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<br />Separation of Portfolios: <br /> <br />3.2.3 P&A may intermingle the Funds of the Portfolio in separate Accounts of the City for <br />purposes of common investment and operational efficiency. However, the Portfolio will be <br />segregated and distinctly invested from all other funds held by P&A. <br /> <br />3.3 INVESTMENTS AND DUTIES <br /> <br />Scope of Investment Decisions: <br /> <br />3.3.1 P&A will make all investments in accordance with state law and the City Investment <br />Policy. P&A will manage the Portfolio and Accounts with judgment and care, under <br />circumstances then prevailing, which persons of prudence, discretion and intelligence <br />exercise in the management of their own affairs, not for speculation, but for investment, <br />considering the probable safety of their capital as well as probable income to be derived. <br />P&A will apply this Prudent Person Law to the investment of all Portfolios with the same <br />degree of care and assuming the same duty as the City. P&A does not have discretionary <br />authority and, accordingly, shall obtain approval from the Client for the purchase or sale <br />of securities prior to execution. <br /> <br />Duties: <br /> <br />3.3.2 With respect to the Portfolio, P&A will provide investment management services <br />and cause to be executed such trades as determined in accordance with Section 3.3.1 <br />above. P&A will provide professional services, its facilities, will direct and coordinate all <br />programs of investing as may be considered and authorized by the City and will assume <br />and pay those expenses incurred by P&A in connection with the execution of investment <br />decisions. Specifically, P&A agrees to perform all of the following duties: <br /> <br />( 1) Develop a historical cash flow analysis in order to assure that the <br />Portfolio is structured as effectively and accurately as possible. <br /> <br />( 2) Review and assist in the development of an essential cash flow <br />model, which will form the foundation for future investment and cash <br />management decisions. <br /> <br />( 3) Recommend appropriate strategies based upon cash flow <br />requirements. <br /> <br />( 4) Advise the City on current market conditions and other general <br />information. <br /> <br />( 5) Continuously monitor investment opportunities and evaluate <br />investments of the Portfolio. <br /> <br />4 <br />