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4 <br /> <br /> <br /> <br />VI. Investment Parameters <br /> <br /> 1. Diversification The investments shall be diversified by: <br /> <br /> * limiting investments to avoid over concentration in securities from a <br /> specific issuer or business sector (excluding U.S. Treasury securities), <br /> * limiting investment in securities that have higher credit risks, <br /> <br />VII. Reporting <br /> <br /> 1. Methods The investment officer shall prepare an investment report monthly that is <br />given to the City Administrator. Annually, investments are audited for legality and generally <br />accepted accounting practices by an independent auditor. <br /> <br /> 2. Performance Standards The investment portfolio will be managed in accordance <br />with the parameters specified within this policy. The portfolio should obtain a market average <br />rate of return during a market/economic environment of stable interest rates. <br /> <br />VIII. Policy Considerations <br /> <br /> 1. Exemption Any investment currently held that does not meet the guidelines of this <br />policy shall be exempted from the requirements of this policy. At maturity or liquidation, such <br />monies shall be reinvested only as provided by this policy. <br /> <br /> 2. Amendments This policy shall be reviewed on a regular basis. Any changes must be <br />approved by the investment officer and any other appropriate authority,. as well as the <br />individual(s) charged with maintaining internal controls. <br /> <br />IX. List of Attachments <br /> <br />The following documents, as applicable, are attached to this policy: <br /> <br /> * Relevant investment statutes and ordinances. <br /> * Listing of authorized broker/dealers and financial institutions. <br /> * Resolution adopting current policy. <br /> <br /> <br /> <br />Adopted per Resolution 29-91 dated March 25, 1991. <br />Amended per Resolution 97-149 dated October 13, 1997. <br />Amended per Resolution 98-178 dated December 21, 1998.