Resolution No. 502-01 Investment Policy

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2. Portfolio Composition -A maximum of 20% of the portfolio may be invested in repurchase agreements with the exception of one (1) business day agreements or overnight sweep agreements. 3. Limited on Individual Sellers- A maximum of 5% of the portfolio may be invested with any one institution or dealer with the one exception of one (1) business day agreements and overnight sweep agreements. 4. Maturity Limitations -The original maturity of the security must be 180 days or less. XV. MONEY MANAGERS The City Manager may utilize an outside money manager to invest up to 25% of the portfolio. XIV. STANDARD OF ETHICS Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment programs, or that could impair their ability to make impartial investment decisions. Employees and investment officials shall disclose to the City Manager any material financial interest in financial institutions that conduct business with the City of Zephyrhills and shall further disclose any large personal financial or investment positions that could be related to the performance of the City's portfolio. Employees and investment officers shall subordinate their personal investment transactions to those of this jurisdiction, particularly with regard to the timing of purchases and sales. XVII. REPORTING The Finance Director shall submit annually to the City Council an investment report outlining the City's investment transactions for the preceding year and describing the City's investment position as of the date of the report. Earnings on investments shall be compared to benchmark indicators relative to portfolio performance. Quarterly reports, in addition to the required annual report, will be provided to the City Manager. XVIII. CONTINUING EDUCATION This investment policy shall provide for the continuing education of the unit of local government's officials responsible for making investment decisions or chief financial officer. Such officials must annually complete 8 hours of continuing education in subjects or courses of study related to investment practices and products. XIX. AUDITING State and local laws require an annual audit of the City's financial records. That audit will include a review of all investment activity for the year for compliance with these investment procedures. Included in the audit review will be a review of internal controls related to investment of City funds and appropriate investment documentation. XX. INDEMNITY The Financial Director and other employees authorized to invest City Funds shall be personally indemnified in the event of investment loss provided investments are made in full compliance with these policies.