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6.1 B <br />Page 5 <br />l~~estmen# Policy <br />May -X988-2Q10 Page 4 of 6 <br />The City will only inves# 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 any one <br />institution will not exceed $3 Million (with a maximum maturity of 180 days}. <br />C. TREASURY BILLS, NOTES, AND BONDS; <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 />The Gity will require physical delivery of these securities to an acceptable safekeeping <br />account in the Gity'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 />E. COMMERCIAL PAPER: <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 any one institution will not exceed <br />$1 Million. <br />F. STATE LOCAL AGENCY INVESTMENT FUND (I_AIF): <br />The investment in LAIF may not exceed the maximum amount permitted by State <br />regulation. <br />G. PASSBOOK SAVINGS ACCOUNTS: <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 />H. SAN MATED COUNTY INVESTMENT POOL: <br />The investment with the County of San Mateo Investment Pool shall not exceed $40 <br />Million per account. <br />I. MONEY MARKET FUNDS: <br />Not more than 10% of the portfolio may be invested in money market funds. Funds <br />must comply with the investment restrictions of the California Government Code Section <br />53630 et seq., and be issued by diversified management companies or mutual funds. <br />