AgdaPkt 2012-06-18 Special - Laserfiche WebLink

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6.1.A. - Page 5 Investment Policy � May �8a-1-2012 Page 3 of 6 • Government Agency Securities (e.g. Federal National Mortgage Association, Government National Mortgage Association, Federal Farm Credits, and Federal Home Loan Bank Board) • 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 A. CERTIFICATES OF DEPOSIT: 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: