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<br />AUDITS <br /> <br />Certified Public Accountants conducting audits of the City shall report as part of <br />the audit, whether or not the City has complied with applicable law relating to <br />investment of surplus funds. <br /> <br />EXISTING INVESTMENTS <br /> <br />Any investments currently held that do not meet the guidelines of the policy shall <br />be exempted from the requirements of this policy. At maturity or liquidation, such <br />monies so invested shall be reinvested only as provided for in this policy. <br /> <br />The Finance Director or designee may take a sufficient period of time to adjust the <br />existing portfolio to the provisions of the policy so as not to require the premature <br />liquidation of any investment. <br /> <br />EFFECTIVE DATE <br /> <br />This policy shall become effective immediately upon its adoption by the City <br />Commission. <br /> <br />10 <br />