RES 99047 - Laserfiche WebLink

f. g. h. i. j. Bankers' Acceptances. U.S. Treasury Obligations (Bills, Notes, Bonds). Securities of the U.S. Government or its Agencies. Al/P1 Commercial Paper. State of California Local Agency Investment Fund. Passbook Savings Accounts. Medium-term or corporate notes rated A or better. Repurchase agreements collaterized by securities of the U.S. Government or its Agencies. Money market and mutual funds whose portfolios consist of government securities or diversified money market securities such as acceptable C/D's, banker's acceptances, agency discount notes, commercial paper, and other full-faith and credit obligations of the U.S. Government or its Agencies. COLLATERALIZATION: Collateralization will be required on active and inactive deposits in accordance with Government Code Section 53651, 53651.2, and 53652, which set forth the eligible securities and the required value of the securities to collaterize these deposits. Whenever possible, the City shall request that U.S. Treasury and Government securities be used as collateral. Repurchase agreements will be collaterized 102% with securities of the U.S. Government or its Agencies, marked to market daily. 10. SAFEKEEPING AND CUSTODY: Securities purchased from brokers/dealers will be held by a third party custodian designated by the Director of Finance and evidenced by safekeeping receipts. Securities purchased through the City's financial institution shall be held by the institution's agent. Securities do not literally have to be held in the name of the City but ownership is evidenced through safekeeping or custodial receipts and/or statements. 11. TRUST AGREEMENTS: The City shall direct the investment activities of trustees. Such direction shall be in keeping with the terms and conditions of its trust agreements, applicable law and policies set forth in this document.