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14 <br />ORANGE COUNTY BOARD GF CGMMISSIDNERS <br />INVESTMENT PoL[CY <br />SCDPE <br />This policy applies to al! investments of Grange County County} except authorized petty cash <br />accounts and trust funds administered by the Financia! Services Director. The County pools <br />the cash resources of its various funds into a single fund in order to maximize investment <br />opportunities. These funds are accounted for in the Gaunty's Comprehensive Annual Financia! <br />Report. Each fund's portion of total cash and investments is summarized by fund type in the <br />combined balance sheet as equity or deficit in pooled cash and investments. This policy <br />applies to al! transactions involving the financial assets and related activity of al! the various <br />funds accounted for in the County's Comprehensive Annual Financial Report. <br />OBJECTIVES <br />Funds of the Gounty will be invested in accordance with North Carolina General Statute ~59- <br />3D Gash Management and Investment Policy, and written administrative procedures. The <br />County's investments shall be undertaken in a manner that ~~} seeks to ensure the <br />preservation of capita! in the overall portfolio, ~2} provides for sufficient liquidity to meet the <br />cash needs of the County's various operations and ~~} attains a fair market rate of return. Gash <br />management functions will be conducted in such a manner as to insure that adequate funds <br />will always be available to meet the County's financial obligations and to provide the maximum <br />amount of funds available for investment at a!I times. <br />RESPGNSIB~LITY <br />!n accordance with N.C. General Statutes, the Financial Services Director is charged with the <br />responsibility of cash management and investment. The Financial Services Director is <br />responsible for investment decisions and activities and shall develop and maintain written <br />administrative procedures for the operation of the cash management and investment program, <br />consistent with N.C. Statutes and these policies. <br />The standard of prudence to be used by the Financial Services Director sha[I be the'"Prudent <br />Investor" Rule, which states, "Investments shat! be made with judgment and care, under <br />circumstances then prevailing, which persons of prudence, discretion and intelligence exercise <br />in the management of their own affairs, not far speculation, but far investment, considering the <br />probable safety of their capital as well as the probable income to be derived," <br /> <br />