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UNIFORM POLICY AND PROCEDURES MANUAL <br />21: Accounting and Auditing <br />21:01 Investment Policy <br />01.1 Date of Last Revision <br />A. 02 -01 -90 <br />01.2 Definitions <br />A. "City" means the City of Paris Director of Finance who has <br />the responsibility for investing City funds. <br />B. "Deposit Accounts" means demand deposit accounts, time <br />deposit accounts, savings accounts, certificate of deposit <br />accounts, or any other similar account offered by any <br />Depository Institution. <br />C. "Depository Institution" means any commercial bank <br />authorized to accept funds from the public for deposit, <br />whether federally or state chartered. — <br />i <br />D. "Market-Average Rate of Return" means-the ,average interest <br />rate earned on three month United States Treasury Bills. <br />E. "Person" means any depository institution, corporation, <br />general partnership, Trust, association, group, <br />individual, or entity., <br />F. "Primary Dealer" means a dealer in securities issued or <br />guaranteed by the United States government which dealer <br />regularly reports to the Federal Reserve Bank of New York <br />its sales of such securities. <br />G. "Repurchase Agreement" means an agreement entered into by <br />and between the City and any person whereby the City <br />agrees to purchase a security or securities from the other <br />party that the other party will repurchase the securities <br />or any portion of the securities from the City at a later <br />point in time at a fixed price. <br />H. "Reverse Repurchase Agreement" means any agreement entered + <br />into by and between the City and any Person whereby the <br />City agrees to sell a security or securities to other <br />party and simultaneously agrees to repurchase the <br />securities or any other portion of the securities from the <br />other party at a later point in time at a fixed price and <br />an agreed upon interest rate. <br />