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Liquklity: The City's investment portfolio will rcm sufficiently liquid tn <br />enable the City to meet all operating requirements which might be reasonably <br />anticipated. <br /> <br />Roturn on ~v~stmv. m: The City's investment portfolio shall be designed with <br />the objective of anaining a market ram of reunn throughout budgetary and economic <br />cycles, taking into account the City's investment risk constraints and the cash flow <br />characteristics of the portfolio. <br /> <br />~ELEGATION OF AUTHORITY: <br /> <br />Authority to manage the City's investment program is derived from Section 53600 of the <br />Government Code and City ordinance No. 279. Management responsibility for the <br />investment program is delegated by the City Council and City Manager to the Director of <br />Finance. <br /> <br />ETHICS AND CONFLICTS OF INTEREST: <br /> <br />Officers and employees involved in the investment process shall refrain from personal <br />business activity that could conflict with proper execution of the investment program, or <br />which could impair their ability to make impm'fial investment decizions. Employees and <br />investment offieialz who manage the investment of public funds must file an annual <br />statement of economic interests (Form 721) with the Fair Political Practices Commission. <br /> <br />AUTHORIZED FINANCIAL DEAI~FRS AND INSTITUTIONS: <br /> <br />The Director of Finance will maintain a list of financial institutions authorized to provide <br />investment services. In addition, a list will also be maintained of approved security <br />broker/dealers select~ by credit worthiness, who maintain an of~°e in the State of <br />California. These may include "primary" dealers or regional dealers that qnalify under <br />Security & Exchange Commission Rule 15C3-1 (unif~,~u not capital rule). All broker <br />investment transactions require the approval of authorized City staff. No public deposit <br />shall be made except in a qualified public depository as established by state laws. <br /> <br />All financial institutions and broker/dealers who desire to become qnslified bidders for <br />investment transactions must supply the Director of Finance with the following: audited_` <br />finan~ statcn~nts, completed broker/dealer questionnaire, certification of having read the <br /> <br />City's investment policy. <br /> <br />AUTHORIZED AND SUITABLE INVESTMENTS: <br /> <br />The-City's investment portfolio may include the following insw,ments: <br /> <br />a. Fully-insured or collateriz~ certificates of deposits (C/D's) of commercial banks <br /> and savings and loan associations. <br /> <br />b. Negotiable C/D's issued by the top 25 banks or top 15 regional banks. <br /> <br />c. Bankers' Acceptances <br /> <br />d. U.S. Treasury Obligations .(Bills, Notes, Bonds) <br /> <br /> <br />