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12. 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 /> <br />13. 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 <br /> 5 years from the date of purchase if they are authorized by the City Council. After <br /> Council authorization, no waiting period is required before such an investment is made. <br /> <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 part <br /> of the legal documents. <br /> <br />14. 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 /> <br />15. 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 /> <br />16. REPORTING: <br /> Monthly, the Director of Finance will report to the City Council on the status of the <br /> City's investment portfolio. This report shall include as to the type of investment, the <br /> amount of money invested with various institutions, purchase and maturity dates, and <br /> yield on investments. <br /> <br />17. INVESTMENT POLICY ADOPTION: <br /> The City's investment policy must be submitted annually to Council for adoption. <br /> <br />SR/kh/sy/cf (invest.say) April 4, 1995 <br /> <br /> <br />