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establish a system of control. Each transaction will be approved by one of the <br /> following officials within 48 hours: <br /> 1) City Administrator <br /> 2) Mayor <br /> 3) Chair of the Financial Planning and Analysis Committee <br /> 4) Council Liaison of the Financial Planning and Analysis Committee <br /> 3. Investment Objectives <br /> The City will invest idle fun <br /> ds based on the follow*obje tie ,. <br /> t —The primaryob•ectiv the.pr r �tioi o c t an # e <br /> A. Safety J <br /> safeguarding of public funds by i litigating credit and in erest ta010k. <br /> a. Credit Risk—The City wil tins, e' r'edit risk,which is the risk <br /> of loss due to the failure oIthe security issuer or backer. <br /> • <br /> b. Interest Rate Risk- ' t. ;will minimize t rest rate risk, <br /> 4" <br /> which is the risk,R at:•i•Ottetualue of sec ities in the portfolio <br /> will fall due to;c ;ges inJgi0*kif1itinterest rates. <br /> B. Term—Investments v4titiO,schaitted to<eo er all expenditures. <br /> Investments will<not be*ngefiiiiiin one year for cash flow and all excess <br /> funds may be i es ted for lone than:o year. <br /> C.• <br /> in <br /> • to meet all op <br /> erating <br /> i uidit :� `<'�+artfolio shall rs '�Iquid p g <br /> requireniefogiNpOgy be reasonably anticipated. This is accomplished by <br /> structuring th : o folto so that securities mature concurrent with cash <br /> needs;to meet antic pata demands. Furthermore, since all possible cash <br /> ands cannot be anti vat . the portfolio should consist of securities <br /> with:actlyg secondary or T.0 a markets. Alternatively, a portion of the <br /> portfolio mar be placed in money market mutual funds or government <br /> investment pools :Which offer same-day liquidity for short-term funds. <br /> : : , Yield—The in*estinent portfolio shall be designed with the objective of <br /> ttaimng a maet rate of return throughout budgetary and economic <br /> cycles, taking into account the investment risk constraints and liquidity <br /> '''Wffeekliil'iiiMiObenchmark to be used will be the 4M Plus Fund annual rate of <br /> r t ::R turn on investment is of secondary importance compared to the <br /> safetad liquidity objectives. The core of investments are limited to <br /> relatively low risk securities in anticipation of earning a fair return relative <br /> to the risk being assumed. Securities shall generally be held until <br /> maturity. <br /> 4. Pooling of Funds <br /> 2 <br />