Laserfiche WebLink
<br />Investment Policy <br />JURe 200&Mav 2008 <br />Page 3 of 7 <br /> <br />6.18 <br />Page 4 <br /> <br />. Government Agency Securities (e.g. Federal National Mortgage Association, Government <br />National Mortgage Association, Federal Farm Credits, and Federal Home Loan Bank <br />Board) <br />. Commercial Paper <br />· State of California Local Agency Investment Fund (LAIF) <br />· Passbook Savings Accounts <br />· County of San Mateo Investment Pool <br />· Money Market Certificates <br />· Money Market Funds <br />· Corporate Notes <br /> <br />VII. AMOUNTS TO BE INVESTED <br /> <br />The City will invest all funds and estim3ted checking account float except f-or those amounts <br />required by the City banks to pay for bank services furnished to the City.not required for its <br />immediate needs. <br /> <br />VIII. GUIDELINES BY TYPE OF INVESTMENT <br /> <br />A. CERTIFICATES OF DEPOSIT: <br /> <br />Cash will be invested only in FDIC insured or fully collateralized certificates of deposit. <br />Collateral for a given investment must be 110% of principal for government securities <br />collateral and 150% of principal for first mortgage collateral. No more than 7.5% of the <br />City portfolio, not to exceed $3 Million shall be invested in anyone institution. An <br />institution must meet the following criteria to be considered by the City: <br /> <br />For investments greater than $100,000, the institution must maintain $100 Million <br />in assets. For investments greater than $300,000, the institution must maintain <br />at least $300 Million in assets. <br /> <br />The City will not invest in any institution less than five years old. <br /> <br />The institution must maintain a net worth to asset ration of at least 3% and a <br />positive earnings records for the immediate past three years. <br /> <br />The institution must have on file with the City a current FDIC call report (banks) <br />or FHLB report. <br /> <br />The institution must be located in California. <br /> <br />The institution must have a jumbo certificate to total assets ratio of less than <br />50%. <br />