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- Service history <br /> - FINRA status of the broker/dealer. <br /> - Background and expertise of the individual representative. <br /> The City investment officer(s) and/or the contracted Investment Adviser/Manager will contact a <br /> minimum of three or appropriate number of broker/dealers for bids/offers based on market <br /> evaluation, Investment Policy and collateral limitations, and cash flow needs. <br /> The following will be determined with the broker/dealer: <br /> - Settlement basis-i.e. cash(same day), regular(next day), or when-issued (issue date) <br /> if a new agency issue. <br /> - Amount available for investment, <br /> - Type of security to be purchased or excluded. <br /> - Targeted stated maturity, or maturity range. <br /> If the City is working with an investment advisor, the advisor will perform screenings of broker- <br /> dealers to ensure they meet internal metrics to be an approved firm. Final approval will be made <br /> by the City. <br /> Any investment pool requires a Council resolution. Authorized individuals (PIN)resolutions and <br /> delivery instructions must be in place prior any transactions with the pool. All pool transactions <br /> are initiated and controlled by City Investment Officer(s). <br /> All investment purchases will be executed using the prescribed competitive bidding process. A <br /> minimum of three competitive offers will be obtained All investment purchases will be executed <br /> in compliance with the Internal Revenue Service's Fair Market Rules. <br /> Before concluding the transaction, the City investment officer(s) and/or the Investment Adviser <br /> must verify the following: <br /> - The security meets all cash flow and Policy criteria. <br /> - The security structure including any imbedded options such as call provisions or <br /> coupon adjustments is noted. <br /> - Yield calculations and settlement amounts are accurate. <br /> - Total purchase cost(including accrued interest) are reported to the custodian. <br /> And, <br /> - Advises the successful provider that their offering has been selected for purchase. <br /> - Notifies any unsuccessful broker/dealers. Best price may be disclosed. <br /> Prior to any transaction settlement date, the City Investment Officer and/or Investment Adviser <br /> and broker/dealer shall exchange and review the following settlement instructions to ensure <br /> prompt, and uninterrupted settlement. <br /> - Delivery instructions for the third-party safekeeping agent. <br /> City of San Marcos Investment Policy 12 Rev 05.2025 <br />