Laserfiche WebLink
<br />capital needs of the City which can be reasonably <br />anticipated from his/her experience of the City <br />operations and adopted budget. He/shall shall also <br />review the various construction and other contracts <br />the City has entered into, to anticipate the cash <br />needs. <br /> <br />Return on investment: Within the safety and <br />liquidity constraints, investment portfolio shall be <br />designed to attain the market rate of return. <br /> <br />II. DEFINITION AND PROVISIONS OF THE GOVERNMENT CODE <br /> <br />Pursuant to the provisions of Redwood City Charter Section 34, <br />and Redwood City Code Section 2.33.1, the Director of Finance has <br />been delegated investment authority by the City Council. In <br />accordance with these Charter and Code sections, collateral <br />established as security for municipal funds will be those <br />securities specified by law as eligible for collateral for <br />deposits of local public agencies. Investments of City monies <br />not required for immediate expenditure will be made in securities <br />or other certificates of indebtedness as provided by law for the <br />investment of public funds. Investments will be made in <br />accordance with this policy. <br /> <br />III. CASH FLOW AND AVAILABILITY <br /> <br />An average amount of two months cash flow is to be maintained in <br />immediately available investments, such as the State Treasurer's <br />Local Agency Investment Fund or a similar liquid instrument. This <br />may include commercial paper acquired through the City's <br />bank. Weekly analysis of cash flow will serve as a basis for <br />determining the maturity date of investments. <br /> <br />The Treasurer and Assistant Treasurer shall certify each month that <br />enough liquid resources (including maturities) are available to meet <br />the next two months cash flow requirements. <br /> <br />IV. ACCEPTABLE INVESTMENT INSTRUMENTS <br /> <br />The City investment portfolio may include the following <br />instruments: <br /> <br />Certificates of Deposit purchased from banks or savings and <br />loan institutions. <br />Bankers Acceptances <br />Treasury Bills and Notes <br />Government Agency Securities (e.g. Federal National Mortgage <br />Association, Government National Mortgage Association, <br /> <br />Page 2 of 6 <br /> <br />11401 <br />