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<br />Investment Policy <br />June 2006Mav 2008 <br />Page 4 of 7 <br /> <br />6.18 <br />Page 5 <br /> <br />The above requirements will be waived whenever the total amount on deposit <br />with any institution does not exceed $100,000; providing, that the institution is <br />insured by the Federal Deposit Insurance Corporation (FDIC). <br /> <br />B. BANKERS ACCEPTANCES: <br /> <br />The City will only invest through the 15 largest banks in the United States or the 100 <br />largest banks in the world (in terms of assets). The maximum investment with anyone <br />institution will not exceed $3 Million (with a maximum maturity of 180 days). <br /> <br />C. TREASURY BILLS, NOTES, AND BONDS: <br /> <br />The City will require safekeeping documentation of the treasury instrument in an <br />acceptable safekeeping account in the City's name. The maximum maturity on a <br />treasury instrument will be three years. <br />D. GOVERNMENT AGENCY SECURITIES: <br /> <br />The City will require physical delivery of these securities to an acceptable safekeeping <br />account in the City's name. Examples of these securities include Government National <br />Mortgage Association, Federal National Mortgage Association, Federal Land Bank, <br />Federal Home Loan Bank Board, and Federal Farm Credit Banks. <br /> <br />E. COMMERCIAL PAPER: <br /> <br />The City will require safekeeping documentation of the security in an acceptable <br />safekeeping account in the City's name. Commercial paper will be used solely as a <br />short term investment not to exceed 15 days. . A rating of Standard and Poors A-1 or <br />Moodys P-1 is required. The City will only invest in the largest 15 banks (in terms of <br />total assets) in the United States. The investment in anyone institution will not exceed <br />$1 Million. <br /> <br />F. STATE LOCAL AGENCY INVESTMENT FUND (LAIF): <br /> <br />The investment in LAIF may not exceed the maximum amount permitted by State <br />regulation. <br /> <br />G. PASSBOOK SAVINGS ACCOUNTS: <br /> <br />Savings accounts may be maintained for amounts under $100,000 that are received too <br />late in the day to invest in other instruments. <br /> <br />H. SAN MATEO COUNTY INVESTMENT POOL: <br /> <br />The investment with the County of San Mateo Investment Pool shall not exceed $40 <br />Million per account. <br />