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The City may authorize trustees to invest debt service reserve funds in securities of the <br />U.S. Government or it's agencies which exceed five years. <br /> <br />14. INTERNAL CONTROL: <br /> <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 /> <br />Thc investment portfolio will be designed to obtain a market average rate of return. Safety <br />and liquidity, however, will continue to be the predominant emphasis. <br /> <br />16. <br /> <br />Monthly, the Director of Finance will report to the City Council on the status of the City's <br />investment portfolio. This report shall include informurion as to the ~ of investment, the <br />amount of money invested with various institutions, purchase and maturity dates, and yield <br />on investments. <br /> <br />17. INVESTMENT POLICY ADOPTION: <br /> <br />The City's investment policy must be submitted annually to Council for adoption. <br /> <br />~(~osie.kh) <br /> <br /> <br />