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City of Roseville — 2014 Budget <br />The procedures shall consist of yield curve analysis and implemented with the appropriate purchase of <br />the above investments. <br />Maturity scheduling shall be within those investments and in a manner that will maximize yield and <br />liquidity and minimize interest rate risk. <br />Competitive Selection of Investment Instruments <br />Before the City invests any surplus funds, a competitive "bid" process shall be conducted. If a specific <br />maturity date is required, either for cash flow purposes or for conformance to maturity guidelines, bids <br />will be requested for instruments that meet the maturity requirement. If no specific maturity is required, <br />a market trend (yield curve) analysis will be conducted to determine which maturities would be most <br />advantageous. Bids will be requested from financial institutions for various options with regards to term <br />and instrument. The City will accept the bid that provides the highest rate of return within the maturity <br />required and within the parameters of these procedures. <br />Bids for purchases through the treasury auctions are not required. <br />Records will be kept of the bids offered, the bids accepted and a brief explanation of the decision that <br />was made regarding the investment. <br />N Pttl Pm Pnt <br />All settlements of investments shall be on a "Delivery vs. Payment" (DVP) basis. Physical delivery <br />shall be avoided if at all possible, with book -entry being the preferred method of safekeeping. <br />Safekeeping and Collateralization <br />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 />123 <br />