Laserfiche WebLink
San Leandro Investment Policy Statement Page 7 of 13 <br /> <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 /> <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 /> <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 /> <br />Supranational Securities, provided that: <br /> Issues are unsubordinated obligations issued by the International Bank for <br />Reconstruction and Development (IBRD), International Finance Corporation (IFC), <br />or Inter-American Development Bank (IADB). <br /> The securities are rated “AA” or higher by a national recognized statistical rating <br />organization. <br /> No more than 30% of the total portfolio may be invested in these securities. <br /> No more than 10% of the portfolio per issuer. <br /> The maximum maturity does not exceed 5 years. <br /> <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 /> <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 /> <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 /> <br />Collateralization <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.