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214 Settlement <br />215 All settlements of investments shall be on a "Delivery vs. Payment" (DVP) basis. Physical delivery shall be <br />216 avoided if at all possible, with book -entry being the preferred method of safekeeping. <br />217 <br />218 Safekeeping and Collateralization <br />219 All investment securities purchased by the City shall be held in third -party safekeeping by an institution <br />22o designated as primary agent. The primary agent shall issue a safekeeping receipt to the City listing the <br />221 specific instrument, rate, maturity and other pertinent information. <br />222 <br />223 Reporting Requirements <br />224 The investment officer shall generate daily and monthly reports for management purposes. The annual <br />225 investment report shall be completed on a time - weighted basis and shall be included as part of the <br />226 Comprehensive Annual Financial Report to the City Council. The target portfolio shall be the U.S. <br />227 Government Bond Yield Index for the comparable period. <br />228 <br />229 <br />230 <br />Page 6 of 7 <br />