6144 - INVESTMENT INCOME
The School Board authorizes the Superintendent or Treasurer to make investments of available monies from the several funds of the School Corporation in:
- bonds, bills, or notes of the United States; obligations, the principal and interest of which are fully guaranteed by the United States; or obligations of the State;
- certificates of deposit issued by financial institutions organized and authorized to operate in this State;
- commercial paper rated prime 1 or prime 2 at the time of purchase and maturing not more than 270 days after the date of purchase.
The purpose of the investments is to maximize the returns on the Corporation's excess cash balances consistent with safety of those monies and with the desired liquidity of the investments.
Investments in U.S. Treasury securities and those other securities completely guaranteed by the Treasury as to payment of principal and interest may be purchased in any dollar amount up to 100% of the available reserves.
All investments must mature or be redeemable within two (2) years of the date of purchase, not to exceed two (2) years.
The Board may authorize the Board’s investing officer to invest in certificates of deposit from depositories that have been designated by the State Board of Finance as a depository for State funds under I.C. 5-13-9-5 but have not been designated by the Corporation’s Board of Finance established by Board Bylaw 0151.1. This authorization shall be in the form of a resolution approved by the Board. Such resolution must provide that the authority to invest in these certificates of deposit granted by the resolution expires on a date that is not later than two (2) years after the date of the Board’s vote adopting the resolution.
Revised 8/15/19
© Neola 2019