Reso 2011-111 - Laserfiche WebLink

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San Leandro Investment Policy Statement Page 6 of 13 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 the agency portfolio. Passbook Savings Accounts or Time Certificates of Deposit are fixed term, non- negotiable investments which are required to be collateralized 110% by eligible pooled U.S. Government Securities. Promissory notes secured by first mortgages or trust deeds , used as collateral require a market value of at least 150% of the amount deposited. There are no portfolio limits. Money Market 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 (NRSO). 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 the agency portfolio: 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: o A description of eligible securities and a written statement of investment policy and objectives. o 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. o A description of who are eligible to invest in the program and how often, and any limitations on deposits and /or withdrawals. o A schedule for receiving statements and portfolio listings. ♦ Any policies regarding the use of reserves or retained earnings by the pool. o A fee schedule and a description of how and when fees are assessed. e Any policies regarding the pool's eligibility for bond proceeds if applicable.