Ordinance 2164-96 - Laserfiche WebLink

• Police Pension Investment Policy this state, up to the amount of the insurance afforded such accounts by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation. Savings or Time Deposits may exceed Federal insurance limits if such excess is insured by the Washington Public Deposit Protection Commission (WPDPC). 8.4 Bankers Acceptances, with limitations specifically outlined in the investment procedure. 8.5 Repurchase Agreements, with limitations specifically outlined in the investment procedure, provided that a Master Repurchase Agreement has been executed with the contra-party. 8.6 The Washington Local Government Investment Pool. 9.0 Collateralization. Collateralization will be on repurchase agreements. In order to anticipate market changes and provide a level of security for all funds, the collateralization level will be 102% of market value of principal and accrued interest. The city chooses to limit collateral to the obligations of the United States Government and its agencies. Collateral will always be held by an independent third party with whom the entity has a current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the entity and retained. The right of collateral substitution is granted. 10.0 Safekeeping and Custody. All security transactions, including collateral for repurchase agreements, entered into by the City shall be conducted on a delivery-versus-payment (DVP) basis or held in safekeeping with a primary dealer. Securities will be held by a third party custodian or a primary dealer designated by the City Investment Committee and evidenced by safekeeping receipts. If securities are held by a primary dealer, the City's assets will be protected by insurance held by the primary dealer. 11.0 Diversification. The City will diversify its investments by security type and institution. With the exception of U.S. Treasury no more than 50% of the City's total investment portfolio will be invested in a single security type and no more than 25% will be invested with a single financial institution. 12.0 Maximum Maturities. To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements, holding investments to maturity whenever it is in the best interest of the portfolio. If utilized, a portfolio manager shall attempt to match maturities in the fund to cash flow and actuarial needs of the fund. 13.0 Internal Control. The City Investment Committee shall establish a system of internal controls, which shall be reviewed annually by an external auditor. page 4