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DAVENPORT&COMPANY ORANGE COUNTY 32 <br /> V()H I I I I.A ROI IN\ <br /> • US Government Agency Obligations (e.g. Federal Home Loan Mortgage Company, Federal <br /> National Mortgage Association, Federal Farm Credit Bank, Federal Home Loan Bank) <br /> • North Carolina Municipal Securities <br /> • Highly Rated Commercial Paper <br /> • Certificates of Deposit and Bankers Acceptances <br /> 4. County Control of Investment Process <br /> The County will maintain in-house control of the investment process. County staff will retain <br /> responsibility for selecting and purchasing securities that best meet the County's goals, objectives <br /> and strategies. The securities will be purchased through an arm's length transaction from a group of <br /> established and pre-approved broker dealers. A purchasing process will be developed to foster <br /> competition and participation amongst the County's broker dealers. <br /> 5. Professional Guidance and Reporting <br /> Davenport and County staff will meet quarterly to review the current portfolio holdings, investment <br /> statistics/performance (e.g. portfolio balance, yield, weighted average maturity), and cash flow <br /> forecast. The quarterly meetings will also include the review and development of a suggested <br /> "security buy list" for the coming quarters which will identify timing and asset class for future <br /> investments. <br /> Operating Funds Investment Strategy- Implementation Time Frame <br /> Davenport and County staff are in the process of developing the investment strategy with the goal of <br /> implementation at the start of Fiscal Year 2017. The next steps include: <br /> May Timeframe: Davenport and County staff meet to review and develop a preliminary <br /> cash flow forecast and discuss asset allocation/ liquidity position. <br /> June Timeframe: Cash flow forecast finalized and asset allocation / liquidity position <br /> are agreed upon. <br /> July Timeframe: Davenport and County Staff review initial quarterly investment report <br /> and Program Implementation begins. <br /> Member NYSE I FINRA I SIPC Page 4 <br />