The city council shall adopt by resolution an investment policy to guide and control the investment of surplus city funds. This policy shall specifically address the areas of: scope of the policy, standards of prudence, investment objectives, delegation of authority, ethics and conflicts of interest, authorization of financial dealers, suitable investments, collateralization, safekeeping and custody, diversification, maximum maturities, internal controls, performance standards, and reporting. (Ord. 93-16 § 3, 1993)

The city’s investment policy shall be adopted by resolution of the city council. The policy shall be reviewed annually by the city council and any modifications must be approved by the city council. (Ord. 93-16 § 4, 1993)