Reso 1997-031 to 035 - Laserfiche WebLink

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April 7, 1997 Page 3 of 3 Repurchase Agreements which comply with statutory requirements including a term of one year or less, supported by a written agreement and fully collateralized by delivery to an independent third -party custodian, the counterparty bank's trust or safekeeping department. Reverse Repurchase Agreements may not be utilized without the approval of the City Council. 9. Passbook Savings Account in the form of insured or collateralized demand deposits. If collateral is government securities, the market value shall at least be 110% of the deposit. Promissory notes secured by first mortgages or trust deeds used as collateral require a market value of at least 150% of the amount of deposit. 10. Securities issued by the City of San Leandro and its agencies. Most of the City's short-term investments shall be in securities which pay principal and interest upon maturity, while most of its long-term investments shall be in securities which pay interest monthly, quarterly or semi-annually. V. Brokers/Dealers Prior to doing business with the City, investment brokers shall file a statement with the Finance Director acknowledging that the firm has received and will fully comply with all provisions of this investment policy statement. Securities shall be received by the City's custodial safekeeping agent prior to payment in settlement of the purchase transaction. Vl. Reporting This policy shall be reviewed annually with the City Council to insure adequacy related to the objectives of safety, liquidity and yield and its adherence to applicable laws. The City Council Finance Committee will review and approve all changes to this policy statement prior to submittal for approval by the City Council. The Finance Director shall submit a monthly report to the City Manager and the City Council on the status of the City's investment portfolio. The report will famish detailed information as to the type of investment, the amount invested with various institutions, purchase and maturity dates and interest rate yield on all investments in accordance with the Government Code. The report shall state if the City investments are in compliance with this policy and able to meet its cash flow obligation for the next six month period.