A municipal order concerning the City of Princeton adopting an investment policy for public funds was approved following action taken by the City Council.
At a meeting Monday night City Financial Secretary Stacy Boone explained that the investment policy was pretty straight forward and was mostly done as housekeeping.
Mayor Kota Young added that the order was a great start to an operations policy and procedure manual for the city.
He noted that possible investments following the approval of the order would give the city around $50,000 in the first year.
The order states that the City Council desires to establish such an investment policy to ensure that funds are invested in such a manner as will provide the highest investment return with the maximum security of principal while meeting any and all regulations surrounding the investment of public funds.
The order also indicates that investments can only be placed with financial institutions, brokers, or dealers that have an office located within Princeton, with a parent or subsidiary of a financial institution that maintains a full-time office located within Princeton, or through authorized investment pools through either the Commonwealth of Kentucky or the Kentucky League of Cities. The City of Princeton’s primary investment objectives include safety, liquidity, and return on investment.
After a motion and a second the Council approved the municipal order.
