Page 436 - FortWorthFY22AdoptedBudget

of investment maturities to meet projected liquidity needs.

Monitoring Credit Ratings
The Investment Officer(s) or Investment Advisor shall monitor, on no less than a
weekly basis, the credit rating on all authorized investments in the portfolios
based upon independent information from a nationally recognized rating agency. If
any security falls below the minimum rating required by the Act or by policy, the
Investment Officer(s) or Investment Advisor shall notify the Investment
Committee within two business days of the loss of rating, conditions affecting the
rating and possible loss of principal with liquidation options available. All prudent
measures will be taken to liquidate an investment that is downgraded to less than
the required minimum rating. However, The City is not required to liquidate
investments that were authorized investments at the time of purchase.

Monitoring FDIC Status for Mergers and Acquisitions
The Investment Officer(s) or Investment Advisor shall monitor, on no less than a
weekly basis, the status and ownership of all banks issuing brokered CD
securities owned by the City based upon information from the FDIC. If any bank
has been acquired or merged with another bank in which brokered CDs are owned,
the Investment Officer(s) or Investment Advisor shall immediately liquidate any
brokered CD securities which places the City above the insured FDIC insurance
level.

External Audits
An annual review of the quarterly investment reports will be made by the City's
external auditors. Such audit will include tests deemed appropriate by the
auditor to ensure compliance with the Act and this policy.

XIV. Safekeeping

All security transactions will be settled on a delivery versus payment basis.

Securities owned by the City will be held by the City's depository or other City
contracted safekeeping institution independent from any security transactions. All
safekeeping contracts will be executed in writing. The safekeeping agent shall
provide documentation of all securities and evidenced by safekeeping
receipts/reports indicating ownership by the City.

XV. Reporting

Quarterly Reporting

In accordance with the Act, no less than quarterly the Investment Officer(s) or
Investment Advisor will prepare and submit a report to the City Council. The

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