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f.. Al~P1 Commercial Paper not to exceed 270 days maturity from date of purchase. <br /> <br />g. State of California Local Agency Investment Fund. <br /> <br />h. Passbook Savings Accounts. <br /> <br />i. Medium-term or corporate notes rated A or better. <br /> <br />j. Repurchase agreements collateralized by securities of the U.S. Government or its Agencies. <br /> <br />k. Money market and mutual funds whose portfolios consist of government securities or diversified <br /> money market securities such as acceptable C/D's, banker's acceptances, agency discount notes, <br /> commercial paper, and other full-faith and credit obligations of the U.S. Government or its <br /> Agencies. <br /> <br /> COLLATERALIZATION <br /> <br /> Collateralization will be required on active and inactive deposits in accordance with Government Code <br /> Section 53651, 53651.2, and 53652, which set forth the eligible securities and the required value of the <br /> securities to collaterize these deposits. Whenever possible, the City shall request that U.S. Treasury and <br /> Government securities be used as collateral. Repurchase agreements will be collaterized 102% with <br /> securities of the U.S. Government or its Agencies, marked to market daily. <br /> <br /> SAFEKEEPING AND CUSTODY <br /> <br /> Securities purchased from brokers/dealers will be held by a third party custodian designated by the <br /> Director of Finance and evidenced by safekeeping receipts. Securities purchased through the City's <br /> financial institution shall be held by the institution's agent. Securities do not literally have to be held in <br /> the name of the City but ownership is evidenced through safekeeping or custodial receipts and/or <br /> statements. <br /> <br /> TRUST AGREEMENTS <br /> <br /> The City shall direct the investment activities of trustees. Such direction shall be in keeping with the <br /> terms and conditions of its trust agreements, applicable law and policies set forth in this document. <br /> <br /> DIVERSIFICATION <br /> <br /> The City will diversify its instruments by security type and institution, meeting at least the minimum <br /> requirements as outlined in Government Code Section 53601. <br /> <br /> MAXIMUM MATURITIES <br /> <br /> To the extent possible, the City will attempt to match its investments with anticipated cash flow <br /> requirements. The City may directly invest in securities maturing more than 5 years from the date of <br /> purchase if they are authorized by the City Council. After Council authorization, no waiting period is <br /> required before such an investment is made. <br /> <br /> <br />