AgdaPkt 2003-12-01 - Laserfiche WebLink

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LQ -IbD Invesunw t PdW Page 5 d 6 IX. MATURITY OF INVESTMENTS With the exception of Treasury Notes, Treasury Bonds, Corporate Notes, and Agencies, the maturity of a given investment will not exceed one year. Treasury Notes, Treasury Bonds, Corporate Notes, and Agencies may be purchased for a period not t) exceed three years. Approximately 50% of 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. X. USE OF SECURITIES DEALERS AND BROKERS The City will utilize the services of brokers and security dealers only if the firm is recognized as a primary dealer by the Federal Government. No public deposit shall be made except in a state qualified depository. The City shall work directly with banks when purchasing certificates of deposit and not utilize the services of brokers for this purpose. XI. FINANCE COMMITTEE AUTHORITY AND REPORTS TO COUNCIL An investment committee consisting of the Finance Director and staff members 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. The City Council Finance Committee will meet as needed (at least once a year) to insure that City investments are consistent with the adopted policy and to consider changes in the policy if deemed necessary. Pursuant to the Redwood City Code Section 2.33.2 and state law 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 an interest rate varying from the Fed Funds Rate by 2% or more must be explained.) Certification signed by the Treasurer and Deputy 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 all of these investments are in compliance with the City policy." Certification signed by the Treasurer and Deputy Treasurer that sufficient liquid resources (including maturities) are available to meet the next six months cash flow. Listing of all brokers and total business transacted during the month