Agenda - Council - 10/22/1996 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I City of RamseY_ Investment Policy III. Bankers Acceptances should not be purchased unless the yield is greater than United States Treasury obligations or Federal Agency issues. Commercial Paper ao Commercial Paper shall be restricted to issues which mature in 270 days or less with a rating of A-1 [Moody's], P-1 [Standard & Poors], or F-1 [Fitch] among at least two of the three rating agencies. Commercial Paper shall be purchased only from dealers who report to the Federal Reserve Bank of New York or from qualifying banks. Commercial Paper shall not be purchased unless the yield is greater than United States Treasury obligations or Federal Agency issues. F. P~fohibited Investments It is the City's policy to refrain from investing in banks, savings and loan associations or credit unions whose equity to asset ratio is less than 10%. Administr, ative Process Chief Investment Officer z The chief:investment officer will be the City Finance Officer, who will assure compliance with this ..policy and further develop and maintain adequate controls, procedures and methods assuring safe and accurate accounting on a day-to-day basis. In the absence of the City Finance Officer, this responsibility will be assumed by the City Administrator. Consultan{s The retention of consultants, agreements with money managers, etc., will not be authorizedi without express consent of the City Council after recommendation by the Finance Committee and City Finance Officer. Safety of Principal Investment~ of the City of Ramsey shall be undertaken in a manner which seeks to insure the prese~ation of capital in the overall portfolio. Safety of principal is the foremost objective. Liquidity and yield are also important considerations. It is essential that money is always available when needed, therefore, the investment goal is to maximize yield while seeing that the maturity dates coincide with expenditure needs. 4