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CXTT OF ORONO <br />INVBSTMBIIT POLICY <br />ADOPTED DECEMBER 12« 1988 <br />I.INTRODUCTION <br />The purpose of this investment policy is to establish: <br />-the City's investment objectives <br />-investment reporting practices to management and the <br />Council <br />-investment instruments that are appropriate for the City <br />-criteria for selection of banks and dealers <br />-requirements regarding maturities and diversification <br />—investment principles of riskf prudence and ethics and <br />-responsibilities for the investment function <br />II.SCOPE <br />The investment policy applies to the City of Orono's funds <br />accounted for in the City's annual report and include: <br />- the general fund <br />- the special revenue funds <br />- the debt service funds <br />- the capital projects funds <br />- the enterprise funds <br />Unless specified by City Council action* investments of <br />City monies will be pooled and invested in the Pooled Investment <br />Trust Fund with the resultant investment income accruing to the <br />benefit of the various City funds as provided in Resolution No. <br />2105. <br />Ill, INVESTMENT OBJECTIVES <br />A. The primary objectives of the City's investment program <br />are: <br />1. To preserve principal each investment transaction <br />shall seek first to Insure the preservation of capital in the <br />overall portfolio. <br />2. To remain sufficiently liquid to meet expenditure <br />requirements. It is essential that cash is available when <br />needed, therefore the City's investment goal is to maximize <br />while matching maturity dates with expenditure needs inclu ng <br />}