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a) Structuring the investment portfolio so that securities mature to meet cash <br />requirements for ongoing operations, thereby avoiding the need to sell <br />securities on the open market prior to maturity; <br />b) Investing operating funds only in the authorized securities listed in this policy. <br />B. Liquidity of Funds <br />The City's investment strategy will provide sufficient liquidity to meet the City's <br />operating, payroll�1 and capital requirements. To the extent possible, an attempt <br />will be made to match investment maturities with known cash needs and <br />anticipated cash flow requirements. Since all possible cash demands cannot be <br />anticipated, the portfolio should consist largely of securities with active secondary <br />or resale markets. A portion of the portfolio also may be placed in money market <br />mutual funds or local government investment pools which offer same-day liquidity <br />for short-term funds. <br />C. Investment Income <br />The City's investment portfolio shall be designed with the intent of attaining a <br />competitive rate of return throughout the budgetary and economic cycles, taking <br />into account the City's investment risk constraints and liquidity needs. Return on <br />investment is of secondary importance compared to the safety and liquidity <br />objectives described above. <br />[D. _ Investment Decisions <br />III. ETHICAL STANDARDS <br />The standard or prudence to be applied by the Finance Director or designee shall be <br />the "Prudent Person" rule, which states: "Investments shall be made with judgment <br />and care, under circumstances then prevailing, which persons of prudence, <br />discretion, and intelligence exercise in the management of their own affairs, not for <br />speculation, but for investment considering the probable safety of their capital as well <br />42, <br />