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2. Disbursements will be made timely in advance of or on the agreed-upon contractual <br /> date of payment unless earlier payment provides a greater economic benefit to the <br /> County. <br /> <br />3. inventories and supplies will be maintained at minimally appropriate levels for <br /> operations to increase cash availability for investment purposes. <br /> <br />4. For County checks dual signatures will be required. Facsimile signatures will be <br /> safely stored anc~ used when appropriate. <br /> <br />C. Investment Policy <br /> <br />It is the policy of the County to preserve capital and invest public funds in a manner <br />which provide the highest investment return with the maximum security while meeting <br />the daily cash flow demands of the County and conforming to all state and local <br />statutes governing the investment of public funds. <br /> <br />This investment policy applies to all financial assets in the County's investment <br />portfolio except debt proceeds which will be accounted for separately and invested <br />separately from other funds. These funds are accounted for in the County's <br />Comprehensive Annual Financial Report. <br /> <br />The standard of prudence to be used by_staff will be the "prudent person'? rule. The <br />"prudent person" concept discourages speculative transactions. It attaches primary <br />significance to the preservation of capital and secondary importance to the generation <br />of income and capital gains. Authorized staff, if acting in accordance with written <br />procedures and state statutes and exercising due diligence, shall be relieved of personal <br />responsibility for an individual security's credit risk or market price changes, provided <br />that these deviations are reported immediately and action is taken to control adverse <br />developments. <br /> <br />4. The primary objectives, in priority order, of the County's investment activities will be: <br /> safety, liquidity, yield. <br /> <br />ao <br /> <br />Safety of principal is the foremost objective of the investment program. <br />Investments of the County will be undertaken in a manner that seeks to ensure the <br />preservation of capital in the overall portfolio. To attain this objective, <br />diversification is required in order that potential losses on individual securities do <br />not exceed the income generated from the remainder of the portfolio. <br /> <br />b. The County's investment portfolio will remain sufficiently liquid to enable the <br /> County to meet all operating requirements which might be reasonably anticipated <br /> through the use of structured maturities and marketable securities. <br /> <br /> <br />