2011 budget summary - St. Louis County

Investments shall be made with judgement and care, under circumstances then prevailing, which personsof prudence, discretion and intelligence exercise in the management of their own affairs, not forspeculation, but for investment, considering the probable safety of their capital as well as the probableincome to be derived.ETHICS AND CONFLICT OF INTERESTFund Investment Advisory members and employees of St. Louis County involved in the investmentprocess shall refrain from personal business activity that could conflict with proper execution of theinvestment program, or which would impair their ability to make impartial investment decisions.Employees and officers shall refrain from undertaking personal investment transactions with the sameindividual with which business is conducted on behalf of St. Louis County.Financial interest statements may be required of Fund Investment Advisory Committee members asrequired by St. Louis County Ordinances 203.200, 203,210 and 203.220.AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONSInvestments will be made through financial institutions or securities dealers who have been approved bythe Fund Investment Advisory Committee. Authorized securities dealers and financial institutions shallmaintain an office in the St. Louis metropolitan area.All financial institutions and securities dealers who desire to become qualified bidders for investmenttransactions of St. Louis County must supply the following as appropriate:‣ Audited Financial Statements‣ Proof of National Association of Securities Dealers (NASD) certification‣ Proof of state registration‣ Resume and qualifications of sales representative‣ Certification of having read and understood and agreeing to adhere with St. Louis County’sinvestment policy in providing offerings that are in compliance with the AuthorizedInvestment Instruments.An annual review of the financial condition of the qualified institutions and securities dealers will beconducted by the Assistant Treasurer. For those institutions with debt ratings, the Moody’s and S&P debtratings should be investment grade or above. Financial statement reviews will be conducted for thoseinstitutions which do not carry a rating by Moody’s and/or S&P.AUTHORIZED INVESTMENT INSTRUMENTSIn accordance with and subject to restrictions imposed by current statutes, the following list represents theentire range of investments that St. Louis County will consider and which shall be authorized for theinvestments of funds by the County:a. United States Treasury Securities. St. Louis County may invest in obligations of theUnited States government for which the full faith and credit of the United States arepledged for payment of principal and interest. This includes:‣ U.S. Treasury Bills‣ U.S. Treasury Notes and Bonds‣ U.S. Treasury Strips- 299 -