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CITY OF PONCHATOULA PUBLIC NOTICES THE TIMES, FEBRUARY 23, 2017, PAGE 4 ORDINANCE NO.738 AN ORDINANCE REPEALING AND REPLACING ORDINANCE 493,ESTABLISHING AN INVESTMENT POLICY FOR THE CITY OF PONCHATOULA, IN ACCORDANCE WITH LOUISIANA R.S. 33:2955 BE IT ORDAINED by the Mayor and the City Council of the City of Ponchatoula that there is hereby established an investment policy, in ac- cordance with the provision of R.S. 33:2955. I. Introduction In accordance with the provision of R.S. 33:2955 (D) and the authority of City of Ponchatoula, the Director of Finance is authorized and required to make rules and regulations and to establish administrative policies and procedures relating to the cash management and investment policies of the City. It is anticipated that this policy statement will be reviewed and evalu- ated ona regular basis, to ensure that the policies and procedures ex- pressed herein areresponsive to the prevailing cash management and investment environment, This policy statement must, therefore, be appro- priately amended, expanded, or purged by the appropriate authorityon continuing basis. I1. General Policies In general, the City Of Ponchatoula shall operate under the "Prudent Person" rule, exercising judgment and care, under the circum- stances prevailing, which people of ordinary prudence would employ in the management of their own affairs - net in regard to speculation, but as to the permanent disposition of their funds, considering both income arid safety of capital. The assets of the City Of Ponchatoula shall be held in trust by the fiduciary (fiduciaries) designated by the City Of Ponchatoula. This policy is not intended to remain static. Normally, the City Of Pon- chatoula willreview this policy at least annually and, if deemed advis- able, recommend changes. Recommendations from outside profession- als leading to improvements in policies, procedures, and operations are always welcome. OBJECTIVES The primary investment objective of the City Of Ponchatoula is to en- sure that the Current and future obligations are adequately funded in a cost effec- tive manner. The goals of this investment policy shall be (1) safety of pdn- cipal, (2) liquidity, and (3) yield. Preservation of capital and the realization of sufficient total return to ensure the ongoing financial integrity of the funds are essential. Preservation of capital encompasses two goals: 1. Managing the risk of loss of principal for the fund as a whole. 2. Managing the erosion of principal value through inflation. The City Of P0nchatoula shall establish internal controls for any dedv- atives in use toensure that the dsks inherent in derivatives are adequately managed For purposes of this policy, "derivative" means any financial instrument created from or whose value depends on the value of one or more underlying assets or indexes of asset value. RESPONSIBILITY The investment of funds shall be managed by the Finance Manager, and may be accomplished by the selection of an investment manager (s). The selection must be approved by the City Council in accordance with the criteda established by the Finance Manager. The investment manager (s) must acknowledge in writing his obligations as a fiduciary responsible for the investment of the City Of Ponchatoula assets. Prospective investment managers shall be registered investment ad- visors withthe Securities and Exchange Commission under the Invest- ment Act of 1940 or bank trust departments regulated by the Office of the Comptroller of the Currency. GUIDELINES A. The assets of the City Of Ponchatoula shall be invested, as provided in R.S.33:2955(A) (1), as amended, in following: 1. Direct U.S. Treasury obligations, the principal and interest of which are fully guaranteed by the U.S. government. 2. Bonds, debentures, notes or other evidence of indebtedness issued orguaranteed by federal agencies and provided such obliga- tions are backed bythe full faith and credit of the U.S., including U.S. Export Import Bank,Farmers Home Administration, Federal Financing Bank, Federal HousingAdministration Debentures, General Services Administration, GovernmentNational Mortgage Association (guaranteed mortgage-backed bonds andguaranteed pass-through obligations), U.S. Maritime Administration(guaranteed Title Xl financing), and U.S. Depart- ment of Housing and UrbanDevelopment. 