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.Securities of the U.S. Government or its agencies having a <br />maturity date of not more than five years from the date of <br />purchase. <br />.Certificates of Deposits (or Time Deposits), placed with <br />commercial banks and savings and loan companies. <br />.Bankers Acceptances <br />.Local Agency Investment Fund Demand Deposits <br />.Passbook Savings Account demand deposits. <br />Criteria for selecting investments, and the order of priority, are: <br />1. Safety <br />2. Liquidity <br />3. Yield <br />Government and agency paper are the highest quality investment <br />available in terms of safety and liquidity. Certificates of Deposits, <br />savings accounts and bankers acceptances are insured or collateralized. <br />Most investments are highly liquid, with the exception of <br />collateralized certificates of deposits held by banks and savings and <br />loans. Maturities shall be selected to anticipate cash needs, <br />thereby avoiding the need for forced liquidation. <br />The City shall attempt to obtain the highest yield obtainable when <br />selecting investments, provided that criteria for safety and liquidity <br />are met. <br />The City shall attempt to ladder its maturities to meet anticipated <br />cash needs in such a way that new investment money can be placed in <br />maturities that carry a higher rate than is available in the extremely <br />short market of thirty days or under. <br />