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<br />VIII. USE OF SECURITIES DEALERS AND BROKERS <br /> <br />The City will utilize the services of brokers and securities <br />dealers only if the firm is recognized as a primary dealer by <br />the Federal government. <br /> <br />The City will work directly with banks and savings and loan <br />institutions when purchasing certificates of deposit and not <br />utilize the services of brokers for this purpose. <br /> <br />Each monthly report will list all the brokers the City is dealing <br />with and the total total business transacted with each such <br />broker. <br /> <br />IX. INVESTMENT COMMITTEE AUTHORITY AND REPORTS TO CITY COUNCIL <br /> <br />A staff Investment Committee consisting of the Finance Director, <br />Assistant Finance Director and Administrative Secretary meet <br />weekly to review the City investment portfolio, daily cash <br />reports and anticipated cash requirements in selecting investment <br />instruments for idle City funds. <br /> <br />A City Council Investment Subcommittee will meet quarterly to <br />insure that City investments are consistent with the adopted <br />policy and to consider changes in the policy. <br /> <br />Pursuant to Redwood City Code Section 2.33.2 and state law <br />(Sec. 53646), the City Council will receive a detailed monthly <br />listing of all investments in the City portfolio. This report <br />shall also include: <br /> <br />CURRENT FED FUNDS RATE AS OF THE LAST DAY OF <br />THE MONTH. ANY NEW INVESTMENT MADE DURING <br />THE MONTH WHICH INDICATES INTEREST RATE <br />HIGHER BY 2% MUST BE EXPLAINED; <br /> <br />CERTIFICATION SIGNED BY THE TREASURER AND <br />ASSISTANT TREASURER STATING..IITHESE ARE ALL <br />THE SECURITIES IN WHICH THE CITY FUNDS <br />INCLUDING ALL TRUST FUNDS AND OVERSIGHT <br />AGENCIES' ARE INVESTED (EXCLUDING APPROVED <br />DEFERRED COMPENSATION PLANS) AND THAT ALL <br />THESE INVESTMENTS ARE IN COMPLIANCE WITH THE <br />CITY POLICY"; <br /> <br />Page 5 of 6 <br /> <br />.it i 401 <br />