3. Bonds, debentures, notes, or other evidence of indebtedness issued orguaranteed by U.S. government instrumentalities, which are federallysponsored, including Federal Home Loan Bank System, Federal Home LoanMortgage Corporation, Federal National Mortgage Associa- tion, Student LoanMarketing Association, and Resolution Funding Cor- poration. 4. Direct security repurchase agreements of any federal bank entry only securities enumerated in paragraphs (1) through (3) above. "Direct securityrepurchase agreement" means an agreement under which the politicalsubdivision buys, holds for a specified time, and then sells back thosesecurities and obligations enumerated in paragraphs (1) through (3). 5. Time certificates of deposit of state banks organized under the laws of Louisiana, or national banks having their principal offices in the state of Louisiana, savings accounts or shares of savings and loan asso- ciations andsavings banks, or share accounts and share certificates ac- counts of federallyor state chartered credit unions issuing time certificate of deposit, providedthat the rate of interest paid for time certificates of deposit shall be not lessthan fifty basis points below the prevailing market interest rate on directobligations of the U.S. Treasury with a similar length of maturity. Fundsinvested in accordance with this paragraph shall not exceed at any time theamount insured by the Federal Deposit Insurance Corporation in any onebank, or in any one savings and loan association, or by the National CreditUnion Administration in any one credit union, unless the uninsured portionis collateralized by the pledge of secudties in the manner provided in R.S.39:1221. 6. Mutual or trust fund institutions which are registered with the Securities andExchange Commission under the Securities ACt of 1933 and the InvestmentAct of 1940, and which have underlying investments consisting solely of andlimited to securities of the U.S. government or its agencies. Investment offunds in mutual or trust fund institutions shall be limited to 25% of themonies considered available for investment as provided by R.S. 33:2955(A) (2). The Attorney General has determined that only mutual funds created asa Massachusetts business trust are ac- ceptable investments(Op. Atty. Gen.88-546 (A). 7. Bonds, debentures, notes, or other evidence of indebtedness issued by theState of Louisiana or any of its political subdivisions with the exception ofthose of the City of Ponchatoula. The indebtedness shall have a Iong-termrating of Baa3 or higher by Moody's Investor Service, a long-term rating of BBB- or higher by the Standard and Poor Corporation or a long-term rating of BBB- or higher by Fitch, Inc., or a short-term rating of M1G1 or VM1G1 byMoody's Investors Service, a short-term rating of A-1 orA-l+ by Standard &Poor's, or a short-term rating of F1 of FI+ by Fitch, Inc, and have a finalmaturity of no more than five years, except that such-five year limitationshall not apply to (a) funds held by a trustee, es- crow agent, paying agent, orother third party custodian in connection with a bond issue or (b) investmentof funds held by either a hospital service district, a governmental 501(c)(3), ora public trust authority. 8. Bonds, debentures, notes, or other indebtedness issued by a state of theUnited States of America other than Louisiana or any such state's politicalsubdivisions provided that all of the following conditions are met: i. Theindebtedness has a minimum rating of A3 or Higher by Moody's InvestorsService or a rating of A- or higher by the Standard and Poor Corporation or a rating of A- or higher by Fitch, Inc., or a short-term rating of M1G1 or VMIG1 by Moody's Investor Service, a short-term rat- ing of A-1 of A-l+ by Standard & Poor's, or a short-term rating of F1 or FI+ by Fitch, Inc. ii. Theindebtedness has a final matudty of no more than five years, except that suchfive year limitation shall not apply to funds held by a trustee, escrow agent, paying agent, or other third-party custodian in connection with a bond issue nor to investment of funds held by either a hospital service district, a governmental 501(c)(3) organization, or a public trust authority, iii. Prior topurchase of any such indebtedness and at all times dur- ing which suchindebtedness is owned, the purchasing Louisiana political subdivision retains the services of an investment advisor registered with the United States Security and Exchange Commission. B. Notes: 1. The list of investments above is an exclusive list of authodzed investments. 