1990 AGN MAR 06 I12 - Laserfiche WebLink

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3. All investment transactions shall be made after first having given consideration to risk and the credit worthiness of the financial institution, liquidity, and yields. All things being equal, investments shall be made with the institution offering the highest, competitive field. 4. All investment shall be made on a competitive basis. 5. 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. Any requests for waivers of collateral on that portion of the deposit fully insured by FDIC or FSLIC deposit insurance as is permitted by Section 53653, will be considered on a case by case basis by the Treasurer. 6. 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. 7. All investments shall be purchased with the intent of holding them until their final maturity. Any practice bordering on speculation is strictly forbidden. 8. A copy of each investment transaction shall be given daily to the Accounting Department and the monthly reports required by Sections 53607 and 53646 of the Government Code shall be filled with the City Council. 9. All investment transactions shall be immediately documented, recorded, and entered into the Treasurer's financial and accounting systems for purposes of accountability and control. 10. Purchased securities and all collateral taken on repurchase agreements shall be deposited for safekeeping with a trust department of a state or nationally chartered U.S. 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 control over the securities. 3