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San Leandro Investment Policy Statement Page 7 of 14 <br />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 <br />the following information to the City: <br /> <br />♦ A description of eligible securities and a written statement of investment policy and 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 sell or purchase its securities through secondary markets when conditions are favorable. <br /> <br />Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and <br />Collateralized Mortgage Obligations, provided that: <br />♦ The securities are rated “AA” or higher by a NRSO. <br />♦ They are issued by an issuer having long-term debt obligations rated “A” or <br />higher by at least one NRSO. <br />♦ No more than 20% of the total portfolio may be invested in these securities. <br />♦ No more than 5% of the portfolio may be invested in any single Asset-Backed or <br />Commercial Mortgage security issuer. There is no issuer limitation on any <br />Mortgage security where the issuer is the US Treasury or a Federal Agency/Government-sponsored Enterprise (GSE). <br />♦ The maximum legal final maturity does not exceed five (5) years. <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 /> 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