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Preview Page 1 of 2 <br />TO: <br />FROM: <br />DATE: <br />RE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Douglas Haag, Assistant City Manager - Finance <br />12/17/2009 <br />Revised Investment Policy <br />RECOMMENDATION: <br />Approve the attached revised investment policy that includes a prohibition against doing <br />business with any company that engages in business with the countries of Iran and <br />Sudan. <br />REASONS: <br />Initially, this was intended to be only a minor change to the City's current investment <br />policy by adding a statement to accomplish the above divestment requirement which is <br />mirrored after the state investment policy guidelines. However, after closer review, it was <br />felt that it was time for a `redo' of the overall investment policy which was originally <br />adopted in 2005 and updated in 2006. <br />Some of the changes to the policy include: <br />• More closely align to Florida Statute, especially in the divestment area <br />• Eliminate unnecessary items such as repurchase agreements <br />• More clearly define delegation of authority <br />• Eliminate redundancies in the areas of authorized investments <br />• Eliminate inconsistencies in the areas of investment objectives, performance <br />measurements, maturities, etc. <br />a Eliminate areas that are not applicable to an investment policy such as interfund loans <br />http://sibagenda.sibfl.netlagendalPreview.aspx?ltemID=136&MeetinglD=O&MeetingDate... 12/8/2009 70 <br />