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<br />INVESTMENT OBJECTIVES <br /> <br />The following investment objectives will be applied in the management of City <br />funds. <br /> <br />· The investment objective order of the priority shall be safety of <br />capital, liquidity of funds, and investment income, in that order. <br /> <br />· Safety of principal is regarded as the foremost objective of the <br />investment program. Investments of the City shall be undertaken in a <br />manner that seeks to ensure the preservation of capital in the overall <br />portfolio. Each investment transaction shall be entered into with <br />every effort to prevent capital losses, whether they are from <br />securities defaults, theft, or the impact of adverse market conditions. <br /> <br />· The City will maintain sufficient liquidity to enable the City to meet <br />operating requirements, which might be reasonably anticipated. <br /> <br />· The City will employ mechanisms to reduce risks by diversifying its <br />investments between specific security types and individual financial <br />instituti ons. <br /> <br />· The City will strive to maximize the return of the portfolio and to <br />preserve the purchasing power but will avoid assuming unreasonable <br />investment risk. <br /> <br />· Funds of the City will be invested in accordance with Florida State <br />Statutes 166.261, 280, 218,415, these policies, and written <br />administrative procedures. <br /> <br />· The funds are in general, passively invested. <br /> <br />PERFORMANCE MEASUREMENT <br /> <br />The City seeks to optimize return on investment within the constraints of safety <br />and liquidity. The investment portfolio shall be designed with the objective of <br />exceeding the average return earned on investments held by the State Board of <br />Administration Local Government Surplus Funds Investment Pool ("SBA"). <br /> <br />2 <br />