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<br /> frD <br /> probable safety of their capital, as well as- the probable income to be derived." <br /> Investment of funds shall be governed by the following investment objectives, in <br /> order of priority: <br /> l)preservation and safety of principal; <br /> 2) liquidity; and <br /> 3) yield. <br /> .- In determining whether an investment officer has exercised prudence with respect <br /> , to an investment decision, the determination shall be made taking into <br /> consideration: <br /> l)the investment of all funds, or funds under the City <br /> of San Marcos control, over which the officer had <br /> responsibility rather than a consideration as to the <br /> prudence of a single investment; and <br /> 2)whether the investment decision was consistent with <br /> . . the written investment policy of the City of San <br /> Marcos. <br /> This forces a variety of responsibilities upon the City Manager. These <br /> responsibilities include, but are not limited to: the need for prudence and care <br /> in the selection of appropriate investment securities and; the need for rational <br /> criteria for the selection of financial institutions and securities dealers with <br /> whom the City conducts business; and a distinct concentration upon the <br /> maximization of investment yield within the parameters of the other listed <br /> responsibilities. <br /> To meet these responsibilities, the City Council has established the following <br /> policies and procedures for cash investments. . <br /> A. Investment Instruments: <br /> The City Manager, or his designee, shall invest the temporarily idle <br /> funds of the City in those investment instruments which are listed <br /> .- below: <br /> 1. Obligations of the United States or its agencies and <br /> instrumentalities. <br /> 2. Direct obligations of the State of Texas or its age!"lcies; <br /> 3. Other obligations, the principal of and interest on which are <br /> unconditionally guaranteed or insured by the State of Texas or the <br /> United States. <br /> 4. Obligations of states, agencies, counties, cities, and other <br /> political subdivisions of any state having been rated as to <br /> investment quality by a nationally recognized investment rating <br /> firm and having received a rating of not less than A or its <br /> equivalent; <br /> 5. Certificates of deposit issued by state and national banks <br /> domiciled in this state that are: <br /> .., <br /> .J <br />