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the time of the investment, no investment shall be made in any security that at the time of the investment has a term remaining to maturity in excess of five years. The City may directly invest in securities maturing more than five years from the date of purchase if they are authorized by the City Council. After Council authorization, no waiting period is required before such an investment is made. The City may invest proceeds of bond issuances or certificates of participation for a term exceeding five years, provided the City Council authorizes such investments as part of the legal documents. INTERNAL CONTROL The Director of Finance shall establish an annual process of independent review by an external auditor to prevent loss of funds arising from fraud, theft, staff errors and irregularities, misrepresentations by third parties. misuse, or imprudent actions by staff. This review will provide internal control by assuring compliance with policies and procedures. PERFORMANCE STANDARDS The investment portfolio will be designed to obtain a market average rate of return. Safety and liquidity, however, will continue to be the predominant emphasis. REPORTING The Director of Finance will submit a monthly report to the City Council on the status of the City's investment portfolio no later than sixty days after the end of each month. This report shall include the types of investments, the amount of money invested with various institutions, purchase and maturity dates, and yield on investments. The Director of Finance will certify that the investment portfolio is in compliance with the investment policy and that it will meet cash flow needs for the next six months. INVESTMENT POLICY ADOPTION The City's investment policy will be submitted annually to Council for adoption. 9