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EXHIBIT A <br />open market prior to maturity. The City will limit investments to a maximum maturity of <br />five years (unless otherwise authorized by City Council). <br />Foreign currency risk results from investment in foreign currency-denominated <br />securities. The City will not invest in foreign currency investments. <br />DELEGATION OF AUTHORITY <br />Authority to manage the City's investment program is derived from Section 53600 et <br />seq. of the Government Code and City Ordinance No. 279. Management responsibility <br />for the investment program is delegated by the City Council and City Manager to the <br />Director of Finance. <br />ETHICS AND CONFLICTS OF INTEREST <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 impartial investment decisions. Employees and <br />investment officials who manage the investment of public funds must file an annual <br />statement of economic interests (Form 721) with the Fair Political Practices <br />Commission. <br />AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS <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 selected by credit worthiness, who maintain an office in the State of <br />California. These may include "primary" dealers or regional dealers that qualify under <br />Security & Exchange Commission Rule 15C3-1 (uniform net 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 />All financial institutions and broker/dealers who desire to become qualified bidders for <br />investment transactions must supply the Director of Finance with the following: audited <br />financial statements, completed broker/dealer questionnaire, and certification of having <br />read the City's investment policy. <br />AUTHORIZED AND SUITABLE INVESTMENTS <br />The City's investment portfolio may include the following instruments: <br />a. Fully-insured or collateralized certificates of deposits (C/D's) of banks and <br />savings and loan associations. <br />b. Negotiable C/D's issued by the top 25 banks or top 15 regional banks. <br />3 <br />