Reso 2006-063 - Laserfiche WebLink

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San Leandro Investment Policy Statement Page 6 of 12 The purchase price of the shares will not include any commission that these companies may charge and the net asset value of any shares purchased may not fall below the purchase price. Holdings cannot exceed 20% of idle funds. Other Investment Pools - The City will conduct a thorough investigation of investment pools prior to making an investment. To become eligible, an investment pool will provide the following information to the City: . A description of eligible securities and a written statement of investment policy and objectives. . A description of interest calculation methods, how interest is distributed, and how gains and losses are treated. · A description of safekeeping procedures and settlement processes, how often securities are priced, and how often the program is audited. " · A description of who are eligible to invest in the program and how often, and any limitations on deposits and/or withdrawals. · A schedule for receiving statements and portfolio listings. · Any policies regarding the use of reserves or retained earnings by the pool. . A fee schedule and a description of how and when fees are assessed. · Any policies regarding the pool's eligibility for bond proceeds if applicable. Securities Issued by the City of San Leandro and its Agencies generally when they are originally issued. The City may elect to sell or purchase its securities through secondary markets when conditions are favorable. See Appendix A. City of San Leandro Summary of Eligible Investments on pages 8 and 9 for a tabular listing of the restrictions regarding authorized investments. Safekeepinf! Purchased securities are held in third party safekeeping by the trust department of the City's bank or other designated third party in the City's name and control. All security transactions entered into by the City will be conducted on a delivery-versus-payment (DVP) basis and evidenced by a receipt issued by the safekeeping agent. Collateralization An independent third party with whom the City of San Leandro has a current custodial agreement will always hold collateral. A clearly marked evidence of ownership must be supplied to the City. Internal Control and Review The Finance Director will establish an annual review process to be conducted by an independent external auditor. The review will provide internal control by assuring compliance with established City policies and procedures.