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• <br /> CITY OF APPLE VALLEY <br /> DEPARTMENT OF FINANCE <br /> STATEMENT OF INVESTMENT POLICY <br /> 1. POLICY <br /> It is the policy of the City to invest public funds in a manner which maximizes <br /> return and provides maximum security in preserving and protecting funds while <br /> meeting the daily cash flow demands and conforming to all applicable federal, state <br /> and/or local statutes governing the investment of public funds. <br /> 2. SCOPE <br /> This investment policy applies to all financial assets of the City of Apple Valley <br /> (the "City") except those (if any) which are governed in another manner by specific <br /> reference in federal, state and/or local statutes.All assets to which this policy applies are <br /> accounted for in the City's comprehensive annual financial report and include: <br /> General Fund <br /> Special Revenue Funds <br /> Debt Service Funds <br /> Capital Project Funds <br /> Enterprise Funds <br /> Trust and Agency Funds <br /> Internal Service Funds <br /> Any other newly created fund <br /> 3. STANDARDS <br /> The Finance Director is responsible for implementing this policy. The standard of <br /> prudence to be used shall be the "Prudent Investor rule," an will be applied in the <br /> context of managing an overall portfolio: "investments shall be made with judgment and <br /> care — under circumstances then prevailing — which persons of prudence, discretion and <br /> intelligence exercise in the management of their own affairs, not for speculation, but for <br /> investment, considering the probable safety of their capital as well as the probable <br /> income to be derived." <br /> City employees meeting this standard will be relieved of personal responsibility <br /> for an individual security's credit risk or market price changes, provided deviations from <br /> expectations are reported in a timely fashion and appropriate action is taken to control <br /> adverse developments. <br /> 410 <br />