AgdaPkt 2011-06-27 - Laserfiche WebLink

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Inv, 6.1.D. - Page 5 May 2011 Page 3 of 6 • Commercial Paper • State of California Local Agency Investment Fund (LAIF) • Passbook Savings Accounts • County of San Mateo Investment Pool • Money Market Certificates • Money Market Funds • Corporate Notes VII. AMOUNTS TO BE INVESTED The City will invest all funds not required for its immediate needs. VIII. GUIDELINES BY TYPE OF INVESTMENT Uwe] 4:AIIa197 A1 *1111561aQ=I061-111116 Cash will be invested only in FDIC insured or fully collateralized certificates of deposit. Collateral for a given investment must be 110% of principal for government securities collateral and 150% of principal for first mortgage collateral. No more than 7.5% of the City portfolio, not to exceed $3 Million shall be invested in any one institution. An institution must meet the following criteria to be considered by the City: For investments greater than $250,000, the institution must maintain $100 Million in assets. For investments greater than $300,000, the institution must maintain at least $300 Million in assets. The City will not invest in any institution less than five years old. The institution must maintain a net worth to asset ration of at least 3% and a positive earnings records for the immediate past three years. The institution must have on file with the City a current FDIC call report (banks) or FHLB report. The institution must be located in California. The institution must have a jumbo certificate to total assets ratio of less than 50 %. The above requirements will be waived whenever the total amount on deposit with any institution does not exceed $250,000; providing, that the institution is insured by the Federal Deposit Insurance Corporation (FDIC). B. BANKERS ACCEPTANCES: The City will only invest through the 15 largest banks in the United States or the 100 largest banks in the world (in terms of assets). The maximum investment with any one institution will not exceed $3 Million (with a maximum maturity of 180 days).