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For many years, the City has been investing very conservatively. The City does not routinely <br />invest in commercial paper, foreign banker's acceptances, or medium-term corporate securities <br />even though they are allowable investments under our policy. However, there are times such <br />investments are suitable for specific purposes such as bond reserve funds. For example, <br />currently $3.8 million in the Pleasanton 3oint Powers Financing Authority Rcassessment <br />Revenue Refunding Bonds Series 2004 A& B reserve funds are invested in short term <br />commercial paper maturing in September 2005. The bond trustee invests these funds for the City <br />as allowed in the bond indenture. However, consistent with the investment policy, safety and <br />liquidity continue to be the focus of investment decisions. <br /> <br />FISCAL IMPACT <br /> <br />The recommended investment policy continues to emphasize safety and liquidity over yield. <br />Although there are other types of investments the City can legally utilize, which could result in <br />higher investment earnings, the City's investment policy has always placed higher importance <br />on protection of the City's assets. Thus some interest earnings may be foregone for the sake of <br />safety and liquidity. <br /> <br /> Respectfully submitted, <br /> <br /> Susan Rossi Nelson Fialho <br /> Director of Finance City Manager <br /> <br /> SR:05:106 <br /> <br /> <br />