Laserfiche WebLink
<br />e <br /> <br />e <br /> <br />FINANCIAL INSTRUMENTS Maximum allowable percentages of the total portfolio for <br />investments are stated as follows: <br /> <br />Investment Type <br />1. Investment Pools <br />2. Money Market Accowtts <br />3. Certificates of Deposit <br />4. U.S. Government Securities <br />5. U.S. Agency Securities <br />6. Mwticipal Securities <br />7. Repurchase Agreements <br />8. Bankers' Acceptance Bonds <br />9. Commercial Paper <br /> <br />VIll. SELECTION OF BANKS AND DEALERS <br /> <br />Maximum Limit <br />100% <br />10% <br />60% <br />80% <br />80% <br />20% <br />50% <br />35% <br />35% <br /> <br />BIDDING PROCESS Depositories shall be selected through the City's banking services <br />procurement process, which shall include a formal request for proposal (RFP) issued every three <br />(3) years. In selecting depositories, the credit worthiness of institutions shall be considered, and <br />the Director of Finance shall conduct a comprehensive review of prospective depositories credit <br />characteristics and financial history. <br /> <br />INSURABILITY Banks and Savings & Loans Associations seeking to establish eligibility for <br />the City's competitive certificate of deposit purchase program, shall submit financial statements, <br />evidence of Federal insurance and other information as required by the Director of Finance. <br /> <br />PRIMARY DEALERS AND APPROVED LIST For brokers and dealers of government <br />securities, Investment Officers shall select only those dealers reporting to the Market Reports <br />Division of the Federal Reserve Bank of New York, also known as "primary government <br />securities dealers," wtless a comprehensive credit and capitalization analysis reveals that other <br />firms are adequately financed to conduct public business. Before engaging in investment <br />transactions with a broker/dealer, the Investment Officer shall have received, from a Qualified <br />Representative of said fmn, a signed Certification Form. (Exhibit B) This form shall attest that <br />the individual responsible for the City's account with that firm has (1) received and reviewed the <br />investment policy of the entity; and (2) aclmowledged that the business organization has <br />implemented reasonable procedures and controls in an effort to preclude investment transactions <br />conducted between the entity and the organization that are not authorized by the entity's <br />investment policy, except to the extent that this authorization is dependent on an analysis of the <br />makeup of the entity's entire portfolio or requires an interpretation of subjective investment <br />standards. Investment Officers of the City may not acquire or otherwise obtain any authorized <br />investment described in the investment policy from a person who has not delivered a signed <br />Certification Form. The Fiscal Affairs Committee shall at least annually review, revise, and <br />adopt a list of qualified brokers that are authorized to engage in investment transactions with the <br />City. (Exhibit A) <br /> <br />11 <br />