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CITY OF EVERETT <br /> GENERAL INVESTMENT POLICY 1 <br /> Adopted by the Everett City Council <br /> As of 2001 <br /> 1.0 Policy. It is the City of Everett's policy to invest its funds in a manner <br /> which will provide the highest investment return consistent with a high <br /> degree of security, while meeting daily cash flow demands and <br /> conforming to all state statutes and local ordinances governing the <br /> investment of public funds. Cash may, at the discretion of the City <br /> Investment Committee, be invested separately by fund or be commingled <br /> into a common investment portfolio. If a common portfolio is used, <br /> earnings will be distributed at least quarterly. The City Investment <br /> Committee is authorized to manage the investments described herein. <br /> 2.0 Scope. This Investment Policy, adopted by the Everett City Council, <br /> supersedes any previous Investment Policy and applies to all financial <br /> assets of the City, except the Police and Fire Pension Funds, which are <br /> covered under separate investment policies. Funds covered under this <br /> policy include: <br /> 2.1 Funds: <br /> 2.1.1 General Fund <br /> 2.1.2 Special Revenue Funds <br /> 2.1.3 Debt Service Funds <br /> 2.1.4 Capital Projects Funds <br /> 2.1.5 Enterprise Funds <br /> 2.1.6 Internal Service Funds <br /> 2.1.7 Fiduciary Funds including Pension Trust Funds, Expendable Trust <br /> Funds and Agency Funds. <br /> 3.0 Prudence. Investments shall be made with judgment and care--under <br /> circumstances then prevailing--not for speculation, but for investment, <br /> considering the probable safety of the City's capital as well as the <br /> probable income to be derived. <br /> 3.1 The standard of care to be exercised by the City Investment <br /> Committee shall be the prudent person standard and shall be <br /> applied in the context of managing an overall portfolio. The City <br /> Investment Committee, acting in accordance with the City's <br /> Investment Policy, and established written procedures and <br /> guidelines for internal controls, shall have no personal liability for <br /> any change in risk, market price, or loss. <br /> 1 - Includes all funds except those specifically provided for in other policies of the City. <br />