Res 2004-129 - Laserfiche WebLink

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(c) To be eligible as an authorized investment: (1 ) the. governìngbody of the. entity must specifically authoriZe guaranteed ìnvestmentcontracts as an eligible investment in the order, ordinance, or resolution authorizing the issuance of bonds; (2) the entity must receive bids from at least three separate providers with no material financial interest in the bonds from which proceeds were received; (3) the entity must purchase the highest yielding guaranteed investment contract for which a qualifying bid is received; (4) the price of the guaranteed investment contract must take into account the reasonably expected drawdown schedule for the bond proceeds to beìnvested;and (5) the provider must certify the administrative costs reasonably expected to be paid to third parties in connection with the guaranteed investment contract. Sec.. 2256.0 16 Authorized Investment: Investment Pools. (a) An entity may invest its funds and funds under its control through an eligible investment pool if the governìngbody of the entity by rule, . order, ordinance, . or resolution, as appropriate, authorizes investment in the particular pool. An investment pool shall invest the funds it receives from entities in authorized investments permitted by this subchapter. (b) To be eligible to receive funds from andìnvest funds on behalf of an entity under thi~ chapter, an investment pool must furnish to the investment officer or other authorized representativeofthe entity an offering circular or other similar disclosure instrument that contains,· at a minimum, the fQllowing information: (1) the types of investments in which money is allowed to be invested; (2) the maximum average dollar-weighted maturity allowed, based on the stated maturity date, of the pool; (3) the maximum stated maturity date any investment security within the portfolio has; (4) the.objectives of the pool; (5) the size of the pool; (6) the names of the members of the advisory board ofthepool and the dates their terms expire; (7) the custodian bank that wìllsafekeep the pòol'sassets; (8) whether the intent of the pool is to maintain a net asset value of one dollar and the risk of market price fluctuation; (9) whether the only source of payment is the assets of the pool at market value or whether there is a secondary source of payment, such as insurance or guarantees, and a description of the secondary source of payment; (1 0) the name and address of the independent auditor of the pool; (11) the requirements to be satisfied for an entity to deposit funds in and withdraw funds from the pool and any deadlines or other operating policies required for the entity to invest funds in and withdraw funds from the pool; and (12) the performance history ofthe pool, including yield, average dollar-weighted maturities, and expense ratios. City of San Marcos Investment Policy Page 29