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Reso 2014-048
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Reso 2014-048
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Last modified
6/11/2014 3:57:12 PM
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6/11/2014 3:57:11 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/2/2010
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PERM
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8C Consent 2014 0602
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0602
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San Leandro Investment Policy Statement Page 8 of 13 <br /> The investment performance objective for the portfolio shall be to earn a total rate of <br /> return over a market cycle which is approximately equal to the return on a Market <br /> Benchmark Index of similar risk characteristics as that of the City's investment portfolio. <br /> Other market investments that may be used as yield comparisons include: <br /> ♦ The State of California Local Agency Investment Fund (LAIF) <br /> ♦ The two-year U.S. Treasury Bill <br /> ♦ The five-year U.S. Treasury Note <br /> Reporting <br /> This policy will be reviewed annually with the City Council to ensure compliance with the <br /> objectives of safety, liquidity and yield and adherence with applicable laws. The City <br /> Council Finance Committee will review and approve all changes to this policy statement <br /> prior to submittal to the full City Council for approval. <br /> California Government Code Section 53646 states that the Finance Director may render a <br /> quarterly report on the status of the City's investment portfolio to the City Manager and the <br /> City Council within 30 days after the end of the calendar quarter. The report will provide <br /> detailed information regarding the type of investments, the amount invested with various <br /> institutions, purchase and maturity dates, and interest yield on all investments. The report <br /> shall state if the City's investments are in compliance with this policy and if the City will be <br /> able to meet its cash obligations during the next six-month period. The Finance Director, <br /> will submit a monthly transactions report on the portfolio's activity to the City Manager and <br /> City Council consistent with the requirements of the State Code. <br />
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