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<br />I <br /> <br />I <br /> <br />I <br /> <br />IX. AlJTHORIZED INVESTMENTS <br /> <br />Authorized mvestments wIder this policy shall be limited to the instruments listed below as <br />authorized and descTlbed by the Public. Funds Investment Act <br /> <br />1, Obligations of the United States, its agencies and ttlstrumentalities, not to exceed two <br />years to the stated final maturity, excluding mortgage-backed secunties; <br />2, Direcl obligalions of the State of Texas or its agencies and instrumentalities, not to <br />exceed two years to the stated final maturity; <br />3. Other obligations, the principal of and interest of which are uncondi tionally guaranteed <br />or insured by the full faith and credit of, the State of Texas or the United States or their <br />respective agencies and instrumentalities, nOI 10 exceed two years to the stated final <br />maturity; <br />4 Obligations of states, agencies, counties, cities, and other political subdivisions of any <br />state rated as to investment qualJty by a nationally recognized investment rating firm not <br />less than A or its equivalent, not to exceed two years to the stated final maturity; <br />5, Fully collateralized certificates of deposit, nor to exceed one year to the stated final <br />maturity, issued by state and national banks doing business in this state that are: <br />a, Guaranteed or insured by the Federal Deposit Insurance Corporation, or Its <br />successor; or <br />b. Secured to 1 021l/o by obligations that are described by SubdIvision (1) - (4) of this <br />subsection. but intended 10 include all direct agency or instrumentality issued <br />mortgage backed securities passing Ihe bank test; and <br />6 Fully collateralized direct repurchase agreements having a defined termination date, <br />secured by obligations described by subdivision (1) of this subsection, safe-kept with an <br />mdependent third party selected or approved by the City, with an executed master <br />repurchase agreement, and placed through a primary government securities dealer, as <br />defined by the Federal Reserve. or a bank doing bus mess In thIS state, not to exceed two <br />years to the stated maturity; <br /> <br />Flex repurchase agreements are authorized for investment of bond proceeds, if secured by <br />obligations described in subdivision (J) of this section, safe-kept with an independent <br />third party selected or approved by the City, \vith an executed master repurchase <br />agreement, and placed through a primary government securities dealer, as defined by the <br />Federal Reserve The tenn of the flex may exceed two years but not exceed the <br />anticipated expenditure schedule ufthe bond proceeds and no party involved Wii;h the <br />issu<!nce of the debt shall be involved with the funds reinvestment <br />7. Constant dollar Investment Pools as defined and regu1ate.d by Chapter 2156,016. Public <br />Funds Investment Act, of the Texas Government Code. <br />S. Commercial paper rated A liP I or its equivalem by two nationally recognized rating <br />agencies and not to exceed 180 days to stated final maturity, <br />9, AAA-rated, SEe regIstered money market tunds as defined by lhe Public Funds <br />Investment Act <br /> <br />City of San Marcos Investment PoliC} <br /> <br />Page 5 <br />