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The City may invest proceeds of bond issuances or Certificates of Participation for a term exceeding five <br />years, provided the City Council authorizes such investments as part of the legal documents. <br /> <br />INTERNAL CONTROL <br /> <br />The Director of Finance shall establish an annual process of independent review by an external auditor. <br />This review will provide internal control by assuring compliance with policies and procedures. <br /> <br />PERFORMANCE STANDARDS <br /> <br />The investment portfolio will be designed to obtain a market average rate of return. Safety and liquidity, <br />however, will continue to be the predominant emphasis. <br /> <br />REPORTING <br /> <br />The Director of Finance will submit a report to the City Council on the status of the City's investment <br />portfolio within thirty days after each month end. This report shall include the types of investments, the <br />amount of money invested with various institutions, purchase and maturity dates, and yield on <br />investments. The Director of Finance will certify that the investment portfolio is in compliance with the <br />investment policy and that it will meet cash flow needs for the next six months. <br /> <br />With the passage of AB 943, reporting to California Debt and Investment Advisory Commission <br />(CDIAC) commenced on January 1, 2001. Cities and Counties are now required to submit copies of <br />their second and fourth quarter calendar year investment portfolio reports and investment policies to <br />CDIAC. The City of Pleasanton will comply with CDIAC oversight agency reporting requirements. <br /> <br />INVESTMENT POLICY ADOPTION <br /> <br />The City's investment policy will be submitted annually to Council for adoption. <br /> <br />Investment Policy.doc <br /> <br /> <br />