2017/03/29 Council Agenda Packet

1 7.2 All financial institutions must be approved by the State of Washington Public Deposit Protection Commissions (RCW 39.58) and meet all capital re•uirements. No •ublic degosit shall be made exce•t in a •ualified •ublic depository as established by the state of Washington Public Deposit Protection Com.mission. 7.3 All primary dealers or regional dealers must qualify under the U.S. Securities and Exchange Commission Rule (SEC) 15C3-1- Uniform Net Capital Rule,and must be a certified member of the Financial Industry Regulatory Authority FINRA . -. - ,- - 8.1 Authorized & Suitable Investments. The - _ _ - -,- • wh Gh +^¢following investments are authorized as provided in RCW's 39.58 and 39.59: • Certificates, notes, or bonds of the United States, or other obligations of the • United States or its a.encies or of an cor•oration wholl owned b the government of the United States. • Obligations of .overnment-s.onsored cor•orations which are eligible as collateral for advances to member banks as determined ord of ited to Governors of the Federal Reserve System,whichinclude, but are not Federal Home Loan Bank Federal Farm Credit Bank Federal National Mort.a g e Association and the Federal Home Loan Mort.a g e Cor•oration. • Investment de•osits including non-negotiable certificates of de.osit with qualified .ublic de•ositories as defined in RCW 39.58. • Banker's acce•tances .urchased through State of Washington Financial Institutions and authorized broker/dealers. Duration of banker's acceptances shall not be longer than six months. Investments in Banker's Acce stances must be in the top thirty banks in the United States,including all banks in the State of Washington as authorized b the Public De.osit Protection Commission. Further,within these limitations,investments may be made only in those banks whose other negotiable obligations are rated at least A-1, P-1, or F-1 at the time of .urchase b at least two or more international! recognized agencies such as Moody's or Standard and Poor's. • Repurchase Agreements provided that the transaction is structured so that the City of Everett obtains control over the underlying securities and a Master Repurchase Agreement has been signed with the bank or dealer. All repurchase agreements will be collateralized at a minimum of 102%of market value of principal and interest. Collateral will consist of direct obligations of the U.S.Treasury, U.S. Government Agency, and/or U.S.Government Security. All securities shall be held in third •art safekeeping. • Bonds of the state of Washington or an local government in the State of Washington which have,at the time of investment,one of the three highest credit ratings of a nationall recognized rating a•enc .