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Reso 2014-048
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Reso 2014-048
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Last modified
6/11/2014 3:57:12 PM
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6/11/2014 3:57:11 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/2/2010
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PERM
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8C Consent 2014 0602
(Reference)
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\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0602
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San Leandro Investment Policy Statement Page 5 of 13 <br /> The City's investment portfolio may include the following instruments: <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 /> 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 /> 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 /> 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 /> 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 /> 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 /> 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 />
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