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Reso 2008-083
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Reso 2008-083
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7/24/2008 9:45:47 AM
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7/24/2008 9:45:47 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/21/2008
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8E Consent 2008 0721
(Reference)
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\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0721
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San Leandro Investment Policy Statement Page 4 of 13 <br />financial/investment positions that could be related to the financial performance of the City, <br />particularly at the time of investment purchases and sales. Investment officers and employees <br />who fail to comply with this disclosure requirement will be subject to administrative action. <br />VII. Authorized Financial Dealers and Institutions <br />The Finance Director will maintain a list of approved security brokers and dealers, selected based <br />on creditworthiness and industry standing that are authorized to provide investment services in <br />the State of California. These may include "primary" dealers and/or regional dealers that qualify <br />under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). Deposits of <br />City funds will be made only to qualified public depositories as established by State law. Prior to <br />doing business with the City, investment brokers and dealers must provide the Finance Director <br />the following: <br />• A copy of their most recent audited financial statements. <br />• Proof of registration with the State of California. <br />• Written certification that the firm has read and will comply with all provisions of this <br />investment policy statement. <br />• Signed contractual agreement(s). <br />The Finance Director will conduct an annual review of the financial condition and business <br />practices of authorized broker/dealers at the end of each fiscal year. <br />VIII. Authorized and Suitable Investments <br />No investment shall be made in any security that has a remaining term to maturity in excess of <br />five years unless City Council has granted express authority to make the investment either <br />specifically or as part of an approved investment program. <br />Eligible Local Institutions must have received an overall Community Reinvestment Act (CRA) <br />rating of at least "satisfactory" on its most recent evaluation by the appropriate federal financial <br />agency to receive deposits from the City of San Leandro. This applies to banks, savings and loans, <br />and credit unions. <br />The city's investment portfolio may include the following instruments: <br />Negotiable Certificates of Deposit (CD's) issued by a local bank or savings and loan institution. <br />Certificates of Deposit will either be insured by the Federal Deposit Insurance Corporation (FDIC) <br />or be fully collateralized by delivery to a third-party custodian. Securities pledged as collateral shall <br />have a market value of at least 110% of the value of all deposits. Purchases of these instruments <br />may not exceed 30% of idle funds. <br />Securities of Federal Government Agencies such as the Federal Farm Credit Bank (FFCB), the <br />Federal Home Loan Bank (FHLB), the Federal National Mortgage Association (FNMA), the <br />Federal Home Loan Mortgage Corporation (FHLMC), or any other U.S. government agency. <br />
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