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CITY OF ZEPHYRHILLS. FLORIDA <br />INVESTMENT POLICY <br />I. SCOPE <br />This Investment Policy applies to all funds held by or for the benefit of the City <br />of Zephyrhills, Florida (the City). <br />H. INVESTMENT OFBJECTIVES <br />The following investment objectives will be applied in the management of the <br />City's funds. <br />A. The primary objective of the investment activities is the protection of City <br />funds. <br />B. The investment strategy will provide sufficient liquidity to meet the City's <br />operating, payroll and capital requirements. <br />C. In investing public funds, the Finance Director will strive to maximize the <br />return on the portfolio, but will minimize investment risk. <br />D. The Finance Director will set procedures to control risks and diversify <br />investments regarding specific security types, maturities and financial <br />institutions. <br />M. PRUDENCE AND ETHICAL STANDARDS <br />The City staff shall use the "prudent person" standard in the management of the <br />overall investment portfolio. <br />The Finance Director, or persons performing the investment functions, acting as <br />a "prudent person" in accordance with the written policies and procedures and <br />exercising due diligence, shall not be responsible for an individual security's <br />credit risk or market price change provided that appropriate monitoring efforts <br />are performed. <br />The "prudent person" standard is herewith understood to mean: <br />Investments shall be made with judgment and care, under circumstances then <br />prevailing, that persons of prudence, discretion, and intelligence exercise in the <br />management of their own affairs, not for speculation, but for investment, <br />considering the probable safety if their capital as well as the probable <br />income to be derived. <br />IV. INVESTMENT PERFORMANCE AND REPORTING <br />A portfolio report shall be provided each month to the City Manager. The <br />report shall include a breakdown of the portfolio as well as its overall <br />performance during that period. <br />V. DELEGATION OF AUTHORITY <br />Responsibility for the administration of the investment program is hereby <br />delegated to the Finance Director who shall establish investment procedures <br />based on these policies. The Finance Director shall be responsible for the <br />implementation of internal controls and monitoring the activities of subordinate <br />staff. <br />VII. AUTHORIZED INSTRUMENTS <br />The Finance Director or appropriate staff shall purchase or sell investment <br />securities at prevailing market rates with City Manager approval. Authorized <br />instruments are as follows: <br />