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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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6/20/2007
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• Investment-grade obligations of state,provincial and local governments and public authorities; <br /> • Repurchase agreements whose underlying purchased securities consist of the aforementioned • <br /> instruments; <br /> • Money market mutual funds regulated by the Securities and Exchange Commission and whose <br /> portfolios consist only of dollar-denominated securities; and <br /> • Local government investment pools either state-administered or developed through joint powers <br /> statutes and other intergovernmental agreement legislation. <br /> Investment in derivatives of the above instruments shall require authorization by the appropriate <br /> governing authority. (See the GFOA Recommended Practice on "Use of Derivatives by State and <br /> Local Governments,"2002.) <br /> 2. Collateralization <br /> Where allowed by state law and in accordance with the GFOA Recommended Practices on the <br /> Collateralization of Public Deposits, full collateralization will be required on all demand deposit <br /> accounts, including checking accounts and non-negotiable certificates of deposit. (See GFOA <br /> Recommended Practices in Appendix.) <br /> 3. Repurchase Agreements <br /> Repurchase agreements shall be consistent with GFOA Recommended Practices on Repurchase <br /> Agreements. (See GFOA Recommended Practices in Appendix.) <br /> VIII.Investment Parameters <br /> 1. Diversification • <br /> The investments shall be diversified by: <br /> • limiting investments to avoid overconcentration in securities from a specific issuer or business <br /> sector(excluding U.S.Treasury securities), <br /> • limiting investment in securities that have higher credit risks, <br /> • investing in securities with varying maturities,and <br /> • continuously investing a portion of the portfolio in readily available funds such as local <br /> government investment pools(LGJPs),money market funds or overnight repurchase <br /> agreements to ensure that appropriate liquidity is maintained in order to meet ongoing <br /> obligations. (See the GFOA Recommended Practice on "Diversification of Investments in a <br /> Portfolio" in Appendix.) <br /> Alternative samples: <br /> 1. Diversification <br /> It is the policy of the [entity] to diversify its investment portfolios. To eliminate risk of loss <br /> resulting from the over-concentration of assets in a specific maturity,issuer, or class of securities, <br /> all cash and cash equivalent assets in all [entity] funds shall be diversified by maturity, issuer, and <br /> class of security. Diversification strategies shall be determined and revised periodically by the <br /> investment committee/investment officer for all funds except for the employee retirement fund. <br /> In establishing specific diversification strategies,the following general policies and constraints shall <br /> apply: Portfolio maturities shall be staggered to avoid undue concentration of assets in a specific <br /> maturity sector. Maturities selected shall provide for stability of income and reasonable liquidity. • <br />
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