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portfolioandmatchinvestmentswithfuturecashrequirementsandinvestoperatingfundsin <br />shorter,moreliquidsecuritiesandinvestments. <br />LIQUIDITYTheCity'sinvestmentportfoliowillremainsufficientlyliquidtoenabletheCitytomeet <br />operatingrequirementsthatmightbereasonablyanticipated.Liquidityshallbeachievedby <br />matchinginvestmentmaturitieswithforecastedcashflowrequirementsandbyinvestingin <br />securitieswithactivesecondarymarkets.Becauseallpossiblecashdemandscannotbe <br />anticipated,aportionoftheportfoliowillbeinvestedinsharesofmoneymarketmutualfundsor <br />localgovernmentinvestmentpoolsthatoffersamedayliquidity. <br />PUBLICTRUSTAllparticipantsintheinvestmentprocessshallseektoactresponsiblyas <br />custodiansofthepublictrust.InvestmentOfficialsshallavoidanytransactionthatmightimpair <br />publicconfidenceintheCity'sabilitytogoverneffectively.Thegoverningbodyrecognizesthatin <br />adiversifiedportfolio,occasionalmeasuredlossesduetomarketvolatilityareinevitable,and <br />mustbeconsideredwithinthecontextoftheoverallportfolio'sinvestmentreturn,providedthat <br />adequatediversificationhasbeenimplemented. <br />YIELD(OptimizationofInterestEarnings)TheCity'scashmanagementportfolioshallbedesigned <br />withtheobjectiveofregularlymeetingorexceedingtheaveragerateofreturnonU.S.Treasury <br />Billsatamaturitylevelcomparabletothe/źƷǤ͸ƭweightedaveragematurityindays.The <br />investmentprogramshallseektoaugmentreturnsabovethisthresholdconsistentwithrisk <br />limitationsidentifiedhereinandprudentinvestmentprinciples. <br />INVESTMENTSTRATEGYTheCitymaintainsacommingledportfolioforinvestmentpurposes <br />whichincorporatesthespecificusesandtheuniquecharacteristicsofthefundsintheportfolio. <br />Theinvestmentstrategyhasasitsprimaryobjectiveassurancethatanticipatedliabilitiesare <br />matchedandadequateinvestmentliquidityprovided.TheCityshallpursueconservativeportfolio <br />managementstrategy.Thismaybeaccomplishedbycreatingaladderedmaturitystructurewith <br />someextensionforyieldenhancement.Themaximumdollarweightedaveragematurityof2 <br />yearsorlesswillbecalculatedusingthestatedfinalmaturitydateofeachsecurity. <br />IV.RESPONSIBILITYANDCONTROL <br />OversightResponsibilityfortheinvestmentactivityoftheCityofLaPorteshallrestwiththeFiscal <br />AffairsCommitteeandtheCityManager.Theywilldesignateinvestmentofficer(s),receiveand <br />reviewquarterlyreporting,approveandprovideforinvestmentofficertraining,approve <br />broker/dealers,andreviewandadopttheInvestmentPolicyandStrategyatleastannually. <br />DELEGATIONManagementresponsibilityfortheinvestmentprogramisherebydelegatedtothe <br />DirectorofFinance,whoshallestablishwrittenproceduresfortheoperationoftheinvestment <br />program,consistentwiththisinvestmentpolicy.Suchproceduresshallincludeexplicitdelegation <br />ofauthoritytopersonsresponsibleforinvestmenttransactions. <br />SUBORDINATESAllpersonsinvolvedininvestmentactivitieswillbereferredtoas"Investment <br />Officers."Nopersonshallengageinaninvestmenttransactionexceptasprovidedunderthe <br />termsofthispolicyandtheproceduresestablishedbytheDirectorofFinance.TheDirectorof <br />Financeshallberesponsibleforalltransactionsundertaken,andshallestablishasystemof <br />controlstoregulatetheactivitiesofSubordinateInvestmentOfficers.Allinvestmentofficers, <br /> <br /> <br />