopted by the Dana City Council on this 20th day of May,
1992.
George Brabbs
City Clerk/Treasurer
Files
Collection
Citation
City of Dana, Iowa, “1992-05-20 Dana City Miscellaneous Documents,” Dana, Iowa - Historical Records, accessed November 7, 2026, https://records.danaia.gov/items/show/193.