2004 AGN SEP 07 I20 - Laserfiche WebLink

Browse Search

INVESTMENT POLICY OF THE CITY OF COLTON 3. Whenever practical, investments shall be made on a competitive basis. 4. All deposits in banks and savings & loans associations exceeding FDIC or FSLIC insurance limits shall require collateralization as specified in Section 53649 and 53656 of the Government Code. 5. All investment purchases shall be limited to a maximum maturity date of five years (60 months) or less from the date of purchase, unless otherwise limited by statute. 6. All investments shall be purchased with the intent of holding them until their final maturity. 7 A copy of each investment transaction shall be given daily to the Accounting Department and monthly reports shall be filed with the City Council. 8 All investment transactions shall be immediately documented, recorded, and entered into the Treasurer's financial and accounting systems for purposes of accountability and control. Purchased securities shall be deposited for safekeeping with a trust department of a state or nationally chartered U.S. bank with the exception of securities purchased directly from the Federal Reserve Bank. Securities and/or collateral shall not be held with an investment firm, in a broker/dealer account, or under any other safekeeping arrangement which does not effectively provide the City with immediate access, ownership, and total control over the securities. 10. Investment confirmations and collateral safekeeping receipts shall be reviewed promptly following their receipt in order to verify conformity with the Treasurer's investment transaction documentation. VII. Special Debt Financing From time to time, the City Council may authorize the issuance of debt in accordance with State and Federal laws. Given the special requirements of such debt -repayment schedules, arbitrage/rebate requirements - the council may choose to place the investment of these funds with the City's fiscal agent. In such instances, the policy, objectives and investment restrictions shall be established by the Council by separate action and investment of such funds shall be governed by the indenture of trust.