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r <br />STATEMENT OF INVESTMENT POLICY <br />PURPOSE <br />F -1 <br />To set forth the City's policy concerning the investment of temporarily idle funds. It is <br />the policy of the City to invest funds not required for immediate expenditures. <br />Investments will be in compliance with governing provisions of law and the policy <br />contained herein. Primary investment goals are security of principal, adequate liquidity <br />maintenance, and yield, in that order. Investments shall be placed only in securities as <br />outlined below. The balance between various investment instruments may change in <br />order to provide the City with the best combination of yield, liquidity, and a <br />consideration for other factors, such as placement of an appropriate percentage of <br />available investment funds locally. It shall be the main responsibility of the City <br />Council, in adopting this policy and reviewing the investment holdings on a monthly <br />basis, to preserve the investment principal. <br />INVESTMENT AUTHORITY <br />Under the direction of the City Manager, the investment authority has been delegated <br />to the Director of Administrative Services, who is responsible for administration of the <br />City's investment program, and who shall thereafter provide a monthly report <br />regarding the status and changes in the City's investment portfolio to the City Council. <br />This authority shall be renewed annually as part of the review and update of this <br />Policy. In addition to the monthly investment report that is submitted to the City <br />Council, the Administrative Services Director shall provide more detailed investment <br />information to the City Council as requested. The City Council shall be briefed directly <br />by the City's investment advisors on a quarterly basis whenever possible. <br />Sections 53600 -53601 of the California Government Code provide basic investment <br />limits and guidelines for government entities. In the event an apparent discrepancy is <br />found between this policy and Sections 53600- 53601, the more restrictive parameters <br />will take precedence. <br />FINANCIAL INSTITUTIONS <br />The City shall not deposit funds with any financial institution not receiving a minimum <br />overall satisfactory rating for meeting the credit needs of California Communities in its <br />most recent evaluation ( §53635.2). <br />1