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describe in detail the investment position of the City, disclose the market value and book value of <br /> each fund group as well as each separate investment, and state the maturity date of each security <br /> and accrued interest for the reporting period. The report shall include all information as required <br /> by Section 2256.023 of the Act. It must also express compliance of the portfolio to the <br /> investment strategy contained in the City's Investment Policy, the Act, and Generally Accepted <br /> Accounting Principles (GAAP). <br /> MONITORING The market price of each investment shall be obtained monthly from a source <br /> such as the Wall Street Journal newspaper, a reputable brokerage firm or security pricing service <br /> and reported on the investment reports. <br /> ANNUAL REPORTS Within 90 days of the end of the fiscal year, the Dircctor of Finance shall <br /> .. .. - .. - ., . ..., . .. - - . , . . . <br /> I4VI. INVESTMENTS <br /> ACTIVE PORTFOLIO MANAGEMENT The City intends to pursue active versus passive <br /> portfolio management philosophy. That is, securities may be sold before they mature if market <br /> conditions present an opportunity for the City to benefit from the trade. <br /> AUTHORIZED INVESTMENTS • • . . . . - • : rnment of the City of La Porte may <br /> • - : •- • • - ' - ' • • • • - • The following are <br /> authorized investments for the City and all are authorized and further defined by the Act: <br /> .. _ - - <br /> 1. Exccpt as provided by Subsection (b), thc following arc authorized investments under <br /> this section: <br /> A. obligations Obligations, including letters of credit, of the United States or its agencies and <br /> instrumentalities; <br /> direct obligations of this state or its agencies and instrumentalities; <br /> of thc United States, thc underlying security for which is guaranteed by an agency or <br /> other obligations, the principal and interest of which are unconditionally guaranteed or <br /> insured by, or backed by the full faith and credit of, this state or the United States or their <br /> respective agencies and instrumentalities; and <br /> 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 <br /> less than A or its equivalent. (Section 2256.009 (a) of the Act) <br /> The following are not authorized investments under this- sSection 2256.009 (b) of the Act: <br /> • obligations whose payment represents the coupon payment on the outstanding <br /> principal balance of the underlying mortgage- backed security collateral and pays not <br /> principal (Interest only bonded); <br /> 4 <br />