Reso 2000-121 - Laserfiche WebLink

Home

rating from Moody's Investor's Services (Moody's) or Standard and Poor's (S &P). The total investment in banker's acceptances may not exceed 40% of idle funds. Commercial Paper having a "prime quality" rating by S &P (A -1) and Moody's (P -1) issued by any domestic corporation having assets in excess of $500 million and a minimum rating of "A" for its debt other than commercial paper. Maturities of individual commercial paper securities cannot exceed 180 days nor represent more than 10% of the issuer's outstanding commercial paper. Total portfolio purchases shall not exceed 15% of idle funds or 30% if the average maturity of commercial paper holdings does not exceed 31 days. Medium -Term Corporate Notes with a maximum maturity of five years and issued by corporations organized and operating in the United States or by depository institutions licensed by the United States, any state or operating within the United States. Securities issued by corporations must be rated "A" or better by S &P and Moody's. Purchases may not exceed 30% of idle funds at the time of purchase. Repurchase Agreements that comply with statutory requirements having a term of one year or less, supported by a master repurchase agreement with the bank or dealer, and fully collateralized by delivery to a third -party custodian. Holdings cannot exceed 20% of idle funds. Reverse Repurchase Agreements that comply with statutory requirements and are fully collateralized by delivery to a third -party custodian. The maximum term for reverse repurchase agreements is 92 days. The proceeds of reverse repurchase transactions must be invested in securities having maturities shorter than or equal to the term of the underlying agreement. Reverse repurchase agreements cannot exceed 20% of idle funds. Passbook Savings Accounts in the form of insured or collateralized time deposits. If collateral is U.S. government securities, the market value must be at least 110% of the deposit. Promissory notes secured by first mortgages or trust deeds used as collateral require a market value of at least 150% of the amount deposited. Mutual Funds consisting of investment securities permitted under Sections 53601 and 53635 of the California Government Code. To be eligible for City investments, companies providing mutual funds shall have either or both of the following: 1. The highest rating provided by not less than two of the three largest nationally recognized rating services. 2 An investment advisor registered with the Securities and Exchange Commission for not less than five years having investment experience in the underlying securities and with assets under management in excess of $500 million. 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. Page 5 of 12