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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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• <br /> 2. Manage a securities lending program by lending securities to approved borrowers, <br /> arranging the terms and conditions of loans,monitoring market values of the <br /> securities lent and the collateral received,reporting earnings and directing the <br /> investment of the cash collateral. <br /> 3. Settlement of Trades: All trades,where applicable,will be executed delivery vs. <br /> payment(DVP). This ensures that securities are deposited in the eligible financial <br /> institution prior to the release of funds. Securities will be held by a third party <br /> custodian, as evidenced by safekeeping receipts. <br /> 4. Collection of Income: Provide for receipt and prompt crediting of all dividend and <br /> interest payments received as a result of the Portfolio holdings. Monitor income <br /> receipts to ensure that income is received when due and institute an investigative <br /> process to track and correct late or insufficient payments, including <br /> reimbursements for any interest lost due to custodian error. <br /> 5. Reporting: Providing monthly reports showing individual asset holdings with <br /> sufficient descriptive detail to include units, unit price, cost, market value,cusip <br /> number(where available)and any other information requested by the City. <br /> V. ADMINISTRATIVE AND REVIEW PROCEDURES <br /> The following administrative and review procedures are intended to control risk and <br /> ensure policy compliance: <br /> A. A quarterly report prepared by the Treasury Manager will be provided to the Director <br /> of the Office of Financial Service,the Mayor,the City Council and the Board of <br /> Water Commissioners. <br /> B. An annual review of investment operations performed by the State Auditor. <br /> C. A desk procedures manual ("Administrative Procedures Manual")will be developed <br /> and maintained to include legal authority, policies,job responsibilities, processing <br /> investment transactions, eligible security dealers and financial institutions, and <br /> • securities descriptions. <br /> 8 <br />
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