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" L_ _ <br />Investment Policy <br />Page -2- <br /> <br />II. DEFINITION AND PROVISIONS OF THE GOVERNMENT CODE <br /> <br /> Pursuant to the provisions of the Redwood City Charter Section 34, and Redwood City <br /> Code Section 2.33.1, the Director of Finance has been delegated investment authority <br /> by the City Council. In accordance with these Charter and Code sections, collateral <br /> established as security for municipal funds will be those securities specified by law as <br /> eligible for deposits of local public agencies. Investments of City monies not required <br /> for immediate expenditure will be made in securities or other certificates of <br /> indebtedness as provided by law for the investment of public funds. Investments will be <br /> made in 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 immediately <br /> available investments, such as the State Treasurer's Loca/ Agency Investment Fund or <br /> a similar liquid instrument. This may include commercial paper acquired through the <br /> City's bank. Weekly analysis of cash flow will serve as a basis for determining the <br /> maturity date of investments. <br /> <br /> The Treasurer and Assistant Treasurer shall certify each month that enough liquid <br /> resources (including maturities) are available to meet the next two months cash flow <br /> requirements. <br /> <br />IV. ACCEPTABLE INVESTMENT INSTRUMENTS <br /> <br /> The City investment portfolio may include the following instruments: <br /> <br /> · Certificates of Deposit purchased from banks or savings and loan institutions. <br /> · Bankers Acceptances <br /> · Treasury Bills and Notes <br /> · Government Agency Securities (e.g. Federal National Mortgage Association, <br /> Government National Mortgage Association, Federal farm Credits.) <br /> · Commercial Paper <br /> · State Local Agency Investment Fund (LAIF) <br /> <br /> · Passbook Savings Account <br /> · Money Market Certificates <br /> <br /> <br />