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<br />Account will be credited to and deposited in such Account. All losses resulting from the <br />investment of funds in any Account shall be charged to such Account. If there are no <br />established Accounts, then all earnings and losses from the investment of funds shall be <br />credited to, or charged against the Portfolio. <br /> <br />Investment of Accounts: <br /> <br />3.3.4 Monies held in the Portfolio and all Accounts will be invested and reinvested in <br />Authorized Investments selected by P&A and approved by City before settlement, in <br />accordance with the City Investment Policy, using prudent investment standards. <br /> <br />Portfolio Designation: <br /> <br />3.3.5 The City has the full discretion to designate the amount of funds to be placed in the <br />Portfolio or in separate investments. The City has full discretion to designate the amount <br />of funds to be placed in the Portfolio or in a local government investment pool as <br />authorized by the City's governing body for liquidity. P&A will include funds invested in <br />local government investment pools or certificates of deposit in its investment reports to the <br />City. <br /> <br />Reports: <br /> <br />3.3.6 P&A will provide a monthly, quarterly and annual valuation of the Portfolio and any <br />additional statements that may be required by applicable law, including the reporting <br />provisions of the Public Funds Investment Act, or other applicable state law, with respect <br />to transactions effected under this Agreement. The City shall define all reporting needs for <br />information needed on a daily, monthly, quarterly and annual basis. P&A will submit all <br />reports to the City of its transactions promptly after the end of each month. Such report <br />shall indicate the balances remaining in the Portfolio and each account, the interest <br />earned, all deposits and withdrawals, and a statement of all investment securities held for <br />each month. <br /> <br />Confirmations: <br /> <br />3.3.7 P&A will establish all necessary procedures forthe City to receive independent trade <br />confirmations from all broker/dealers for each transaction in the Portfolio. Independent <br />confirmations will be sent directly and promptly to the City for audit trail purposes. <br /> <br />3.4 ADDITIONAL SERVICES <br /> <br />3.4.1 Since P&A's compensation is a fixed fee for Basic Services, including minor <br />deviations from those described in this Agreement, compensation to P&A for additional <br />services will only be for substantial deviations from the scope of services described in this <br />Agreement. P&A will submit a written estimate of fees to the City and obtain the City's <br />authorization before initiating any additional services. <br /> <br />6 <br />