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�• �� � <br /> I. MONEY MARKET FUNDS: <br /> Not more than 10% of the portfolio may be invested in money market funds. <br /> Funds must comp/y with the investment restrictions of the Califomia Govemment <br /> Code Section 53630 et seq., and be issued by divers�ed management <br /> companies or mutua/ funds. They shall be rated in the highest rating category of <br /> at /easf two of the thr�ee nationally necognized rafing services (e.g., Moody's P-1 <br /> or S&P AAAm), and must have in excess of $500,000,000 in assets under <br /> management. <br /> J. CORPORATE NOTES <br /> Not more than 30% of the portfolio may be invested in Corporate Notes. Corporate <br /> Notes must be rated "A" or better by Moody's or Standard and Poor's �ating services at <br /> the time of purchase. No more than $5 million may be invested in any single issuer. <br /> IX. MATURITY OF INVESTMENTS <br /> �th the exception of Treasury Notes, Treasury Bonds, Corporate Notes, and Agencies, � <br /> , the maturity of a given investment will nof exceed one year. Treasury Notes, Ti�easury <br /> Bonds, Corporate Notes, and Agencies may be pur�chased for a period not to exceed � <br /> three years. � <br /> Approximately 50% of idle funds will be placed in investments that can be sold for face <br /> value in the open market in the event of an emergency. <br /> Not more than 50% shall be invested for more than one year and not more than 25% of <br /> the portfolio for more than two years. <br /> X. USE OF SECURITIES DEALERS AND BROKERS <br /> The City will utilize fhe services of brokers and security dealers only if the firm is <br /> recognized as a primary dealer by the Federal Govemment. No public deposit <br /> shall be made except in a state qualified depository. <br /> The City shall work directly with banks when <br /> purchasing certificates of deposit and not utilize the services of brokers for this <br /> purpose. <br /> XI. FINANCE COMMITTEE AUTHORITY AND REPORTS TO COUNCIL <br /> An investment committee consisting of the Finance Director and staff inember of the <br /> Finance Department will meef regularly to review the City investment portfolio daily cash <br /> reports and anticipated cash requirements in selecting investment instruments for id/e <br /> City funds. <br /> Investment Policy <br /> Page 5 <br />