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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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11/9/2007 2:19:12 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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funds. Skill and judgment shall be exercised in order that no individual or group of <br /> • transactions undertaken would jeopardize the total capital sum of the overall portfolio. <br /> LIQUIDITY AND DIVERSITY: <br /> The total cash assets of the City shall be invested in instruments whose maturities <br /> conform to the cash flow needs of the City. The investment portfolio shall be diversified <br /> to reduce the risk of loss investment income from over-concentration of assets in a <br /> specific issue, a specific issue size, or a specific class of securities. <br /> COLLATERILIZATION: <br /> All City funds must be deposited in financial institutions which provide $100,000 in <br /> governmental insurance protection. At no time, will deposits in any one institution <br /> exceed $100,000 unless such excesses are protected by pledged securities, and will be <br /> limited to the following: <br /> 1. U.S. Treasury Bills, Notes or Bonds all of which mature within five (5) years. <br /> 2. U.S. Agency securities created by an act of Congress. <br /> 3. Repurchase Agreements, with maturities not exceeding one (1) year, secured by <br /> U.S. Government Bills, Notes or Bonds. <br /> • 4. Municipal general Obligation Bonds, Rated "A" or better by Moodys, with <br /> maturities not exceeding five (5) years. <br /> INTERNAL CONTROLS: <br /> A system of internal controls shall be followed and shall be designed to prevent losses <br /> of public funds arising from fraud, employee error, misrepresentation by third parties, <br /> unanticipated changes in financial markets, or imprudent actions by employees and <br /> officers of the City. Controls deemed most important shall include: <br /> 1. Custodial safekeeping, when appropriate. <br /> 2. Clear delegation of authority. <br /> 3. Written confirmation of telephone transactions. <br /> 4. Limiting the number of authorized investment officials. <br /> 5. Documentation of transactions and strategies. <br /> 6. Quarterly investment reporting to the City Manger and City Council. <br /> • <br />
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