The investment policy of the GAWPL of Pike County shall be governed by the statutes of the State of Ohio. The Ohio Revised Code Chapter 135, “Uniform Depository Act” contains the pertinent statutes.
The Fiscal Officer of the GAWPL of Pike County shall serve as the custodian of all the GAWPL of Pike County’s funds and has investment authority of those funds. All investments made by the Fiscal Officer shall be in accordance with the Uniform Depository Act.
The investment policy of the GAWPL of Pike County shall endeavor to attain the highest possible degree of (1) safety, (2) liquidity, and (3) rate of return, taking into account the cash flow necessary to take advantage of discounts offered and to meet operating requirements which might reasonably be anticipated.
Monthly and annual reports shall be presented to the Board of Trustees setting forth the investment and depository activity for the preceding period. The report shall include the financial institution, rate of comparative return, purchase amount and duration of investments. The Fiscal Officer shall maintain the necessary records of all investments and deposits held in the name of the library required by the Ohio Revised Code.
The GAWPL invests in securities, but currently only CD’s (Certificates of Deposit)
The library also invests funds in STAR Ohio.
The library is specifically excluded from investing in Commercial Papers, Banker’s Acceptance Notes, Reverse Repurchase Agreements, and Derivatives.
In order for financial institutions to be eligible to make investments with the GAWPL of Pike County, a formal agreement must be in place pledging that the GAWPL of Pike County’s funds shall only be vested in and in accordance with the investments designated by the Uniform Depository Act for public funds.