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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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repurchase agreements,wire transfer agreements,and collateral/depository agreements. [Please refer <br /> to GFOA's Investment Procedures Manual, 2003.1 No person may engage in an investment <br /> transaction except as provided under the terms of this policy and the procedures established by the <br /> investment officer. The investment officer shall be responsible for all transactions undertaken and <br /> shall establish a system of controls to regulate the activities of subordinate officials. <br /> V. Authorized Financial Institutions,Depositories,and Broker/Dealers <br /> 1. Authorized Financial Institutions,Depositories, and Broker/Dealers <br /> A list will be maintained of financial institutions and depositories authorized to provide investment <br /> services. In addition, a list will be maintained of approved security broker/dealers selected by <br /> creditworthiness(e.g., a minimum capital requirement of$10,000,000 and at least five years of <br /> operation). These may include "primary"dealers or regional dealers that qualify under Securities and <br /> Exchange Commission(SEC)Rule 15C3-1 (uniform net capital rule). <br /> All financial institutions and broker/dealers who desire to become qualified for investment <br /> transactions must supply the following as appropriate: <br /> • Audited financial statements demonstrating compliance with state and federal capital adequacy <br /> guidelines <br /> • Proof of National Association of Securities Dealers(NASD)certification(not applicable to <br /> Certificate of Deposit counterparties) <br /> • Proof of state registration <br /> • Completed broker/dealer questionnaire(not applicable to Certificate of Deposit counterparties) <br /> • Certification of having read and understood and agreeing to comply with the [entity's] investment • <br /> policy. <br /> • Evidence of adequate insurance coverage. <br /> An annual review of the financial condition and registration of all qualified financial institutions and <br /> broker/dealers will be conducted by the investment officer. (See Appendix for the GFOA <br /> Recommended Practice on"Governmental Relationships with Securities Dealers.") <br /> 2. Minority and Community Financial Institutions <br /> From time to time, the investment officer may choose to invest in instruments offered by minority and <br /> community financial institutions. In such situations, a waiver to certain parts of the criteria under <br /> Paragraph 1 may be granted. All terms and relationships will be fully disclosed prior to purchase and <br /> will be reported to the appropriate entity on a consistent basis and should be consistent with state or <br /> local law. These types of investment purchases should be approved by the appropriate legislative or <br /> governing body in advance. <br /> VI. Safekeeping and Custody <br /> 1. Delivery vs. Payment <br /> All trades of marketable securities will be executed by delivery vs.payment(DVP)to ensure that <br /> securities are deposited in an eligible financial institution prior to the release of funds. <br /> 2. Safekeeping <br /> Securities will be held by a [centralized] independent third-party custodian selected by the entity as • <br /> evidenced by safekeeping receipts in the[entity's]name. The safekeeping institution shall annually <br />
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