2. Investment of funds in mutual or trust fund institutions shall be limited to 25 percent of the moneys considered available for investment as provided by R.S 33:2955(A)(2). 3. The Attorney General has determined that only mutual funds class or business class rate will be paid by the traveler. If space is not created as a Massachusetts business trust are acceptable investments available in less than first or business class air accommodations in time (Op. Atty. Gen. 88-546(A)). : to carry out the purpose of the travel, the traveler will secure certification C. Cash and cash equivalents are comprised of daily cash bal- fi'om the aidine indicating this fact. The certification must be attached to ances above the day-to-day needs and funds set aside for portfolio strat- the employee expense report. If coach/economy are not available due to egy reasons. Short-term investments of cash and cash equivalents may the employee not booking in advance, when possible, the difference will be placed in: be paid by the traveler. 1. Obligations of the U.S. Treasury, federal agencies, or U.S. gov- ernment instrumentalities (as provided herein) with maturities of less than Municipality Owned Vehicle - Vehicles owned by the municipality may two years; be used for business travel only. Personal use of a municipality owned 2. Time certificates of deposit (as provided herein) with maturities vehicle is stdctly prohibited. Any fuel purchases made on municipality of less than two years; credit cards must be signed for by the traveler making the purchase and 3. Money market mutual funds (as provided herein) with maturi- the vehicle for which the purchase was made must be noted on the re- ties of less than two years; ceipt. Receipts are to be turned in promptly to the finance manager. 4. The LouisianaAsset Management Pool, Inc. as provided in Op. Atty. Gen. 94-186. Personally Owned Vehicle - If a personal vehicle is used for busi- PROHIBITED TRANSACTIONS ness purposes, the employee must document the business purpose and The following transactions are expressly prohibited: submit vehicle odometer readings (beginning and ending) and the num- 1. Any transactions not authorized by this policy;ber of miles traveled for business. Claims for mileage reimbursement 2. The purchase of securities on margin; will be paid in accordance with the mileage allowance authorized in the 3. Direct purchases of single-family or commercial mortgages; State of Louisiana's Travel Guide in effect on the dates of travel. WHEN 4. Purchases of foreign bonds; SOMEONE IS GRANTED A MONTHLY VEHICLE ALLOWANCE OR A 5. The short sale of securities; LUMP SUM ALLOWANCE, THEY ARE NOT TO REQUEST OR BE RE- 6. Effective August 15, 1995, as provided in R.S. 33:2955(A)(1) IMBURSED FOR MILEAGE, FUEL OR RENTAL VEHICLES, RENTAL (b)(iii), enacted by Act No. 1126 of 1995, investment in obligations issued COULD BE ALLOWED ONLY WHEN FLYING OUT OF STATE. or guaranteed by federal agencies or U.S. government instrumentalities which are collateralized mortgage obligations that have been stripped into Rental Vehicle - Rental vehicles must be approved in advance and interest-only or pdncipal-onlyobligations, inverse floaters, or structured only upon showing that the rental is the only or most economical means notes. "Structured note" means secudties of U.S. government agencies, by which the purpose of the business trip can be accomplished. Only instrumentalities, or government-sponsored enterprises which have been the cost of a compact model is reimbursable unless 1) non-availability is restructured, modified and/or reissued by private entities, documented; 2) the vehicle will be used to transport more than two per- OTHER ITEMS FOR CONSEDIRATION sons; or 3) the cost of a larger vehicle is no more than the rental rate for A. Matudty Restrictions. All investments made on behalf of the a compact. Detailed receipts and documentation of the business purpose City shall have maturities of five (5) years or less. are also required for reimbursement. B. Performance. If an investment manager(s) is utilized, his per- formance should be measured by an index, e.g., Lehman Brothers Inter- Taxis, etc. - Receipts are required for the reimbursement of the actual mediate Govemment index, cost of public ground transportation used in connection with approved C. Custodian. If an investment manager(s) is utilized, the funds business travel. should be held by a custodian bank. The custodian's duties and obliga- tions shall be addressed prior to the transfer