My WebLink
|
Help
|
About
|
Sign Out
RES 231404
City of Pleasanton
>
CITY CLERK
>
RESOLUTIONS
>
2020-present
>
2023
>
RES 231404
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/27/2023 1:05:07 PM
Creation date
6/27/2023 1:05:00 PM
Metadata
Fields
Template:
CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/20/2023
DESTRUCT DATE
PERMANENT
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
20
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
• A description of who may invest in the program, how often, and what size <br /> deposit and withdrawal are allowed. <br /> • A schedule for receiving statements and portfolio listings. <br /> • Are reserves, retained earnings, etc. utilized by the pool/fund? <br /> • A fee schedule, and when and how is it assessed. <br /> • Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? <br /> COLLATERALIZATION <br /> Certificates of Deposit (CDs). The City shall require any commercial bank or savings and <br /> loan association to deposit eligible securities with an agency of a depository approved by <br /> the State Banking Department to secure any uninsured portion of a Non-Negotiable <br /> Certificate of Deposit. The value of eligible securities as defined pursuant to California <br /> Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal <br /> to 150% of the face value of the CD if the securities are classified as mortgages and 110% <br /> of the face value of the CD for all other classes of security. <br /> Collateralization of Bank Deposits. This is the process by which a bank or financial <br /> institution pledges securities, or other deposits for the purpose of securing repayment of <br /> deposited funds. The City shall require any bank or financial institution to comply with the <br /> collateralization criteria defined in California Government Code, Section 53651. <br /> Repurchase Agreements. The City requires that Repurchase Agreements be <br /> collateralized only by securities authorized in accordance with California Government <br /> Code: <br /> • The securities which collateralize the repurchase agreement shall be priced at <br /> Market Value, including any Accrued Interest plus a margin. The Market Value <br /> of the securities that underlie a repurchase agreement shall be valued at 102% <br /> or greater of the funds borrowed against those securities. <br /> • Financial institutions shall mark the value of the collateral to market at least <br /> monthly and increase or decrease the collateral to satisfy the ratio requirement <br /> described above. <br /> • The City shall receive monthly statements of collateral. <br /> SAFEKEEPING AND CUSTODY <br /> All security transactions entered into by the City shall be conducted on a delivery-versus- <br /> payment (DVP) basis. <br /> To protect against potential losses due to failure of individual securities dealers, and to <br /> enhance access to securities, interest payments and maturity proceeds, all cash and <br /> securities in the City's portfolio shall be held in safekeeping in the City's name by a third <br /> party custodian, acting as agent for the City under the terms of a custody agreement <br /> executed by the bank and the City. All investment transactions will require a safekeeping <br /> receipt or acknowledgment generated from the trade. A monthly report will be received <br /> 11 <br />
The URL can be used to link to this page
Your browser does not support the video tag.