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Finance Committee -Investment Policy Update <br />May 18, 2010 <br />2. Page 4, Section VIII Authorized and Suitable Investments -Added the first sentence <br />since it relates to CGC 53600, et seq. <br />• "All investments shall be made in accordance with California Government Code <br />Sections 53600, et seq. and as described within this Investment Policy." <br />3. Page 5, Section VIII, "The State of California Local Agency Investment Fund <br />(LATE)" -Paragraph changed: <br />• "$40 million" to "the maximum program limit", in order to broaden the <br />explanation rather than propose exact dollar figure changes in subsequent years. <br />Page 5, Section VIII, Paragraph "Money Market Mutual Funds" -Added to <br />the title "Money Market" since this is what the paragraph defines. This change is <br />for clarifying purposes only. <br />4. Page 7, "Reporting" Segment -deleted the last 2 paragraphs as follows: <br />• "In accordance with AB943, the City will submit a copy of its investment report for <br />the second (October -December) and fourth (April -June) quarters of the fiscal year <br />to the California Debt and Investment Advisory Commission (CDIAC) within sixty <br />(60) days of the end of each respective quarter. <br />The City will submit a copy of this investment policy to CDIAC within sixty (60) <br />days of the end of every calendar year. The City will also submit an updated copy of <br />this policy to CDIAC within sixty (60) days of any City Council-approved <br />amendment to it." <br />These reporting requirements to CDIAC were dropped in 2009. <br />References on Appendix A also reflect above proposed changes. <br />SUMMARY <br />In summary, Staff recommends Finance Committee approval of the proposed updates do the City <br />Investment Policy. <br />