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8.3 Savings or time accounts in banks, trust <br /> companies, savings and loan associations, and mutual <br /> savings banks which are conducting business in this <br /> state, up to the amount of the insurance afforded such <br /> accounts by the Federal Deposit Insurance Corporation <br /> or by the Federal Savings and Loan Insurance <br /> Corporation. Savings or Time Deposits may exceed <br /> Federal insurance limits if such excess is insured by <br /> the Washington Public Deposit Protection Commission <br /> (WPDPC) . <br /> 8.4 Bankers Acceptances, with limitations specifically <br /> outlined in the investment procedure. <br /> 8.5 Repurchase Agreements, with limitations <br /> specifically outlined in the investment procedure. <br /> 8. 6 The Washington Local Government Investment Pool. <br /> 9. 0 Collateralization. Collateralization will be on <br /> repurchase agreements. In order to anticipate market <br /> changes and provide a level of security for all funds, the <br /> collateralization level will be 102% of market value of <br /> principal and accrued interest. <br /> The entity chooses to limit collateral to the obligations of <br /> the United States Government and its agencies. <br /> Collateral will always be held by an independent third party <br /> with whom the entity has a current custodial agreement. A <br /> clearly marked evidence of ownership (safekeeping receipt) <br /> must be supplied to the entity and retained. <br /> The right of collateral substitution is granted. <br /> 10.0 Safekeeping and Custody. All security transactions, <br /> including collateral for repurchase agreements, entered into <br /> by the City shall be conducted on a delivery-versus-payment <br /> (DVP) basis. Securities will be held by a third party <br /> custodian designated by the Treasurer and evidenced by <br /> safekeeping receipts. <br /> 11. 0 Diversification. The City will diversify its <br /> investments by security type and institution. With the <br /> exception of U.S. Treasury securities and the Washington <br /> State Local Government Investment Pool, no more than 50% of <br /> the City's total investment portfolio will be invested in a <br /> single security type and no more than 20% will be invested <br /> with a single financial institution. <br />