Laserfiche WebLink
receipt) must be supplied to the City and retained. The right of collateral <br /> substitution is granted. <br /> 10.0 Safekeeping and Custody. All security transactions, including collateral <br /> for repurchase agreements, entered into by the City shall be conducted on <br /> a delivery-versus-payment (DVP) basis. Securities will be held by a third <br /> party custodian designated by the City's Investment Committee and <br /> evidenced by safekeeping receipts. <br /> 11.0 Performance Standards. The investment portfolio will be designed to <br /> obtain a market average rate of return during budgetary and economic <br /> cycles, taking into account the City's investment risk constraints and cash <br /> flow needs. <br /> 11.1 Investment Strategy. The City's investment strategy is active. As <br /> a result, securities are purchased and sold as the Investment <br /> Committee deems necessary to meet the City's needs. <br /> 11.2 Market Yield Benchmarks. The City Investment Committee will <br /> use established benchmarks to determine whether market yields <br /> are being achieved and the effectiveness of its investment strategy. <br /> These benchmarks shall be the current average U.S. Treasury <br /> Note rate that corresponds to the average life of the investments in <br /> the portfolio, the Washington State Local Government Investment <br /> Pool earnings rate, and other relevant measurement tools. <br /> 12.0 Reporting. The Investment Officer is charged with the responsibility of <br /> including a market report on investment activity and returns in the City's <br /> Comprehensive Annual Financial Report. This report shall contain such <br /> information as the Investment Officer deems appropriate, provided that <br /> the Finance Director-Treasurer and the Budget Committee shall have the <br /> right to request that specific information be provided in the report. The <br /> Finance Director-Treasurer will determine what investment information <br /> shall be included in the monthly financial report. <br /> 13.0 Investment Policy Adoption. The City's Investment Policy shall be <br /> adopted by Ordinance by the Everett City Council. The City Investment <br /> Committee shall review the policy on an annual basis, with any <br /> modifications made thereto approved by the Everett City Council prior to <br /> implementation. <br /> 03/20/01 <br /> 9:07 AM 6 <br />