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Reso 2001-104
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Reso 2001-104
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/2/2001
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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 <br />to doing business with the City, investment brokers and dealers must provide the Finance <br />Director 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. The city's investment portfolio may <br />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 <br />shall have amarket -value of at least 110% of the value of all deposits. Purchases of these <br />instruments 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 />U.S. Treasury Bills, Notes and Bonds or those for which the full faith and credit of the United <br />States is pledged for the payment of principal and interest. <br />The State of California Local Agency Investment Fund (LAIF). The City may deposit up to <br />$30 million in each City/Agency account. <br />Banker's Acceptances with maturities no longer than 270 days. No more than 30% of idle funds <br />may be invested in the banker's acceptances of a single bank. The bank must have an "A" or prime <br />City of San Leandro Investment Policy Page 3 of 11 <br />
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