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San Leandro Investment Policy Statement Page 8 of 14 <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 "AX 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 5years. <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 a <br />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 City's <br />bank or other designated third party in the City's name and control. All security transactions <br />entered into by the City will be conducted on a delivery -versus -payment (DVP) basis and <br />evidenced by a receipt issued by the safekeeping agent. <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. <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 />