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-3- <br /> G. Local Investments <br /> One hundred (100) percent of the total investment portfolio <br /> shall be invested in certificates of deposit or other <br /> instruments through banks or other financial institutions. <br /> These investments may be scheduled maturities, or they may <br /> be part of the investment strategy of securing maximum <br /> interest rates for part of the investment portfolio. <br /> H. Maximum Interest Earnings <br /> After the liquidity needs, and scheduled maturity needs are <br /> satisfied, the balance of these funds available for <br /> investment are placed with institutions that offer the <br /> highest rate of return consistent with the maturities as <br /> determined by the City. Quotations are taken by telephone <br /> for all investments, whether they are short or long term. <br /> These investments must be in authorized investments. <br />