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<br />. <br /> <br />. <br /> <br />. <br /> <br />. Loca] government investment pools either state-administered or developed through joint powers <br />statutes and other inlergovel1llllental agreement legislation. <br /> <br />Investment in derivatives ofthe above instruments shall not be allowed. <br /> <br />2. Collalerali::aliol/ <br />Where allowed by state law and in accordance with the GfOA Recommended Practices on the <br />Collateralization of Public Dcposits, full collatcralization will be required on all demand deposit <br />accounts. including checking accounts and non-ncgotiable eCltificates of deposit. (See CiFO^ <br />Recolllmended Practiccs.) <br /> <br />VIII. Investment Parameters <br /> <br />I. Dil'el'sfficafioll <br />The investments shall be diversified by: <br />. limiting investments to avoid overconeentration in securitics from a specific issuer or business <br />sector (excluding U.S. Treasul)' securitics), <br />. limiting investment in securities that have higher crcdit risks, <br />. investing in securities with varying maturities, and <br />. continuously investing a pOltion at least 10 percent of the portfolio in readily available funds <br />such as local government investment pools (LGlPs). money market funds to ensure that <br />appropriate liquidity is maintained in order to meet ongoing obligations. (Scc the CiFOA <br />Recommcnded Practice on "Diversification of Invcstments in a P0I1fiJlio".) <br />. never investing more than 20 percent of the portfolio in securities with final maturities <br />greater than five years <br /> <br />'1 Afaxill1l1l11 !\1aflll'ifies <br />To the extent possible. the City shall attempt to match its investments with anticipated cash flow <br />requirements. Unless matched to a specific cash flow, thc City will not directly invest in <br />securities maturing morc than ten (10) years from the date of purchase or in accordanec with <br />state and local statutes and ordinances. The City shall adopt weightcd average maturity <br />limitations (which often range from 90 days to 3 years), eonsistcnt with the investment <br />objectives. <br /> <br />Because of inherent difficulties in accurately forecasting cash flow requirements, a p011ion of the <br />portfolio should be continuously invested in readily availab]e funds such as loca] government <br />investment pools or money market funds to ensure that appropriate liquidity is maintained to <br />meet ongoing obligations. <br /> <br />3. COlllpclilire Bill.\' <br />The Treasurer inve~;tmcnt oUicer shall obtain competitive bids from at least two brokers or <br />financial institutions on all purchases of investment instruments purchased on the secondary <br />market. <br /> <br />IX. Reporting <br />