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V.REPORTING <br /> <br /> Investment reports shall be prepared quarterly and be signed and submitted by the Investment <br />Officers, in a timely manner. These reports will be submitted to the City Manager and City Council. <br />This report shall describe in detail the investment position of the City, disclose the market value <br />and book value of each fund group as well as each separate investment, and state the maturity <br />date of each security and accrued interest for the reporting period. The report shall include all <br />information as required by Section 2256.023 of the Act. It must also express compliance of the <br />portfolio to the investment strategy contained in the City’s Investment Policy and the Act. <br /> MONITORING The market price of each investment shall be obtained monthly from a source such <br />as the Wall Street Journal newspaper, the City’s custodial bank, a reputable brokerage firm or <br />security pricing service and reported on the investment reports.Investments with minimum <br />rating requirements will be monitored for rate changes and liquidation of such investments will <br />be determined at such time. <br />Monitoring credit ratings – The Investment Officer shall monitor, on no less than a monthly basis, <br />the credit rating on all authorized investments in the portfolio based upon independent <br />information from a nationally recognized rating agency. If any security falls below the minimum <br />rating required by Policy, the Investment Officer shall notify the City Manager of the loss of rating, <br />and liquidate the investment within one week. <br /> <br />Monitoring FDIC Status for Mergers and Acquisitions – The Investment Officer shall monitor, on <br />no less than a weekly basis, the status and ownership of all banks issuing brokered CDs owned by <br />the City based upon information from the FDIC. If any bank has been acquired or merged with <br />another bank in which brokered CDs are owned, the Investment Officer or Advisor shall <br />immediately liquidate any brokered CD which places the City above the FDIC insurance level. <br />VI. INVESTMENTS <br /> <br />ACTIVE PORTFOLIO MANAGEMENT The City intends to pursue active versus passive portfolio <br />management philosophy. That is, securities may be sold before they mature if market conditions <br />present an opportunity for the City to benefit from the trade. <br />AUTHORIZED INVESTMENTS The following are authorized investments for the City and all are <br />authorized and further defined by the Act. Only those investments listed in this section are <br />authorized. <br />A.Obligations, including letters of credit, of the United States or its agencies and <br />instrumentalities; direct obligations of this state or its agencies and instrumentalities; other <br />obligations, the principal and interest of which are unconditionally guaranteed or insured by, <br />or backed by the full faith and credit of, this state or the United States or their respective <br />agencies and instrumentalities, including obligations that are fully guaranteed or insured by <br />the Federal Deposit Insurance Corporation or by the explicit full faith and credit of the United <br />States; obligations of states, agencies, counties, cities, and other political subdivisions of any <br />state rated as to investment quality by a nationally recognized investment rating firm not less <br />than A or its equivalent; and interest-bearing banking deposits that are guaranteed or insured <br /> <br />