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6.1 B <br />Page 6 <br />investment Policy <br />May ~~t~8-2010 Page 5 of 6 <br />They shall be rated in the highest rating category of at least two of the three nationally <br />recognized rating services (e.g., Moody's P-1 or S&P AAAm}, and must have in excess <br />of $504,000,440 in assets under 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 rating 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 />With the exception of Treasury Notes, Treasury Bonds, Corporate Notes, and Agencies, the <br />maturity of a given investment will not exceed one year. Treasury Notes, Treasury Bonds, <br />Corporate Notes, and Agencies may be purchased for a period not to exceed three years. <br />Approximately 50% of idle funds will be placed in investments that can be sold for face value in <br />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 the <br />portfolio for more than two years. <br />X. USE OF SECURITIES DEALERS AND BROKERS <br />The City will utilize the services of brokers and security dealers only if the firm is recognized as <br />a primary dealer by the Federal Government. No public deposit shall be made except in a <br />state qualified depository. <br />The City shall work directly with banks when purchasing certificates of deposit and not utilize <br />the services of brokers for this purpose. <br />Xl. FINANCE COMMITTEE AUTHORITY AND REPORTS TO COUNCIL <br />An investment committee consisting of the Finance Director and staff members of the Finance <br />Department will meet regularly to review the City investment portfolio daily cash reports and <br />anticipated cash requirements in selecting investment instruments for idle City funds. <br />The City Council Finance Committee will meet as needed (at least once a year) to insure that <br />City investments are consistent with the adopted policy and to consider changes in the policy if <br />deemed necessary. <br />Pursuant to the Redwood City Code Section 2.33.2 Council will receive a detailed monthly <br />listing of all investments in the City portfolio. This report shall also include: <br />