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<br />e <br /> <br />e <br /> <br />must be considered within the context of the overall portfolio's investment return, provided that <br />adequate diversification has been implemented. <br /> <br />YIELD (Optimization of Interest Earnings) The City's cash management portfolio shall be <br />designed with the objective of regularly meeting or exceeding the average rate of return on U.S. <br />Treasury Bills at a maturity level comparable to the City's weighted average maturity in days. <br />The investment program shall seek to augment returns above this threshold consistent with risk <br />limitations identified herein and prudent investment principles. <br /> <br />V. OVERSIGHT RESPONSmILITY <br /> <br />Oversight Responsibility for the investment activity of the City of La Porte shall rest with the <br />Fiscal Affairs Committee and the City Manager. <br /> <br />VI. RESPONSIBILITY AND CONTROL <br /> <br />DELEGATION Management responsibility for the investment program is hereby delegated to <br />the Director of Finance, who shall establish written procedures for the operation of the investment <br />program, consistent with this investment policy. Such procedures shall include explicit delegation <br />of authority to persons responsible for investment transactions. <br /> <br />SUBORDINATES All persons involved in investment activities will be referred to as <br />"Investment Officers." No person shall engage in an investment transaction except as provided <br />under the terms of this policy and the procedures established by the Director of Finance. The <br />Director of Finance shall be responsible for all transactions undertaken, and shall establish a <br />system of controls to regulate the activities of Subordinate Investment Officers. <br /> <br />OUARTERL Y REPORTS The Director of Finance shall submit quarterly an investment report <br />that summarizes recent market conditions, economic developments and anticipated investment <br />conditions. The report shall summarize the investment strategies employed in the most recent <br />quarter and describe the portfolio in terms of investment securities, maturities, risk <br />characteristics, book values, market values and other features. The report shall explain the <br />quarter's total investment return and compare the return to budgetary expectations. The report <br />shall include an appendix that discloses all transactions during the quarter. <br /> <br />ANNUAL REPORTS Within 90 days of the end ofthe fiscal year, the Director of Finance shall <br />present a comprehensive annual report on the investment program and investment activity. The <br />annual report shall include twelve-month and quarterly comparison of returns, and shall suggest <br />improvements that might be made in the investment program. <br /> <br />PRUDENCE Investments shall be made with the exercise of due care, which persons of <br />prudence, discretion and intelligence exercise in the management of their own affairs, not for <br />speculation but for investment considering the probable safety of their own capital as well as the <br />probable income to be derived. Investment Officers acting in accordance with written procedures <br />and this investment policy and exercising due diligence shall be relieved of personal <br />responsibility for an individual security's credit risk or market price changes, provided deviations <br />from expectations are reported in a timely fashion and the liquidity and the sale of securities are <br />carried out in accordance with the terms of this policy. <br /> <br />IMDEMNIFICA TION The Investment Officer, acting in accordance with written procedures <br />and exercising due diligence, shall not be held personally responsible for a specific investment's <br /> <br />3 <br />