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EXHIBIT A <br /> DIVERSIFICATION <br /> The City will diversify its instruments by security type and institution, meeting at least <br /> the minimum requirements as outlined in Government Code Section 53601. <br /> MAXIMUM MATURITIES <br /> To the extent possible, the City will attempt to match its investments with anticipated <br /> cash flow requirements. The City may directly invest in securities maturing more than 5 <br /> years from the date of purchase if they are authorized by the City Council. After Council <br /> authorization, no waiting period is required before such an investment is made. <br /> The City may invest proceeds of bond issuances or Certificates of Participation for a <br /> term exceeding five years, provided the City Council authorizes such investments as <br /> part of the legal documents. <br /> INTERNAL CONTROL <br /> The Director of Finance shall establish an annual process of independent review by an <br /> external auditor. This review will provide internal control by assuring compliance with <br /> policies and procedures. <br /> PERFORMANCE STANDARDS <br /> The investment portfolio will be designed to obtain a market average rate of return. <br /> Safety and liquidity, however, will continue to be the predominant emphasis. <br /> REPORTING <br /> The Director of Finance will submit a report to the City Council on the status of the City's <br /> investment portfolio within sixty days after each month end. This report shall include the <br /> types of investments, the amount of money invested with various institutions, purchase <br /> and maturity dates, and yield on investments. The Director of Finance will certify that <br /> the investment portfolio is in compliance with the investment policy and that it will meet <br /> cash flow needs for the next six months. <br /> INVESTMENT POLICY ADOPTION <br /> The City's investment policy will be submitted annually to Council for adoption. <br /> 5 <br />