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accomplished by structuring the portfolio so that securities mature or funds can be <br /> readily accessed concurrent with cash needs to meet anticipated demands. <br /> Furthermore, since all possible cash demands cannot be anticipated, the portfolio <br /> should consist largely of securities with active secondary or resale markets. <br /> 4.3 Return on Investment: The investment portfolio shall be designed with the <br /> objective of attaining a market rate of return throughout budgetary and economic <br /> cycles, taking into account the City's investment risk constraints and liquidity needs. <br /> Return on investments is of secondary importance compared to the safety and <br /> liquidity objectives described above. The core of investments is limited to relatively <br /> low risk securities in anticipation of earning a fair rate of return relative to the risk <br /> being assumed. <br /> Securities shall generally be held until maturity unless: <br /> • a security exchange would improve the quality,yield, or target duration of <br /> the portfolio; <br /> • a security with declining credit may be sold prior to maturity to minimize the <br /> loss of principal; or <br /> • liquidity needs of the portfolio require that the security be sold early. <br /> 5.0 Delegation of Authority <br /> 5.1 Investment Committee: The Investment Committee will be responsible for <br /> providing oversight to ensure that compliance is maintained with this policy and <br /> established internal controls, and for determining the overall strategy for the <br /> investment program. <br /> 5.1.1 The Investment Committee shall be composed of three members: the Chief <br /> Financial Officer, the Treasurer, and one other senior member of the Finance <br /> Department as determined by the Chief Financial Officer. <br /> 5.1.2 The Investment Committee shall meet quarterly or as needed as determined <br /> by the Committee. <br /> 5.2 Daily Management: Authority for day-to-day management of the City's investment <br /> program is hereby delegated to the Treasurer,who shall be responsible for all <br /> transactions undertaken and shall establish a system of controls to regulate the <br /> activities of subordinate staff, and their procedures in the absence of the Treasurer. <br /> 5.2.1 Investment procedures for the operation of the investment program shall be <br /> consistent with this policy. Such procedures shall include explicit delegation <br /> of authority to persons responsible for investment transactions. No person <br /> may engage in an investment transaction except as provided under the terms <br /> of this policy and the procedures established by the Treasurer. <br /> 6.0 Ethics and Conflicts of Interest <br /> The Investment Committee members shall refrain from personal or business activity that <br /> could conflict with the proper execution of the investment program, or that could impair <br /> their ability to make impartial investment decisions. City Investment Committee members <br /> 3 City of Everett Investment Policy(2017) <br /> 17 <br />