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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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10.0 Safekeeping and Custody. <br /> All security transactions, including collateral for <br /> repurchase agreements, entered into by the City shall be conducted on a <br /> delivery versus payment basis. Securities are to be held by a third-party • <br /> custodian designated by City officials. In some cases, the third-party <br /> custodian may be the parent bank of a local lead depository used by the City. <br /> 11.0 Employee Bonding. <br /> City employees are bonded in order to protect the taxpayers against <br /> embezzlement or misconduct. <br /> 12.0 Diversification. <br /> It is the policy of the City to diversify its investment portfolio. The investment <br /> portfolio shall be diversified to eliminate the risk of loss resulting from over <br /> concentration of assets in a specific maturity, a specific issuer or a specific <br /> class of securities. Diversification strategies shall be determined and revised <br /> periodically by the investment committee. <br /> 13.0 Maturities. <br /> To the extent possible, the City will attempt to match investments with <br /> anticipated cash requirements. Investment maturities shall be set to follow <br /> the guidelines outlined in the City's investment procedures titled, "Investment <br /> Maturities" and "Investment of Bond Proceeds." <br /> 14.0 Internal Control. <br /> • <br /> The Finance Director will be responsible for establishing and documenting a <br /> system of internal controls governing this investment policy. The system of <br /> established internal controls shall be reviewed annually by the City's <br /> independent auditors. Additionally, an investment committee shall be <br /> appointed by the City Council to periodically review investment policies and <br /> procedures. <br /> 15.0 Performance Standards. <br /> The City investment portfolio shall be designed to obtain a market-average <br /> rate of return. <br /> 16.0 Reporting. <br /> The Finance Director shall provide a monthly report to the City Council which <br /> includes investment activity, a list of assets, interest earnings, location of <br /> investments, yield, etc. <br /> PASSED BY THE CITY COUNCIL - RESOLUTION # 95-955 SEPT 18, 1995 <br /> AMENDED BY THE CITY COUNCIL - RESOLUTION # 99-102E JAN 4, 1999 <br /> AMENDED BY THE CITY COUNCIL - RESOLUTION # 99-150B JAN 19, 1999 <br /> AMENDED BY THE CITY COUNCIL - RESOLUTION # 03-157 JAN 21, 2003 <br /> • <br /> 5 <br />
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