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EXHIBIT A <br /> open market prior to maturity. The City will limit investments to a maximum maturity of <br /> five years (unless otherwise authorized by City Council). <br /> Foreign currency risk results from investment in foreign currency- denominated <br /> securities. The City will not invest in foreign currency investments. <br /> DELEGATION OF AUTHORITY <br /> Authority to manage the City's investment program is derived from Section 53600 et <br /> seq. of the Government Code and Chapter 2.16 of the Pleasanton Municipal Code. <br /> Management responsibility for the investment program is delegated by the City Council <br /> and City Manager to the Director of Finance. <br /> ETHICS AND CONFLICTS OF INTEREST <br /> Officers and employees involved in the investment process shall refrain from personal <br /> business activity that could conflict with proper execution of the investment program, or <br /> which could impair their ability to make impartial investment decisions. Employees and <br /> investment officials who manage the investment of public funds must file an annual <br /> Statement of Economic Interests with the Fair Political Practices Commission. <br /> AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS <br /> The Director of Finance will maintain a list of financial institutions authorized to provide <br /> investment services. In addition, a list will also be maintained of approved security <br /> broker /dealers selected by credit worthiness, who maintain an office in the State of <br /> California. These may include "primary" dealers or regional dealers that qualify under <br /> Security Exchange Commission Rule 15C3 -1 (uniform net capital rule). All broker <br /> investment transactions require the approval of authorized City staff. No public deposit <br /> shall be made except in a qualified public depository as established by state laws. <br /> All financial institutions and broker /dealers who desire to become qualified bidders for <br /> investment transactions must supply the Director of Finance with the following: audited <br /> financial statements, completed broker /dealer questionnaire, and certification of having <br /> read the City's investment policy. <br /> AUTHORIZED AND SUITABLE INVESTMENTS <br /> The City's investment portfolio may include the following instruments: <br /> a. Fully- insured or collateralized certificates of deposits (C /D's) of banks and <br /> savings and loan associations. <br /> b. Negotiable C /D's issued by the top 25 banks or top 15 regional banks. <br /> 3 <br />