Ordinance 2164-96 - Laserfiche WebLink

CITY OF EVERETT INVESTMENT POLICY POLICE PENSION FUND Adopted by the Police Pension Board on 5/14/96 and the Everett City Council on 7/31/96 1.0 Policy. It is the policy of the City of Everett to invest the public's funds within the Police Pension Fund (Fund) in a manner which will provide the maximum security with the highest investment return while meeting the fiscal objectives of the Fund and conforming to all state and local statutes governing the investment of public funds. The city is given the power in invest the Fund's moneys under Revised Code of Washington (R.C.W.) 35.39. As authorized in R.C.W. 35.39.032, the City Council has delegated the investment decisions for the Fund to the City Investment Committee (as set forth in the City's general investment policy). The City may seek to enter into an agreement with a financial institution or investment broker to aid the City Investment Committee in the investment of moneys in the Fund. The City Investment Committee has been authorized by Ordinance 2164-96 to manage the investments described herein. 2.0 Scope. This investment policy, which was approved and recommended by the Police Pension Board and was adopted on the date hereof by the Everett City Council in Ordinance No.2164 -96, supersedes any previous investment policy and applies exclusively to the Police Pension Fund. 3.0 Prudence. The investments shall be made with the 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. 3.1 The standard of prudence to be used by the City Investment Committee shall be the prudent person standard and shall be applied in the context of managing an overall portfolio. The City Investment Committee acting in accordance with the investment policy, written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk change or market price changes, provided deviations from expectations are reported to the Mayor, and the Police Pension Board in a timely fashion and appropriate action is taken to control adverse developments. 4.0 Objectives. The primary objectives, in priority order, of the Police Pension Fund investment activities shall be as follows: 4.1 Legal Investments. The fund will only be invested in instruments which are legal investments as provided for by state law. 4.2 Safety. Safety of principal is the foremost objective of the investment program. Investments of the Police Pension Fund shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required in order that