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<br />e <br /> <br />e <br /> <br />F. fully collateralized direct repurchase agreements having a defined <br />termination date, secured by obligations described by subsection A-D of <br />this section, pledged with a third party selected or approved by the <br />political entity, and placed through a primary government securities <br />dealer, as defined by the Federal Reserve, or a bank domiciled in this <br />state. <br /> <br />G. certificates of deposit issued by savings and loans associations domiciled <br />in this state that are: <br /> <br />1. guaranteed or insured by the Federal Savings and Loan Insurance <br />Corporation, or its successor; or <br /> <br />2. secured by obligations that are described by subsections A-D of this <br />section, which are intended to include all direct agency or <br />instrumentality issued mortgage backed securities rated AAA by a <br />national recognized rating agency, or by the Public Funds Investment <br />Act of 1987, codified as Art. 842a-2, Revised Civil Statutes and that <br />have a market value of not less than the principal amount of the <br />certificates; <br /> <br />H. prime domestic banker's acceptances; <br /> <br />I. commercial paper with a stated maturity of 270 days or less from the <br />date of its issuance that is rated not less than A-1, P-1, or the equivalent <br />by at least two nationally recognized credit rating agencies; <br /> <br />J. SEC registered, no-load money market mutual fund with a dollar <br />weighted average portfolio maturity of 120 days or less whose assets <br />consist exclusively of the obligations that are described by subsection A- <br />D of this section and whose investment objectives include seeking to <br />maintain a stable net asset value of $1 per share; <br /> <br />K. local government investment funds or pools, authorized by the state for <br />municipality participation; <br /> <br />L. other investment instruments that are approved by the state for <br />municipality participation. <br /> <br />PROCUREMENT Investments of subsections A-J of this section may be made <br />only after competitive bids are solicited from at least three sources. <br /> <br />LENGTH OF INVESTMENTS Except for an amount equal to the Revenue Debt <br />Service Reserve Funds plus 50% of the expected ending working capital <br />balances for the operating funds, the City of La Porte shall invest in <br />instruments whose maturities do not exceed two (2) years at the time of <br />purchase. <br /> <br />4 <br />