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8H Consent 2013 0520
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8H Consent 2013 0520
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5/30/2013 11:53:07 AM
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5/15/2013 2:10:40 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/20/2013
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_CC Agenda 2013 0520 RGAmended2
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\City Clerk\City Council\Agenda Packets\2013\Packet 2013 0520
Reso 2013-063
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\City Clerk\City Council\Resolutions\2013
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San Leandro Investment Policy Statement Page 5 of 13 <br /> <br />The City’s investment portfolio may include the following instruments: <br /> <br />Negotiable Certificates of Deposit (CD’s) are a fixed deposit certificate that may be <br />negotiated (traded) to a third party and is issued by a local bank or savings and loan <br />institution. Certificates of Deposit will either be insured by the Federal Deposit Insurance <br />Corporation (FDIC) or be fully collateralized by delivery to a third-party custodian. <br />Securities pledged as collateral shall have a market value of at least 110% of the value of <br />all deposits. Purchases of these instruments may not exceed 30% of the entire portfolio. <br /> <br />Certificate of Deposit Account Registry Service (CDARS) No more than 30% of the <br />total portfolio may be invested in a combination of certificates of deposit including CDARS. <br />The maturity of CDARS deposits does not exceed five years. <br /> <br />U.S. Government Agency Securities include a wide variety of government securities. <br />These securities include U.S. government-sponsored enterprise obligations, such as the <br />Federal Farm Credit Bank (FFCB), the Federal Home Loan Bank (FHLB), the Federal <br />National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation <br />(FHLMC), or any other U.S. government agency. There are no portfolio limitations on the <br />amount. <br /> <br />U.S. Treasury Instruments include bills, notes and bonds or certificates of indebtedness <br />for which the full faith and credit of the United States is pledged for the payment of <br />principal and interest. There are no portfolio limitations on the amount. <br /> <br />The State of California Local Agency Investment Fund (LAIF) (Government Code <br />Section 16429.1). Local agencies may invest in LAIF, a pooled investment fund managed <br />by the State Treasurer’s Office. The City may deposit up to the maximum program limit in <br />each City account. <br /> <br />Banker’s Acceptances allows for 40% of the City’s portfolio to be invested in Banker’s <br />Acceptances. These are known as bills of exchange or time drafts that are drawn on and <br />accepted by a commercial bank, with maturities no longer than 180 days. No more than <br />30% of the entire portfolio may be invested in the banker’s acceptances of a single bank. <br />The bank must have an “A” or highest money market rating from a nationally recognized <br />statistical-rating organization (NRSO), such as Standard & Poor’s or Moody’s. <br /> <br />Commercial Paper is a short-term, unsecured promissory note issued by financial and <br />non-financial companies to raise short-term cash. Up to 25% of the City’s portfolio may be <br />invested in commercial paper the highest quality ranking or of the highest rating by a <br />nationally recognized statistical-rating organization (NRSO). The issuer must be a <br />domestic corporation having assets in excess of $500 million and a minimum quality rating <br />of A-1 from Standard and Poor’s and P-1 from Moody’s for its debt other than commercial <br />paper. Maturities of individual commercial paper securities cannot exceed 270 days and <br />the city may purchase no more than 10% of the outstanding commercial paper of any <br />single issuer. No more than 25% of the portfolio can be invested in commercial paper. <br /> <br />Medium-Term Corporate Notes are corporate bonds and notes of industrial companies, <br />banks, bank holding companies, insurance companies, thrifts and finance companies with
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