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repo may exceed two years but not exceed the anticipated expenditure schedule ofthe bond <br />proceeds and no party involved with the issuance of the debt shall be involved with the funds <br />nainmaabnenL <br />7. Investment Pools aadefined and regulated bythe PF|A. <br />8. Commercial paper rated not less than A1/P1 urits equivalent bytwo nationally recognized <br />rating agencies and not toexceed 270days tostated final maturity. <br />8. AAA -rated, SEC registered money market funds as described in Sec. 2256.014 of the PFIA. <br />10. FDIC insured brokered certificate of deposit securities from banks in any US atata, delivered <br />versus payment tothe City's safekeeping depoaitory, not to exceed one year to maturity. <br />Before purchase the Investment Officer or adviser must verify the FDIC status of the bank on <br />tuassure that the bank iaFDIC insured. <br />X1' COLLATERALIZATION <br />Pledged Collateral <br />Collateralization is required on time and demand deposits. In order to anticipate market changes and <br />provide a level of security for all funds, the collateralization margin level will be maintained at a minimum of <br />10296 of deposits plus accrued. The counter party shall be made contractually liable for monitoring and <br />maintaining the collateral and required margins at all times. Collateral shall be priced at least monthly. <br />The custodian ohu|| provide the required periodic reports directly tothe City. <br />Owned Collateral <br />Repurchase agreements shall be collateralized to 10296 of principal and accrued interest. The counter <br />party shall bemade contractually liable for monitoring and maintaining the ooUotona| and required margins <br />at all times. Collateral eho|| be priced daily. The Custodian eho|| provide the required periodic reports <br />directly to the City. <br />Authorized Collateral <br />Collateral shall belimited tothe following: <br />- Obligations of the US Sovamment, its agencies and instrumentalities to include mortgage-backed <br />securities which pass the bank test. <br />- Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as <br />to investment quality by a nationally recognized investment rating firm not less than A or its equivalent. <br />Collateral will always be held by on independent third party with whom the City has a current cuobx1kd <br />agreement A clearly marked evidence of ownership (report or receipt) must be supplied to the City and <br />retained. The right of collateral substitution is granted with prior City approval. <br />XII. SArsnesPIwa <br />Safekeeping function will be provided by the City's banking eemiuoe depository ora PFk\ approved <br />Safekeeping service contracted in conjunction hothe City's banking services depository agreement. In <br />order to ensure protection for City owned securities, the City requires delivery versus payment procedures <br />for all tnanoautiono, except poo|e, money market funds and time deposits, which have no book entry <br />All security transactions, including collateral for repurchase agreements shall be conducted on a delivery <br />versus payment (DVP) basis tothe City's depository oro City approved third party custodian. Securities <br />will be held by athird party custodian approved by the Investment Officer(s) and evidenced by proof of <br />City ofSan Marcos Investment Policy <br />