(A) The purpose of diversification is to reduce overall portfolio risk while attaining benchmark average return. Diversification will prevent over concentration in a specific maturity sector and prevent reliance on riskier instruments.
(B) The city will diversify its investments by security type and institution. With the exception of U.S. Treasury securities and authorized pool, i.e. SCLGIP, no more that 50% of the city's total
investment portfolio will be invested in a single security type, and no more than 10% of the city's total investment portfolio will be invested in any specific security.
(Ord. 16-21, passed 6-8-21)