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DELEGATION OF AUTHORITY <br /> The establishment of the investment policy is the responsibility of the City Council. <br /> Administrative and operational responsibility for the investment program is hereby delegated to <br /> the Finance Director/Treasurer. The Comptroller shall have responsibility for the financial <br /> accounting transactions, and oversight of collateralized agreements and audit workpapers. All <br /> persons involved must use discretion and prudence in fulfilling their responsibilities. The City <br /> Manager shall have the investment transactions and portfolio audited annually by an independent <br /> audit firm. <br /> LEGAL CONSTRAINTS <br /> All investment decisions will be made in accordance with Illinois law, notably 30 Illinois <br /> Compiled Statutes 235. A summary of the allowable instruments are: <br /> 1. Passbook savings account. <br /> 2. Now, Super Now and Money Market Accounts. <br /> 3. Commercial Paper - issuer must be a U.S. Corporation with more than $500 million <br /> in assets; must be within three (3) highest classifications by two standards rating <br /> services; must mature within 180 days of purchase; and such purchase cannot exceed <br /> 10% of the corporations' outstanding obligations. No more than 25% of the public <br /> agencies funds may be invested in commercial paper. <br /> 4. State Treasurer's Investment Pool. <br /> 5. Money Market Mutual Funds - registered under the Investment Company Act of <br /> 1940 provided the portfolio is limited to bonds, notes, certificates, treasury bills, and <br /> other securities which are guaranteed by the federal government as to principal and <br /> interest. <br /> 6. Repurchase agreements - collateralized by the full faith and credit of U.S. securities. <br /> 7. Certificates of Deposit and Time Deposits. <br /> 8. Constituting direct obligations of any bank as defined by the Illinois Banking Act <br /> and only those insured by the FDIC. <br /> 9. Instruments legally issuable by savings and loan association incorporated under the <br /> laws of the State of Illinois and any other state or under the laws of the United States <br /> and only in those saving and loan associations insured by SAIF. <br /> 10. Bonds,notes, certificates of indebtedness, Treasury bills or other securities which are <br /> guaranteed by the full faith and credit of the United States of America as to principal <br /> and interest. <br /> 11. Obligations of U.S. Government agencies which are guaranteed by the full faith and <br /> credit of the United States Government. <br /> 12. Short term discount obligations of the Federal National Mortgage Association. <br /> 13. Insured accounts of credit unions whose principal office is in Illinois. <br /> 14. Various tax exempt securities issued by other municipalities and the State of Israel. <br /> 2 <br />