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<br />Investment Policy ~ July 3, 2007 <br /> <br />"No more than 25% of the portfolio can be invested in commercial paper." <br /> <br />Page 5 & 8. Medium-Term Corporate Notes - Changing the 10% maximum to the 30% <br />allowed by State Code. <br /> <br />Although other changes were recommended, Staff believes that implementation would <br />undesirably (1) grant more discretion to the Portfolio Manager to buy and sell investment <br />securities without consultation with City Staff, (2) allow more focus on return on investment and <br />less regard to yield and applicable performance benchmarks, and (3) apply more emphasis on <br />performance over long-term economic cycles and less on short-term performance. <br /> <br />Current City Council Policy <br />The City Council Finance Committee reviews and approves any proposed changes to the <br />Investment Policy prior to its submission to the City Council. <br /> <br />Previous City Council Action(s) <br />The Investment Policy is reviewed annually and was last by the City Council on June 19,2006 <br />by Resolution No. 2006-063. <br /> <br />City Council Committee Review and Action <br />The Investment Policy was reviewed by the Finance Committee and recommended for City <br />Council approval on June 19,2007. <br /> <br />Applicable General Plan Policy <br />N/A <br /> <br />Permits and/or Variances Granted <br />N/A <br /> <br />Environmental Review <br />N/A <br /> <br />Code Compliance Review <br />N/A <br /> <br />Board/Commission Findin2s <br />N/A <br /> <br />Summary Of Public Outreach Efforts <br />N/A <br /> <br />Fiscal Impact <br />N/A <br />