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2009-001-RES-AFFIRMING THE CITY HAS COMPLIED WITH REQUIREMENTS OF PUBLIC FUNDS INVESTMENT ACT
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2009-001-RES-AFFIRMING THE CITY HAS COMPLIED WITH REQUIREMENTS OF PUBLIC FUNDS INVESTMENT ACT
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8/21/2012 12:29:25 PM
Creation date
2/5/2009 10:35:08 AM
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CITY CLERK
Doc Name
2009-001-RES
Doc Type
Resolution
CITY CLERK - Date
1/12/2009
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6.0 CONFLICTS <br />Officers and employees involved in the investment process shall refrain from personal business activity <br />that could contlict with proper execution of the investment program, or which could impair their ability <br />to make impartial investment decisions. Employees and investment officials shall disclose to the City <br />Manager any material financial interests in financial institutions that conduct business within this <br />Jurisdiction, and they shall further disclose any large personal financiaUinvestment positions that could <br />be related to the performance of the City, particularly with regard to the time of purchases and sales. <br />7.0 AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS <br />The Finance Director will maintain a list of financial institutions authorized to provide investment <br />services. In addition, a list will also be maintained of approved security broker/dealers who are <br />authorized to provide investment services in the State of Texas. These may include primary dealers or <br />regional dealers that quality under Securities & Exchange Commission Rule 15C3-1 (uniform net <br />capital rule). No public deposit shall be made except in a qualified public depository as established by <br />state law. All financial institutions and broker/dealers who desire to become qualified bidders for <br />investment transactions must supply the Finance Director with the following: audited financial <br />statement, proof of National Association of Security Dealers certification, trading resolution, proof of <br />state registration, completed broker/dealer questionnaire if requested, and certification of having read <br />entity's investment policy. <br />An annual review of the financial condition and registrations of qualified bidders will be conducted by <br />the Finance Director. <br />A current audited financial statement is required to be on file for each financial institution and <br />broker/dealer in which the City of Paris invests. <br />8.0 AUTHORIZED/SUITABLE INVESTMENTS <br />The City of Paris is empowered by statue to invest in the Types of securities authorized by Chapter 2256 <br />of the Government Code. A copy is attached as exhibit A. Even if allowed by the Public Funds <br />Investment Act, the City of Paris will not invest in securities known as "collateralized debt obligations" <br />which are pools of debt that include sub-prime mortgages. <br />9.0 COLLATERALIZATION <br />Collateralization will be required on two types of investments: certificates of deposit and repurchase <br />(and reverse) agreements. In order to anticipate market changes and provide a level of security for all <br />funds, the collateralization level wi116e 100% of market value of principal and accrued interest. <br />The City of Paris chooses to limit collateral to the extent it is limited by Article 105 Revised Civil Statues <br />of Texas. Collateral will always be held by an independent third party with whom the entity has a <br />current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be <br />supplied to the entity and retained. The right of collateral substitution is granted. <br />10.0 SAFEKEEPING AND CUSTODY <br />All security transactions, including collateral for repurchase agreements, entered into by the City of <br />Paris shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by a third <br />
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