of the funds to the custodian Business Meals and Lodging Allowances (Meals where business is bank. discussed or conducted) D. Manager Selection. The criteria for selection of an investment manager (i.e., three-year tract record of management and peer review) Ordinary meals which would be consumed while not traveling will not shall be addressed prior to the selection of an investment manager, be reimbursed. E. Investment Consultant. The performance of investment manager(s) should be measured pedodically by an investment consul- Business meals purchased during single day travel (no ovemight tant. stay) are not eligible for reimbursement. The City Clerk shall certify to the adoption of this ordinance, and cause the same to be published as required by law; and this ordinance No meals provided for in the cost of other expenses will be reim- shall take effect and be in full force from and after its approval as required bursed. (I.e. continental breakfast, any meals provided during trainings, by law. conventions, etc.) A motion was made byMr. LeBlancto adopt the ordinance and was duly seconded byMr. Sandifer. Business Meal Allowance (includes the tax and tip) - Business meals This ordinance having been introduced on January 9, 2017byMr. reB- incurred during overnight travel will be reimbursed in accordance with the lanc, notice of public hearing having been published, said public hearing meal allowances authorized in the State of Louisiana's Travel Guide (in having been held, and been read by the title at a regular meeting of the effect at the date of travel) for that location. Meal receipts are required, City Council onFebruary 13, 2017 and called for final passage and having the dates and meals claimed (breakfast, lunch, and dinner), including been put to a vote, the vote thereon was as follows: the business purpose for the meals must be documented on the Travel YEAS: LeBlanc, Batiste, Daniels, Toomer, Sandifer Expense Form. NAYS: None ABSTAIN: None Lodging Allowance - Lodging incurred on business travel will be re- ABSENT: None imbursed in accordance with the lodging rate authorized in the State of Louisiana's Travel Guide (in effect at the date of travel) for that location, plus tax and any mandatory surcharge. Detailed receipts are required for reimbursement. The mayor's approval must be provided to allow lodging Robert F. Zabbia, Mayor expenses to be direct billed to the municipality. Jeffrey Douglas, City Clerk Delivered to Mayor: February 14, 2017 Received from Mayor: February 14, 2017 Effective Date: February 16, 2017 ORDINANCE NO.739 AN ORDINANCEESTABLISHING ATRAVEL AND EXPENSE REIM- BURSEMENT POLICY FOR THE CITY OF PONCHATOULA BE IT ORDAINED by the Mayor and City Council of the City of Pon- chatoula, Louisiana, that: j it is necessary to ~iestablish aTRAVEL AND EXPENSE WHEREAS, REIMBURSEMENT policy for the s'ound fiscal management by the City / of Ponchatoula; and, WHEREAS, the Council of the City of Ponchatoula, believes that it is essential that a TRAVEL AND EXPENSE REIMBURSEMENT policy be adopted, NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PONCHATOULA, LOUISIANAAS FOLLOWS: CITY OF PONCHATOULA TRAVEL AND EXPENSE REIMBURSEMENT POLICY In general, travel should be conducted in the most economical means to accomplish the business of the municipality. Travel should be reason- able and done only when necessary and when such travel benefits the entity. Employees/officials who do not comply with this policy may be sub- ject to delay or withholding of reimbursement and/or disciplinary action. Authorization Business travel, including travel for training purposes, must be ap- proved in advance by the mayor of chief of police and be in writing. The mayor's and chief of police's travel should be approved by the council and be in compliance with policy. Travel by council members should be approved by the council and be in compliance with policy. All travel ex- penditures should be in accordance With the approved budget. Advances An advance of funds for travel must be reasonable, be approved by the mayor, and be documented on both the Travel Advance Request Form and the Travel Expense Form. The traveler must sign the forms which also gives authorization to deduct the amount advanced from his/ her paycheck if required documentation is not submitted to the municipal- ity within 30 days of return. The mayor must approve, in writing, any travel and related costs (e.g., airfare, lodging, and registration) paid direct by the