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48 <br />INVESTMENT OF CITY FUNDS <br />Revenues collected by the City will be held and invested by the City in accordance with <br />the provisions of the Indenture. <br />Funds held by the City, including Enterprise moneys, are invested in accordance with the <br />City’s Statement of Investment Policy (the “Investment Policy”) prepared by the City Treasurer <br />as authorized by section 53601 of the Government Code of California. The Investment Policy is <br />submitted to the City Council annually. The Investment Policy allows for the purchase of a variety <br />of securities and provides for limitations as to exposure, maturity and rating which vary with each <br />security type. The City recently hired an external investment advisor to benefit from the expertise <br />of professionals in the investment field. The composition of the portfolio will change over time as <br />old investments mature, or are sold, and as new investments are made under the management <br />of the investment advisor. Invested funds are managed to ensure preservation of capital through <br />high quality investments, maintenance of liquidity and then yield. Further, operating funds may <br />not be invested in any investment with a maturity greater than five years. The City does not invest <br />in derivatives or reverse repurchase agreements and such investments and instruments are not <br />allowed by City policy. <br />For more information about the City’s investment policy, see APPENDIX C – CITY <br />INVESTMENT POLICY. <br />8.A. - Page 62 of 255 <br />690