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<br />I 1.0 DIVERSIFICATION <br /> <br />The City of Paris will diversify its investments by security type and institution. With the exception of <br />obligations of the United States or its agencies and authorized pools, no more than 50% of the City of Paris <br />total investment portfolio will be invested in a single financial institution' with the exception of its local <br />depository. <br /> <br />12.0 MAXIMUM MATURITIES <br /> <br />To the extent possible, the City of Paris will attempt to match its investments with anticipated cash flow <br />rcquirements. Unless matched to a specific cash flow, the City of Paris will not directly invest in securities <br />maturing more than 10 years from the date of purchase. However, the City of Paris may collateralize its <br />repUrchase agreements using longer-dated investments not to exceed 15 years to maturity. <br /> <br />Reserve funds may be invested in securities exceeding 10 years if the maturity of such investments are made <br />to coincide as nearly as practicable with the. expected use of the funds. <br /> <br />13.0 INTERNAL CONTROL <br /> <br />The Finance Director shaH establish an annual process of independent review by an external auditor. This <br />review wiH provide internal control by assuring compliance with policies and procedures. . <br /> <br />14.0 PERFORMANCE STANDARDS <br /> <br />The investment portfolio shaH be designed with the objective of obtaining a rate of return throughout <br />budgetary and economic cycles, commensurate with the investment risk constraints and the cash flow needs. <br /> <br />14.1 MARKET YIELD (BENCHMARK): The City of Paris investment strategy is active. Given this <br />strategy, the basis used by the Finance Director to determine whether market yields are being achieved shaH <br />be the six-month U.S. Treasury Bill and the Average F,ed Funds rate. <br /> <br />15.0 REPORTING <br /> <br />; <br /> <br />The Finance Director is charged with the responsibility of including a market report on investment activity <br />and. returns in the. City of Paris' Financial Report. Reports must include all information required by Section <br />2256.023 of the statute. <br /> <br />16.0 The market price of acquired investments shall be monitored by using information found in the Wall <br />Street Journal and/or through Bloomberg Information Services, and/or through a securities dealer's trading <br />de~ . . <br /> <br />.. ".~" <br /> <br />17.0 INVESTMENT POLICY ADOPTION <br /> <br />The City of Paris investment policy shall be adopted by resolution of the City Council. The policy shall be <br />reviewed and re-adopted annually by the City Council and any modifications made thereto must be approved. <br />by the City Council. <br /> <br />. <br /> <br />.' <br /> <br />..-~ <br />