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All investment securities purchased by the City shall be held in third -party safekeeping by an institution <br />designated as primary agent. The primary agent shall issue a safekeeping receipt to the City listing the <br />specific instrument, rate, maturity and other pertinent information. <br />REPORTING REQUIREMENTS <br />The investment officer shall generate daily and monthly reports for management purposes. The annual <br />investment report shall be completed on a time - weighted basis and shall be included as part of the <br />Comprehensive Annual Financial Report to the City Council. The target portfolio shall be the U.S. <br />Government Bond Yield Index for the comparable period. <br />II -24 <br />