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4.0 Objectives. The primary objectives, in priority order, of the City's <br /> investment activities shall be as follows: <br /> 4.1 Safety. Safety of principal is the foremost objective of the <br /> investment program. City investments shall be undertaken in a <br /> conservative manner that seeks to ensure the preservation of the <br /> portfolio's capital. <br /> 4.2 Liquidity. The City's investment portfolio will remain sufficiently <br /> liquid to enable the City to meet all operating requirements that <br /> might be reasonably anticipated. <br /> 4.3 Return on Investment. The City's investment portfolio shall be <br /> designed with the objective of attaining a market rate of return <br /> throughout budgetary and economic cycles, taking into account the <br /> City's investment risk constraints and the cash flow characteristics <br /> of the portfolio. <br /> 4.4 Social Policy. Investment decisions shall further the City's social <br /> policies established by ordinances or City Council resolutions. <br /> 4.5 Local Institutions. Local institutions may be given preference <br /> when they are, in the judgment of the Finance Director-Treasurer, <br /> competitive with other institutions. <br /> 5.0 Delegation of Authority. The Investment Committee is hereby provided <br /> with the following investment authority: <br /> 5.1 The City Investment Committee's investment actions shall be <br /> governed by this policy. <br /> 5.2 The City Investment Committee shall be composed of a minimum <br /> of three individuals: Finance Director-Treasurer, Investment Officer, <br /> and one member appointed by the Mayor. One additional member <br /> may be appointed by the Finance Director-Treasurer as deemed <br /> appropriate. The Internal Audit Director will serve as an ex-officio <br /> member. A quorum will consist of a simple majority of established <br /> members. <br /> 5.3 Records of Investment Committee meetings and decisions shall be <br /> maintained and available for review. <br /> 5.4 The City Investment Committee shall be responsible for all <br /> transactions undertaken and shall establish a system of controls to <br /> regulate all investment activities. <br /> 5.5 The Finance Director-Treasurer shall establish and maintain <br /> detailed written procedures to implement the Investment Policy. <br /> Procedures will cover: safekeeping, Public Securities Association <br /> 03/20/01 <br /> 9:07 AM 2 <br />