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Investment Policy Page -5- VII. MATURITY OF INVESTMENTS With the exception of Treasury Notes, and Agencies the maturity of a given investment will not exceed one year. Treasury Notes and Agencies may be purchased for a period not to exceed three years. Approximately 50% of the idle funds will be placed in investments that can be sold for face value in the open market in the event of an emergency. Not more than 50% shall be invested for more than one year and not more than 25% of the portfolio for more than two years. VIII. USE OF SECURITIES DEALERS AND BROKERS An investment committee consisting of the Finance Director, and staff member of the Finance Department will meet regularly to review the City investment portfolio daily cash reports and anticipated cash requirements in selecting investment instruments for idle City funds. Pursuant to the Redwood City Code Section 2.33.2 and State/aw (section 53646), the City Council will receive a detailed monthly listing of all investments in the City portfolio. This report shall also include: Current Fed Funds rate as of the last day of the month. Any new investments made during the month which indicates interest rate higher by 2% must be explained. Certification signed by the Treasurer and assistant Treasurer stating .... "These are all the securities in which the City funds, including all Trust Funds and Oversight Agencies; are invested (excluding approved deferred compensation plans) and that all these investments are in compliance with the City policy"; Certification signed by the Treasurer and Assistant Treasurer that enough liquid resources (including maturities) are ava#able to meet the net two months cash f/ow: Listing of all brokers and total business transacted during the month.