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The city manager is authorized to appoint custodian banks and external investment managers subject to approval by the city council. The investment manager may be retained to invest city funds in lieu of city staff. The investment manager shall be registered as a financial advisor with the U.S. Securities and Exchange Commission (except for an authorized bank), must hold professional liability insurance of at least $1,000,000 and must have experience in the management of municipal funds. The investment manager shall provide a monthly report summarizing investment activity in the portfolio. (Ord. 585 § 4, 2002)