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Annual Statement of Investment Policy and Municipal Securities Disclosure Policy and Procedures <br />June 21, 2016 <br />Page 2 <br />3) To provide an investment return within the parameters of the Statement of Investment Policy <br />and Investment Portfolio guidelines. <br />The Policy applies to all financial assets of the City, with the exception of Bond Proceeds. Finance <br />and Management Services Agency Treasury and Customer Service ( "Treasury ") staff continually <br />analyze the portfolio and act to maximize earnings while safeguarding assets and maintaining <br />liquidity. <br />Annually, Treasury staff conducts an evaluation of the City's Policy to determine compliance with <br />applicable Federal and State regulations and with industry standards and best practices to <br />determine if any enhancements or newly adopted rules and regulations are required to be <br />incorporated within the document. Based on these regular staff evaluations periodic updates and <br />revisions to the investment policy are recommended. On June 14, 2014, the City was awarded a <br />Certificate of Excellence Award from The Association of Public Treasurers of United States of <br />America & Canada ( "Association ") for the City's success in developing a comprehensive written <br />investment policy in accordance with industry best practices. In addition to receiving the 2014 <br />award, the City subsequently exceeded its earnings forecast for FY 2014 -15 and is projected to so <br />again for FY 2015 -16. <br />The Association's Investment Policy Certification Committee recommends recertification of <br />member cities' investment policies every 3 years. However, in the event that substantive changes <br />are made during the intervening period, the Association's recommendation is to recertify within one <br />year. As a result of Treasury staff's research and analysis, substantive changes were made and <br />have been incorporated in this year's Annual Statement of Investment. After approval of the <br />Policy, the document will be resubmitted for re- certification by "The Association ", California <br />Municipal Treasurer Association Investment Policy Certification Program and with the California <br />Debt and Investment Advisory Commission. <br />Continuing Disclosure Policy <br />Pursuant to SEC Rule 15c2 -12, issuers of debt are required under most circumstances to provide <br />financial and operating information on an annual basis with the Municipal Securities Rulemaking <br />Board (MSRB) using the Electronic Municipal Market Access system (EMMA). In order to ensure <br />full compliance and continuing with the City's strategy in implementing best practices regarding <br />financial disclosure, Staff has fulfilled its disclosure requirements of its bonded debt instruments by <br />virtue of operating via the guidelines set forth in its Municipal Securities Disclosure Policy & <br />Procedures (Disclosure Policy). <br />The Disclosure policy is intended to assure that all filings required under the SEC Rule are made <br />timely, completely and meet all applicable requirements. Furthermore, this Disclosure Policy also <br />outlines the steps taken by the Finance and Management Services Agency in disclosing both <br />financial and operational information that any prudent investor of City debt would require and the <br />timeliness of that notification. <br />55C -2 <br />