The Delphi Public Library Board of Finance shall meet annually after the first Monday and on or before the last day of January to elect a president and secretary, review the written report of the library's investments during the previous calendar year, and review the library's investment policy.

The Delphi Public Library will invest in:

• Any security backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States; and issued by the United States Treasury, a federal agency, or a federal instrumentality, or a federal government sponsored enterprise.
• Deposit accounts issued or offered by a designated depository.
• Agreements commonly known as repurchase or resale agreements with depositories designated by the Department of Local Government Finance as depositories for state investments.

The library will not purchase securities on margin nor will it open a securities margin account for the investment of library funds.

Investments must have a stated final maturity of not more than two years after the date of purchase or entry into a repurchase agreement. Interest on investments will not be added automatically to the investment. Instead, interest on investments should be paid to the library at each maturity date and posted to the appropriate fund.

The library shall maintain deposits in transaction accounts that are invested or reinvested in at least two of the library's designated depositories.

Whenever investments are made in a certificate of deposit, the investing officers will obtain quotes of the specific rates of interest for the term of the CD. The quotes will be recorded in a memorandum and retained as a public record. The deposit will be placed with the designated depository quoting the highest rate of interest for the selected period. If two depositories tie for the highest quote, the deposit may be placed in any or all of the designated depositories quoting the highest rate at the investing officer's discretion. (IC 5-13-9-4)