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Diversification <br /> • <br /> The City will diversify its investments by security type as shown below: <br /> Maximum <br /> Holdings <br /> United States Treasury obligations (bills, notes and bonds) 100% <br /> United States governmental agency and instrumentality securities 100% <br /> State and local securities 20% <br /> Commercial paper * 40% <br /> Certificates of deposit/repurchase agreements 1 0% <br /> Bankers acceptances 10% <br /> Repurchase agreements 5% <br /> Money market mutual funds investing in State authorized securities 20% <br /> * Maximum holdings for any one issuer of commercial paper are 7%. <br /> Competitive Selection of Investment Purchases <br /> For each investment opportunity, when possible, bids will be solicited from <br /> at least three authorized financial institutions for options with regards to term and <br /> instrument. The City will accept the bid that it determines best complies with the • <br /> investment Objectives and Diversification constraints described in this Policy. <br /> • <br /> 4 <br />