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I <br />REQUEST FOR COUNCIL ACTION <br />DATE: <br />COUNCIL MEETING <br />PJAN 2 5 t999i <br />CITY OF ORONO <br />ITEM NO:15 <br />Department Approv^ 1/ /_, <br />Name Tom Kuehn'/t^^ <br />Title Finance Director <br />Administrator Reviewed: <br />/l <br />Item Description: Outline of City's investment Policy <br />Agenda Section: <br />City Administrator's <br />Report <br />Attachments: (a) Investment Policy , Adopted December 12, 1988 <br />(b) Investment Portfolio, December 31, 1998 <br />(c) Certificates of Deposit, December 31, 1998 <br />The city's investment policy establishes investment objectives, reporting practices, <br />appropriate investment instruments, selection criteria for banks and dealers, requirements <br />regarding maturities and diversification, principles of risk, prudence and ethics, and <br />responsibilities for the investment function. <br />The investment portfolio at December 31, is presented in order of maturity, without <br />regard for call dates. A supplemental presentation is shown by type of investment, with <br />the total of each type of investment compared to the whole portfolio, and expressed as a <br />percentage of the whole portfolio. <br />A separate listing of the certificates of deposit at December 31, is included. All <br />certificates of deposit are co^•ered by F.D.I.C. insurance up to $100,000. Most of the <br />certificates were purchased at a discount so that when they reach maturity the total to be <br />remitted to the city is $100,000. For those certificates that pay interest every six months, <br />the principal amount invested has been adjusted so that rvhen the semi-annual interest is <br />added the total of principal plus interest does not exceed $100,000. <br />COUNCIL ACTION REQUESTED: No action required.