municipality. Claims for Expense Reimbursement TOWN OF INDEPENDENCE PUBLIC NOTICES All claims for reimbursement of business travel expenses must be submitted on the Travel Expense Form and be reduced for any monies advanced to the traveler. The form must be completed and signed (in ink) by the traveler and be approved (in writing) by the immediate supervisor and the mayor. Conference Lodging - The mayor has the authority to approve the actual cost of conference lodging, for a single occupancy standard room, when the traveler is staying at the designated conference hotel. The mayor's approval must be provided to allow lodging expenses to be di- rect billed to the municipality. Detailed lodging receipts are required to be obtained by the traveler and submitted to the clerk upon return. No reim- bursements are allowed for the costs of attending functions unrelated to the conference (i.e. tours, golf tournaments, etc.). Registration Costs Costs are reimbursed in full with a copy of the registration form/receipt and with evidence that payment was made and certificate of attendance or original program/agenda for each person being reimbursed or paid for. The mayor's approval must be provided to allow the cost of registra- tion to be direct billed to the municipality. A copy of the registration form/ receipt is required. The City Clerk. shall certify to the adoption of this ordinance, and cause the same to be published as required by law; and this ordinance shall take effect and be in full force from and after its approval as required by law. A motion was made byMr. LeBlancto adopt the ordinance and was duly seconded byMrs. Batiste. This ordinance having been introduced on January 91 2017byMr. LeB- lanc, notice of public hearing having been published, said public hearing having been held, and been read by the title at a regular meeting of the City Council onFebruary 13, 2017 and called for final passage and having been put to a vote, the vote thereon was as follows: YEAS: LeBlanc, Batiste, NAYS: None ABSTAIN: None ABSENT: None Daniels, Toomer, Sandifer s/RobertF. Zabbia, Mayor s/Jeffrey Douglas, City Clerk Delivered to Mayor: February 14, 2017 Received from Mayor: February 14, 2017 Effective Date: February 16, 2017 Town of Independence 473 W. Railroad Ave Independence, La 70443 The traveler must attach to the form the original copies of the detailed/ itemized receipts supporting all expenditures, documentation of the busi- Special Meeting ness purpose, and a copy of the Travel Advance Request Form if ap- February 6, 2017 pUcable. The traveler must also document on the form the (1) time and 6:30 P.M. date of departure; (2) time and date of return; (3) destination; (4) travel related costs paid direct by the municipality; and (5) travel costs paid out- 1. Mayor Mannino called meeting to order. of-pocket. [Note: Reimbursement for meals and lodging costs are subject to the limitations in the Business Meals and Lodging Allowance section 2. Roll call by Town Clerk Robin Dagro. Present was Larry Card- of this policy.] aronella, Luke Suarez, Jim Paine, Jimmy Gregory, Calvin Batiste. Any person who submits a claim and who willfully makes a claim which he/she does not believe to be true and correct that is fraudulent or is false shall be guilty of official misconduct and/or maleficence in office. Whoever receives an allowance or reimbursement by means of a false claim is subject to severe disciplinary action as well as being liable within the provisions of state law. No reimbursements will be made for any receipts or partial receipts containing any prohibited items. (I.e. alcohol, tobacco, etc.) Reimbursements will only be made to and for employees. TransPortation Guidelines Airfare - The reason for using other than the lowest priced airfares must be documented on the expense report. Commercial air travel will be reimbursed at the coach/economy class rates unless such rates are not availabiJe. The difference between coach/economy class rates and first 3. Prayer was led by Roger Navarra. 4. Pledge was led by Aldermen Jimmy Gregory. 5. Public Input ~ None 6. New Business Amending the agenda items motions and votes: Personnel matters: Motion was made by Jimmy Gregory, seconded by Luke Suarez, Voting was as follows: Yeas: Jim Paine, Jimmy Gregory, Larry Cardaronella, Calvin Batiste, Luke Suarez. Nays: None PLEASE SEE PAGE 6 Times I nternet Edition -- www.ponchatoL]la.com/:)times E-Mail: editor@ponchatoula.com or timesofindependenceL~gmail.com