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i <br /> 12.0 Maturities <br /> To the extent Possible the Cit will attem.t to match its investments with antici.ated <br /> cash flow re.uirements. Maturities of investments will be selected based on the Cit 's <br /> li.uidit re.uirements and market conditions to minimize interest rate risk and <br /> maximize earnin.s. Funds in excess of li.uidit re.uirements ma be invested in <br /> maturities of u. to ten ears. However to .rovide for onpoin. market <br /> ofive i ears te <br /> wei.hted avera.e effective duration of the overall .ortfolio shallexceed <br /> without .dor a..roval of the Investment Committee. <br /> Li 3,0 Internal Controls <br /> The Treasurer is res.onsible for establis are °tett d from loss n. and maintainin. an internal <br /> theft ortmisuse <br /> structure desi.ned to ensure that the assets <br /> which will be sub'ect to annual review b the state auditor. The internal controls shall <br /> address the following . <br /> • Control of collusion <br /> ® Se.aration,oftransaction authorit from accounting and recordkee.in! <br /> • Custodial Safekeeping <br /> ■ Avoidance of .h sical delive securities <br /> • Clear delegation of authori to subordinate staff members <br /> • Written confirmation of transactions for investments and wire transfers <br /> 14.0 Perfiormance Standards. The investment portfolio <br /> cyelese�taking�nto abcount themarket <br /> C ty's <br /> average rate of return during budget ry and economic <br /> investment risk constraints and cash flow needs. The Investment Committee will use <br /> established benchmarks to determine whether market ields are being achieved and <br /> the effectiveness of its investment strate. . These benchmarks rase life l be <br /> othe icurrent is <br /> average U.S.Treasu Note rate that corres.onds to the <br /> avin the Portfolio the Washington State Local Government Investment Pool earnings rate <br /> and other relevant measurement tools. <br /> • <br />