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San Leandro Investment Policy Statement Page 9 of 18 <br /> <br /> <br /> <br />will submit a monthly transactions report on the portfolio’s activity to the City Manager and <br />City Council consistent with the requirements of the State Code. <br /> <br />XVI. Prohibited Investment Vehicles and Practices <br /> State law notwithstanding, any investments not specifically described herein are <br />prohibited, including, but not limited to futures and options. <br /> In accordance with Government Code, Section 53601.6, investment in inverse <br />floaters, range notes, or mortgage derived interest-only strips is prohibited. <br /> Investment in any security that could result in a zero interest accrual if held to <br />maturity is prohibited. Under a provision sunsetting on January 1, 2026, <br />securities backed by the U.S. Government that could result in a zero- or negative- <br />interest accrual if held to maturity are permitted. <br /> Trading securities for the sole purpose of speculating on the future direction of <br />interest rates is prohibited. <br /> Purchasing or selling securities on margin is prohibited. <br /> The use of reverse repurchase agreements, securities lending or any o ther form <br />of borrowing or leverage is prohibited. <br /> The purchase of foreign currency denominated securities is prohibited. <br /> Agencies that are not Qualified Institutional Buyers (QIB) as defined by the <br />Securities and Exchange Commission are prohibited from pur chasing Private <br />Placement Securities. The SEC defines a QIB as having at least $100,000,000 <br />in securities owned and invested.