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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)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0602
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San Leandro Investment Policy Statement Page 7 of 13 <br /> Other Investment Pools — The City will conduct a thorough investigation of investment <br /> pools prior to making an investment. To become eligible, an investment pool will provide <br /> the following information to the City: <br /> ♦ A description of eligible securities and a written statement of investment policy and <br /> objectives. <br /> ♦ A description of interest calculation methods, how interest is distributed, and how <br /> gains and losses are treated. <br /> ♦ A description of safekeeping procedures and settlement processes, how often <br /> securities are priced, and how often the program is audited. <br /> ♦ A description of who are eligible to invest in the program and how often, and any <br /> limitations on deposits and/or withdrawals. <br /> ♦ A schedule for receiving statements and portfolio listings. <br /> ♦ Any policies regarding the use of reserves or retained earnings by the pool. <br /> ♦ A fee schedule and a description of how and when fees are assessed. <br /> ♦ Any policies regarding the pool's eligibility for bond proceeds if applicable. <br /> Securities Issued by the City of San Leandro and its Agencies. The City may elect to <br /> sell or purchase its securities through secondary markets when conditions are favorable. <br /> See Appendix A City of San Leandro Summary of Eligible Investments on pages 9 and 10 <br /> for a tabular listing of the restrictions regarding authorized investments. <br /> Competitive Transactions <br /> All investment transactions shall be conducted on a competitive basis with quotes from <br /> a minimum of three brokers or financial institutions when possible. <br /> Safekeeping <br /> Purchased securities are held in third party safekeeping by the trust department of the <br /> City's bank or other designated third party in the City's name and control. All security <br /> transactions entered into by the City will be conducted on a delivery-versus-payment <br /> (DVP) basis and evidenced by a receipt issued by the safekeeping agent. <br /> Col lateral ization <br /> An independent third party with whom the City of San Leandro has a current custodial <br /> agreement will always hold collateral. A clearly marked evidence of ownership must be <br /> supplied to the City. <br /> Internal Control and Review <br /> The Finance Director will establish an annual review process to ensure compliance with <br /> the established Investment Policy and routine reporting requirements. <br /> Performance Standards <br /> The investment portfolio shall be designed with the overall objective of obtaining a total <br /> rate of return throughout economic cycles, commensurate with investment risk <br /> constraints and cash flow needs. <br />
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