Investment types. The following investments will be permitted by this policy and are those defined by state and local law where applicable.
(A) United States government obligations, U.S. government agency obligations, and U.S. government instrumentality obligations, which have a liquid market with a readily determinable market value.
(B) Certificates of deposit, savings accounts, deposit accounts and other evidences of deposit at financial institutions.
(C) Bankers’ acceptances of United States banks.
(D) Commercial paper, rated in the highest two tiers (e.g., A-1/A-2, P-1/P-2, F-1/F-2) by not less than two nationally recognized rating agencies at the time of purchase.
(E) Obligations of this state or any of its political subdivisions that are rated investment grade by not less than one nationally recognized rating agency at the time of purchase.
(F) Repurchase agreements whose underlying purchased securities consist of the foregoing.
(G) Money market mutual funds registered under the investment company act of 1940, title I of chapter 686, 54 Stat. 789 15 U.S.C. 80a-l to 80a-3 and 80a-4 to 80a-64, with the authority to purchase only investment vehicles that are legal for direct investment by the city. This authorization is limited to securities whose intention is to maintain a net asset value of $1 per share;
(H) Investment pools through an interlocal agreement under the Urban Cooperation A, 1967 (Ex Sess)PA7, M.C.L.A. §§ 124.501 to 124.502.
(I) Investment pools organized under the surplus funds investment pool act, 1982 PA367, §§ 129.111 to 129.118.
(J) Certificates of deposit as authorized by M.C.L.A. § 129.91(5) including Certificate of Deposit Account Registry Service (CDARS).
(Ord. 02-2010, passed 6-8-2010)