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preferences. <br />D.general liquidity needs of the investment portfolio require that a <br />security be sold; <br />E.prepayment of City debt or contribution servicing obligation. In the <br />event the City is presented with an option for prepayment of a City <br />debt or contribution servicing obligation, the following analysis will be <br />conducted by Treasury investment staff with regards to a comparison <br />between the amortized savings which may be realized by exercising <br />such prepayment option and: <br />i.the current portfolio yield; <br />ii.the trend of the debt or contribution servicing obligation; <br />iii.whether variances in the trend are substantial; <br />iv.the City’s net cash position; and <br />v.the market value of investment instrument(s) recommended by <br />Treasury staff to be liquidated to fulfill a prepayment election. <br />Upon completion of said analysis, a recommendation shall be <br />presented to the FMSA Investment Advisory Committee for <br />consideration for approval or rejection. <br />When selling a security prior to maturity, City investment officials and/or <br />officers (see generally subsection 5.1 et seq. - Investment Authority and <br />Responsibility)must be prepared to justify the reasons and explain any <br />gains or losses. <br />Compliance with the investment policy does not measure return, but rather <br />manages risk. Policy compliance does not provide a benchmark to meet or <br />exceed, but is a model to follow. The City will benchmark its investment <br />portfolio performance to the appropriate “treasuries constant maturity” rate <br />based on portfolio maturities of the investment plan. <br />The City shall strive to maintain one hundred percent (100%) investment of <br />idle funds after consideration for a compensating balance to cover the cost <br />of services provided by the City’s depository bank. The funds available for <br />investment are determined by cash flow projections updated daily. <br />Investments are monitored so that legal limits on types of investments are <br />not exceeded. <br />*´«¸ ΐǾ ΑΏΐ9- <br />C¨³¸ ®¥ 3 ­³  ȃ !­­´ « <br />0 ¦¤ 5 <br />3³ ³¤¬¤­³ ®¥ )­µ¤²³¬¤­³ 0®«¨¢¸*´­¤ ΒΏǾ ΑΏ20 <br /> <br />