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6. Purchase only insured or fully collateralized negotiable <br />certificates of deposits issued on state or nationally <br />chartered banks or savings and loan associations. <br />7. NCD's may not exceed 20% of the Treasurer's portfolio at the <br />time of purchase. <br />8. Repurchase agreements are limited to a maximum 7 day <br />maturity and may only be backed by U.S. Government or <br />federal agency collateral. <br />9. All time deposits with banks, and savings and loan <br />associations shall be backed by collateral as specified in <br />Section 53651 of the Government Code, except for that <br />portion of the deposit which is insured by FDIC or FSLIC <br />insurance. <br />Effective: January 3, 1989 <br />Michael Williams <br />Treasurer <br />0 <br />