11B Consent - Laserfiche WebLink

Home

San Leandro Investment Policy Statement Page 4 of 18 VII. Authorized Financial Dealers and Institutions The Finance Director shall approve all financial institutions from which securities are purchased or sold and approves security broker/dealers selected after conducting a process of due diligence for internal transactions. These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule). The City’s Finance Director/Treasurer will determine which financial institutions are authorized to provide investment services directly to the City. Institutions eligible to transact investment business with the City include: 1. Primary dealers and regional dealers. 2. Nationally or state-chartered banks. 3. The Federal Reserve Bank. 4. Direct issuers of securities eligible for purchase. A. Selection of financial institutions and broker/dealers authorized to engage in transactions with the City will be at the sole discretion of the City. B. All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Finance Director/Treasurer with a statement certifying that the institution has reviewed the California Government Code Section 53600 et seq. and the City’s Investment Policy. C. Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the investment adviser. D. Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law. VIII. Authorized and Suitable Investments All investments shall be made in accordance with California Government Code Sections 53600 et. seq. and as described within this Investment Policy. No investment shall be made in any security that has a remaining term to maturity in excess of five years on settlement date unless City Council has granted express authority to make the investment either specifically or as part of an approved investment program.