A. All investment securities must be maintained by a trustee financial institution under a third party safekeeping and reporting arrangement (custodial agreement). Such arrangement shall be reviewed as part of an annual audit. Any expenses for the custodial agreement shall be paid by the investment income of the common investment pool.

B. Investment transactions must be settled on a delivery versus payment (DVP) basis with securities delivered in accordance with instructions delineated in the custodial agreement, except for the following types of securities: investments in money market and other mutual funds, investments in certificates of deposit held in a local financial institution (Haines branch), investments in debt securities of a local municipality (Haines Borough), and investments in the Alaska Municipal League investment pool. (Ord. 07-08-164 § 4)