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10. <br /> <br />11. <br /> <br />12. <br /> <br />13. <br /> <br />e. Securities of the U.S. Government or its agencies. <br /> <br />f. Al/P1 Commeru~al Paper <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 collaterized by U.S. Government securities or its agencies. <br /> <br />Money market and mutual funds whose portfolios consist of government securities <br />or diversified money market securities such as aceep~Ic CdD's, banker's <br />acceptances, agency discount notes, commercial paper, and other full-faith and <br />credit obligations of the U.S. Government. <br /> <br />C O LLA TERA LIZA T ION : <br /> <br />Collaterization will be required on two types of investments: certificams of deposit and <br />rcpmx:hase agreements. In order to anticipate market changes and provide a level of <br />secamty for all funds, the eollut__~uli~utlon level will be (102%) of market value of principal <br />and accrued interest. The City chooses to limit collatcl~al to government agency and <br />treasury securities. Collut_,~ral will always be held by an independent third party with whom <br />thc City has a cur~nt custodial agreement. <br /> <br />SAFEKEEPING AND CUSTODY: <br /> <br />All security lransacfions, including collateral for repurchase agreements, entered into by the <br />City shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held <br />by a third party custodinn de~gnated by the Director of Finance and evidenced by <br />safekeeping receipts. <br /> <br />TRUST AGREEMENTS: <br /> <br />The City shall direct the investment activities of trustees. Such direction shall be in keeping <br />with the t~-uis and conditions of its trust agreements, applicable law and policies set forth <br />in ~ document. <br /> <br />DIVERSIFICATION: <br /> <br />The City will diversify its instruments by security type and institution, meeting at least the <br />minimnm 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 <br />flow requirements. The City will not directly invest in securities maturing more than 5 <br />years from the date of pm'chase except as authorized by the City Council Council has <br />previously authorized investment instruments exceeding 5 year mu_n,qty for assessment <br />districts 1974-2 and 1974-4 for debt serwce funds. This authorization shall remain in <br />effect until revoked. The City may collatexal~ i~ repurchase agreements using longer- <br />dated investments not to exceed 20 years to maturity. <br /> <br /> <br />